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 & shown below.
Insert Shapes on MT4
The options of which shapes that can be drawn on the MT4 software 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 choose between which points on a Gold chart to draw this rectangle. To modify and adjust a triangle that has already been plotted, a trader can also double click anywhere on this shape and then choose the square buttons which 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, such 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 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 choose the square buttons appearing at the edges as is 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 such as shown above
- On the chart choose point 1 & drag the mouse to point 2, (the ellipse will appear and be shown as a line)
- DoubleClick the ellipse tool 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
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