Insert Andrew's Pitchfork, Cycle Lines, Text and Text Label

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

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

These are shown 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 and the third is the lower point of stock index price. This draws three parallel lines that form a channel. Indices Price should stock indices trend within this channel, if stock index price moves outside of this channel like in the stock indices example illustrated below the trade should be closed.

Andrew's Pitchfork on MetaTrader 4

Cycle Lines

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

Cycle Lines MT4 Stock Indices Indicator

Text and Text Label

As a stock indices trader you may want to mark a stock indices price level on your stock index 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 input the text of the label. To edit the text label double click on it and then this popup will appear again and edits can be made on this window.

Text and Text Labels on MetaTrader 4

From the above example the buy is a text and 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 and will not move with the chart.