Insert Shapes on Charts on the MetaTrader 4 Platform
To place shapes on the MetaTrader 4 Forex trading platform, a Forex trader can use the Insert Menu and use the insert shapes button that is shown below.
Insert Shapes on Forex Trading Platform MetaTrader 4
The options of which shapes that can be drawn on the MetaTrader 4 platform are:
To draw a rectangle on mMT4 charts, a trader will select the rectangle button and then select between which points on a Forex chart to draw this rectangle. To adjust a triangle that has already been drawn, a Forex trader can also double click anywhere on this shape and then select the square buttons that appear at all the corners of this rectangle and drag them to adjust this rectangle.
Drawing Rectangle Shape on MetaTrader 4 Forex Charts
The rectangle shape is used to draw a consolidation range pattern where price breakout to one side will mean price movement will continue in that direction, as shown above, when the price breaks out upwards it continues to move in that direction.
To draw a triangle, a Forex trader can select the triangle button and then on the MT4 chart, select 3 points, point 1, 2 and 3 after which the triangle is plotted within these three selected chart points. To adjust the triangle, just double click this triangle, then select the square buttons appearing on the edges as shown below and adjust the triangle points.
Drawing Triangle on Forex Charts in MetaTrader 4
To draw the ellipse shape, follow the steps below:
- Select the Ellipse button as shown above
- On the chart select point 1 and drag the mouse to point 2, (the ellipse will appear as a line)
- Double click the ellipse using the small squares at the middle, click, hold and drag this square and the ellipse will be adjusted as shown below.
Drawing Ellipse Shape on MetaTrader 4 Forex Charts on MT4