Insert Shapes on Charts in the MT4 Platform

To place shapes on the MT4 platform, a fx trader can use the Insert Menu & use the insert shapes button key that is shown & illustrated below.

Insert Shapes on Forex Software MT4

Options of which shapes that can be drawn on the MetaTrader 4 software are:

Rectangle
Triangle
Ellipse

Draw Rectangle on FX Trading Chart

To draw a rectangle on mMT4 charts, a trader will choose the rectangle button & 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 and then choose the square buttons that appear at all the corners of this rectangle and drag them to adjust this rectangle.

Drawing Rectangle Shape in MetaTrader 4 Charts

Rectangle shape is used to plot a consolidation range setup where price breakout to one side will mean price movement will continue in that direction, as illustrated above, when price breaks out upward it continues to move in that particular direction.

Draw Triangle

To draw a triangle, a trader can select the triangle button & 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 doubleclick this triangle, then choose the square buttons appearing on the edges as shown below & adjust the triangle points.

Drawing Triangle on Charts on MetaTrader 4

Draw Ellipse

To draw the ellipse shape, follow the guidelines below:

Select the Ellipse button key as illustrated above
On the chart select point 1 and drag the mouse to point 2, (the ellipse will then appear as a line)
Doubleclick 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 in MetaTrader 4 Charts on MT4

Learn More Courses and Topics:

Trade Forex Trading

Insert Shapes on Charts in the MT4 Platform

Draw Rectangle on FX Trading Chart

Draw Triangle

Draw Ellipse