Inserting Line Studies Tools on the MT5 Platform

The next option on the Insert menu within the MT5 forex platform is Line Studies Button. These tools are used to insert and draw forex trend lines or to place various forex technical analysis tools on Forex charts. This button is shown below:

Line Studies on MetaTrader 5

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

1. Vertical Line
2. Horizontal Line
3. forex trend Line
4. forex trend by Angle

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

Vertical Line

This is placed on a Forex chart when a trader wants to mark a particular point in a chart, maybe to mark the time they bought a forex or sold a currency. To insert this vertical line on a Forex chart, a trader will open insert menu, 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 Forex chart where you want to draw this line.

Insert a Vertical To a Forex Chart on MetaTrader 5

Horizontal Line

On MT5 Forex trade platform, this line is placed on a chart so as to mark a resistance level or a support level on the forex chart. The horizontal line can be plotted by selecting its button within the insert menu and then clicking on the level where you want to place it.

Drawing a Horizontal Line in MT5 Online Forex Software

On the forex trading example above this horizontal line is drawn at forex price support point, the forex price bounces up the second time that it gets to this point. The forex trend then changes to upward forex trend direction.

forex trend Line

This is one of the most commonly used forex technical analysis tool in Forex trading. To draw this forex trend line a trader can access this button from the insert menu. An upwards forex trend line in MT5 is shown below.

forex trend Line Drawn on MetaTrader 5

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

A trader can draw this forex trend line for either an upward forex trend direction or downward forex trend direction

forex trend Line by Angle

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

Customizing

As a trader you might want to change the formatting of a specific item for examples let use "forex trend Line" study, if you want to edit its properties then you can choose it by double-clicking on it, then right click on the it & the following menu will show.

Changing

Common Properties

After the above menu pops up (Note the trend line has three square points that you can click and drag with your mouse to adjust it to another point using these three squares), select the first option only "forex trend line Properties", the following popup panel will pop-up.

From this menu a trader can rename the trend line, 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 MT5 buttons next to the color button, and then select okay.

The other options are marked "Parameters" & "Visualization"

Parameters

On parameter, tick/untick the option marked as "Ray", this will extend/unextend the trend line up to the point where you have selected. Download the MetaTrader software to learn what this we are talking about.

Visualization

Visualization is used to select whether the line is shown on all time-frames or only shown on a choose few timeframes that a trader can choose and select from This MT5 option as shown below.

Customizing Tools MT5 Studies