Insert Andrew's Pitch Fork, Cycle Lines, Text & Text Label on Chart
The last four options on the MT5 xauusd platform insert menu are:
- Andrew's Pitch Fork
- Cycle Lines
- Text
- Text Label
These are displayed below:
Insert Menu Options in MT5
Andrew's Pitchfork
The Andrew's Pitchfork is drawn between 3 points first point is mid point of price, the next is upper point of price & the third is the lower point of price. This draws 3 parallel lines that form a channel. Price should trend within this channel, if price moves outside signal of the channel like in the example shown below the trade should be closed.
Andrew's Pitchfork in MT5
Cycle Lines
Cycle lines are vertical lines plotted at an equal distance representing market cycles. To draw these lines a trader chooses one continuous trend & draws a line between the high & low of the trend & then this MT5 indicator automatically draws the cycle line, these lines illustrate market cycles.
Cycle Lines MT5 Indicator
Text and Text Label
As a trader you might want to mark a price level on your chart. To do this you can use either the text or text labels, Choose any of this button, choose where to place these labels after which a popup appears prompting you to input the text of the label. To edit text label double-click on it & then this popup will appear again & edits can be made from this window.
Text and Text Labels in MT5
From the above example buy is a text and the sell is a text label, both are not much different only that the text will move with the trading chart, while the text label is fixed at one point & will not move with the chart.
