Inserting Line Studies Tools on the MetaTrader 4 Stock Indices Platform
The next option on the Insert menu within the MetaTrader 4 stock index trading platform is the Line Studies Button. These tools are used to insert and draw stock indices trend lines or to place various technical analysis tools on Indices charts. This button is shown below:
Line Studies on MetaTrader 4
The button can be used to insert the following on the Stock Indices Trading charts:
- Vertical Line
- Horizontal Line
- Stock Indices Trading Trend Line
- Stock Indices Trading Trend by Angle
A Stock Indices trader may require to draw any of these line studies on Stock Indices Trading charts for different purposes; each line study will be placed on the chart depending on the type of analysis that a stock indices trader want to achieve.
This is placed on a Stock Indices Trading chart when a stock indices trader wants to mark a specific point in a stock indices chart, maybe to mark the time they bought a stock indices instrument or sold a stock indices. To insert this vertical line on a Stock Indices Trading chart, a stock indices trader will open the insert menu, as shown above, then click on the “Vertical Line” option - to select this, the cursor will also change to show vertical line icon, then select the point on the Stock Indices Trading chart where you want to draw this line.
Insert a Vertical To a Stock Index Chart on MT4
On the MetaTrader 4 Indices trade platform, this line is placed on a Stock Indices Trading chart so as to mark a resistance level or a support level on the stock index chart. The horizontal line can be drawn by selecting its button within the insert menu and then clicking on the level where you want to place it.
Drawing a Horizontal Line on MetaTrader 4
On the stock indices example above this horizontal line is drawn at stock index price support point, the stock index price bounces up the second time that it gets to this point. The stock indices trend then changes to upward stock indices trend direction.
Stock Indices Trading Trend Line
This is one of the most commonly used technical analysis tool in stock index trading. To draw this stock indices trend line a Stock Indices trader can access this button from the insert menu. An upward stock indices trend line on MetaTrader 4 stock index trading platform is shown below.
Stock Indices Trend Line Drawn on MT4
To draw a stock indices trend line a Stock Indices trader has to have two points and join these points with the stock indices trend line and then extend it as shown above.
Stock Indices Trend Line by Angle
The next option is to draw a stock indices trend by angle, this one looks exactly like the ordinary stock indices trend line shown above, only that in addition it will show the angle at which the stock indices trend line is slanting which many trades may use as a signal and specify to only trade if the angle is more than 30 degrees.
As a stock indices trader you may want to change the formatting of a specific item for example let use the “Stock Indices Trading Trend Line” study, if you want to edit its properties then you can select it by double clicking on it, then right click on it and the following menu will show.
After the above menu appears (Note the stock indices 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 “Stock Indices Trading Trend line Properties”, the following popup window will appear.
From this menu a stock indices trader can rename the stock indices 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 buttons next to the color button, and then select okay.
The other options are marked “Parameters” and “Visualization”
On the parameter, tick/untick the option marked as “Ray”, this will extend/unextend the stock indices trend line up to the point where you have selected. Download the MetaTrader to learn what this we are talking about.
Visualization is used to select whether the line is shown on all time frames or only shown on a select few time frames that a stock indices trader can choose and select from this option as shown below.
Customizing Tools MetaTrader 4 Studies