Insert Andrew's Pitchfork, Cycle Lines, Text & Text Label on XAUUSD Trading Chart
The last 4 options on the MT5 xauusd platform insert menu are:
- Andrew's Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options on MetaTrader 5
Andrew's Pitchfork
The Andrew's Pitchfork is drawn between three points first point is middle point of gold price, the next is the upper point of gold price & the third is the lower point of gold price. This draws 3 parallel lines that form a channel. XAUUSD Price should xauusd trend within this channel, if gold price moves outside of this channel like in the xauusd example shown below the trade should be closed.
Andrew's Pitchfork on MetaTrader 5
Cycle Lines
Cycle lines are vertical lines plotted at an equal distance representing market cycles. To plot these lines a trader selects one continuous xauusd trend & draws a line between the high & low of the xauusd trend and then this MT5 technical indicator automatically draws the cycle line, these lines represent market cycles.
Cycle Lines MT5 Technical Indicator
Text & Text Label
As a trader you may want to mark a gold price level on your gold chart. To do this you can use either the text or text labels, Select any of this button key, select 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 on MetaTrader 5
From the above example buy is a text & the sell is a text label, both are not much different only that the text will move with the chart, while the text label is fixed at one point & will not move with the chart.
