Inserting Line Studies Tools on the MetaTrader 4 Platform

The next option on Insert menu within MetaTrader 4 forex trading software is Line Studies Button. These tools are used to insert & draw trendlines or to place various technical analysis tools on charts. This button is shown below:

Line Studies on the MT4

The button key can be used to insert the following on charts:

Vertical Line
Horizontal Line
TrendLine
Trend by Angle

A trader might need to draw any of these line studies on charts for different trading or analysis purposes: each line study will be placed and added on the chart depending on the type of analysis that a trader want to achieve.

Vertical Line

This is set on chart when a forex trader wants to mark a particular point in a trading chart, maybe to mark the time they bought a currency or sold a currency. To place and set this vertical line on the chart, a forex trader will open insert menu, just as shown above, then click on 'Vertical Line' option - to select this, cursor will also change to show vertical line icon, then choose point on chart where you want to draw this line.

Insert a Vertical To a Chart in MetaTrader 4

Horizontal Line

In the MetaTrader 4 Forex trade platform, this line is set on chart so as to mark a resistance level or a support level on the currency chart. The horizontal line can be plotted by selecting its button within the insert menu and then pressing on the level where you want to place it.

Drawing a Horizontal Line in MT4 Online Platform

On the illustration put on display above this horizontal line is plotted at price support level, the price bounces up second time that it reaches this point. Trend then changes to upward trend direction.

TrendLine

This is one of most oftenly used analysis tool in Forex trading. To draw this trendline a fx trader can access this button from the insert menu. An upwards trend-line on MT4 is shown below.

TrendLine Drawn in the MT4

To draw a trend line a trader has to have 2 points & join these points with the trend-line and then extend it such as shown above.

One can draw this trend-line for either an upwards trend direction or downward trend direction

TrendLine by Angle

The next option is to draw a price trend by angle, this one looks exactly like the ordinary trend line shown above, only that in addition it'll show the angle at which the trend-line is slanting which many trade transactions may use as a signal and specify to only trade if the angle is more than 30 degrees.

Customizing

As a trader you may want to change the output format of a specific item e.g. let us use "Trend-Line" study, if you want to edit its properties then you as a trader can select it by double clicking on it, then rightclick in it & the following menu will show.

Changing

Common Properties

After the above menu appears (Note the trend-line has 3 square points that you as a trader can click and drag using the mouse to adjust it to another point using these 3 squares), select the first option only "Trend Line Properties", the following popup window will appear.

From this menu one can rename the trendline, give it a description, change the style color to another color using the down arrow next to the color named "Blue" above or change the width property by selecting a different style from the 2 drop down arrow buttons just next to the colour button, and then select okay.

The other options are marked & labeled 'Parameters' & 'Visualization'

Parameters

On parameter, tick/untick the option/choice marked and labeled as 'Ray', this will extend/unextend the trend-line up to the point where you have chosen and selected. Download MetaTrader platform software to know what this we're talking about.

Visualization

Visualization is used to select whether the line is displayed on all time-frames or only shown & displayed on a choose few time-frames that a trader can select & select from this option as is shown below.

Customizing Tools MetaTrader 4 Studies

More Tutorials & Courses: