Insert Andrew's Pitchfork, Cycle Lines, Text & Text Label on Gold Trading Chart
The last 4 options on the MetaTrader 4 xauusd trading platform insert menu are:
- Andrew's Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options on MetaTrader 4
Andrew's Pitchfork
The Andrew's Pitchfork is drawn between three points first point is the middle point of gold price, the next is the upper point of gold price and the third is the lower point of gold price. This draws three 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 4
Cycle Lines
Cycle lines are vertical lines drawn at an equal distance representing market cycles. To draw these lines a xauusd trader selects one continuous xauusd trend and draws a line between the high and low of the xauusd trend and then this MT4 xauusd indicator automatically plots the cycle line, these lines represent market cycles.
Cycle Lines MT4 XAUUSD Indicator
Text & Text Label
As a xauusd 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, select where to place these labels after which a popup appears prompting you to input the text of the label. To edit the text label double click on it and then this popup will appear again and edits can be made on this window.
Text and Text Labels on MetaTrader 4
From the above example the buy is a text and 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 and will not move with the chart.
