Insert Shapes on Charts on the MetaTrader 4 Platform

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

Insert Shapes on MT4

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

Rectangle
Triangle
Ellipse

Draw Rectangle on Chart

To draw a rectangle on mMetaTrader 4 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 choose 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 move will continue in that direction, as illustrated above, when the price breaks out upwards it continues to move in that particular direction.

Draw Triangle

To draw a triangle, a trader can choose the triangle button and then on the MetaTrader 4 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 choose the square buttons appearing on the edges as shown below and adjust the triangle points.

Drawing Triangle on Charts in MT4

Draw Ellipse

To draw the ellipse shape, follow the rules below:

Select the Ellipse button as shown above
On the chart choose point 1 & drag the mouse to point 2, (the ellipse will appear as a line)
DoubleClick 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 MT4

Learn More Lessons and Topics:

Trade Forex Trading

Insert Shapes on Charts on the MetaTrader 4 Platform

Draw Rectangle on Chart

Draw Triangle

Draw Ellipse