Insert Andrew's Pitch-fork, Cycle Lines, Text & Text Label on Chart

The last 4 options on the MetaTrader 4 stock index software insert menu are:

1. Andrew's Pitch-fork
2. Cycle Lines
3. Text
4. Text Label

These are revealed below:

Insert Menu Options on MetaTrader 4

Andrew's Pitchfork

The Andrew's Pitchfork is drawn between three points first point is the middle point of stock index price, the next is the upper point of stock index price & the third is lower point of stock index price. This draws Three parallel lines that form a channel. Price should trend within this channel, if stock index price moves outside of this channel like in the example illustrated below the trade should be closed.

Andrew's Pitchfork in MetaTrader 4

Cycle Lines

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

Cycle Lines MT4 Technical Indicator

Text & Text Label

As a trader you may want to mark a price level on your chart. To do this you can use either the text or text labels, Select any of this button, select 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 4

From the example above the buy is a text & the 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 & won't move with the chart.