Insert Shapes on Charts on MetaTrader 5 Platform

To set shapes on the MT5 software, a trader can use Insert Menu and use insert shapes button key that is illustrated & shown below.

Insert Shapes on MT5

The options of which shapes that can be plotted on the MT5 platform are:

1. Rectangle
2. Triangle
3. Ellipse

Draw Rectangle on Chart

To draw a rectangle on mMT5 charts, a trader will choose the rectangle button and then choose between which points on a chart to draw this rectangle. To adjust a triangle that has already been drawn, a trader can also double click anywhere on this shape & then select the square MT5 buttons that appear at all the corners of this rectangle and drag them to adjust this rectangle.

Drawing Rectangle Shape in MT5 Charts

The 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 price breaks-out up-ward it continues to move in that particular direction.

Draw Triangle

To draw a triangle, a trader can select the triangle button and then on the MT5 gold chart, choose 3 points, point 1, 2 and Three 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 MT5 buttons appearing on the edges as shown below & adjust the triangle points.

Drawing Triangle on Charts in MT5

Draw Ellipse

To plot the ellipse shape, follow the guide-lines below:

1. Select the Ellipse button as displayed above
2. On the chart select point 1 and 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 in MT5 Charts in MT5