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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:

  1. Andrew's Pitchfork
  2. Cycle Lines
  3. Text
  4. Text Label

These are shown below:

Insert Andrew's Pitchfork, Cycle Lines, Text and Text Label in MetaTrader 4 - Insert Menu Options

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 Forex Chart in MT4 - How to Insert Andrew's Pitchfork on MT4 - Insert Menu Options

Andrew's Pitchfork on MT4

Cycle Lines

Cycle lines are vertical lines drawn at an equal distance representing market trading cycles. To plot these lines a trader selects one continuous trend and draws a line between the high and low of the trend and then this MT4 technical indicator automatically plots the cycle line, these lines represent market cycles.

Draw Cycle Lines on Forex Chart on MT4 - Insert Andrew's Pitchfork, Cycle Lines, Text Label in MetaTrader 4

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.

How to Place Text and Text Label on Forex Chart in MT4 - Insert Andrew's Pitchfork, Cycle Lines, Text Label on MT4

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.

 

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