Insert Shapes on Charts on the MetaTrader 4 Platform

To place shapes on the MetaTrader 4 platform, a trader can use Insert Menu & use insert shapes button key that is illustrated and shown below.

Insert Shapes in MT4

The options of which shapes that can be drawn on the MetaTrader 4 platform are:

1. Rectangle
2. Triangle
3. Ellipse

Draw Rectangle on Chart

To draw a rectangle on mMT4 charts, a trader will choose the rectangle button key and then select between which points on a XAUUSD chart to draw this rectangle. To adjust a triangle that has already been plotted, a trader can also double click anywhere on this shape and then select the square buttons that appear at all the corners of this rectangle and drag them to adjust this rectangle.

Drawing Rectangle Shape on MT4 Charts

Rectangle shape is used to draw a consolidation range pattern where price breakout to one side will mean price movement will continue in that direction, as shown above, when the price breaks out upwards it continues to move in that direction.

Draw Triangle

To draw a triangle, a trader can select the triangle button and then on the MT4 chart, select 3 points, point 1, two & 3 after which the triangle is drawn within these three selected chart points. To adjust the triangle, just double click this triangle, then select the square buttons appearing on the edges as shown below and adjust the triangle points.

Drawing Triangle on Charts on MT4

Draw Ellipse

To draw the ellipse shape, follow the rules below:

1. Choose the Ellipse button as shown above
2. On the chart select point 1 & drag the mouse to point 2, (the ellipse will appear as a line)
3. Double-click the ellipse using the small squares at the middle, click, hold & drag this square & the ellipse will be adjusted as displayed below.

Drawing Ellipse Shape on MT4 Charts on MetaTrader 4