Insert Andrew's Pitchfork, Cycle Lines, Text and Text Label on Crude Oil Chart
The last 4 options on the MT5 oil platform insert menu are:
- Andrew's Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options in MT5
Andrew's Pitchfork
The Andrew's Pitchfork is drawn between three points first point is the middle point of oil price, the next is the upper point of crude oil price and third is the lower point of oil price. This draws 3 parallel lines that form a channel. Oil Trading Price should oil trend within this channel, if crude oil price moves outside of this channel like in the crude oil trading example explained below the trade should be closed.
Andrew's Pitchfork on MetaTrader 5
Cycle Lines
Cycle lines are vertical lines plotted at an equal distance representing market cycles. To draw these lines a trader selects one continuous oil trend & draws a line between the high and low of the oil trend and then this MT5 technical indicator automatically draws the cycle line, these lines represent market cycles.
Cycle Lines MT5 Technical Indicator
Text and Text Label
As a trader you might want to mark a oil price level on your crude oil 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 input the text of the label. To edit the text label double-click on it & then this pop up will appear again and edits can be done from this window.
Text and Text Labels in MT5
From the above example the buy is a text & 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.
