Insert Andrew's Pitchfork, Cycle Lines, Text and Text Label on FX Trading Chart
The last 4 options on the MT5 Forex platform insert menu are:
- Andrew's Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options in MT5 Online Forex Software
Andrew's Pitchfork
The Andrew's Pitchfork is drawn between three points first point is the middle point of price, the next is the upper point of forex price and third is lower point of price. This draws 3 parallel lines that form a channel. Price should forex trend within this channel, if forex price moves outside of this channel like in forex trading example below the trade should be closed.
Andrew's Pitchfork on MetaTrader 5
Cycle Lines
Cycle lines are vertical lines drawn at an equal distance representing market cycles. To plot these lines a trader selects one continuous forex trend and draws a line between the high & low of the forex trend and then this MT5 technical indicator automatically plots the cycle line, these lines represent market cycles.
Cycle Lines MT5 Technical Indicator
Text and Text Label
As a trader you may want to mark a forex price level on your Forex trading chart. To do this you can use either the text or text labels, Select any of this button key, choose where to place these labels after which a popup appears prompting you to type the text of the label. To edit the text label double click on it & then this pop up will appear again & edits can be done from this pop up window.
Text and Text Labels on MetaTrader 5
From the example above buy is a text and 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 & will not move with the chart.
