Insert Andrew's Pitchfork, Cycle Lines, Text and Text Label on Forex Chart
The last 4 options on the MT4 Forex platform insert menu are:
- Andrew's Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options in MetaTrader 4 Online Forex Platform
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 price and third is lower point of price. This draws 3 parallel lines that form a channel. Price should trend within this channel, if price moves outside of this channel like in example below the trade should be closed.
Andrew's Pitchfork on MT4
Cycle Lines
Cycle lines are vertical lines drawn at an equal distance representing market cycles. To draw these lines a trader selects one continuous trend and draws a line between the high and low of the trend and then this MT4 indicator automatically plots the cycle line, these lines represent market cycles.
Cycle Lines MT4 Indicator
Text and Text Label
As a trader you might want to mark a 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 MT4
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.
