Insert Shapes on Crude Oil Trading Charts on the MT5 Platform

To place shapes on the MT5 oil platform, a trader can use the Insert Menu and use the insert shapes button that is shown below.

Insert Shapes in MetaTrader 5

The options of which shapes that can be plotted on the MT5 software are:

1. Rectangle
2. Triangle
3. Ellipse

Draw Rectangle on Crude Oil Chart

To draw a rectangle in MetaTrader 5 oil charts, a trader will select the rectangle button & then choose between which points on a Oil Trading chart to draw this rectangle. To adjust a triangle that has already been drawn, a trader can also double click anywhere on this shape and then select the square MT5 buttons that appear at all the corners of this rectangle and drag them to adjust this rectangle.

Drawing Rectangle Shape on MT5 Oil Trading Charts

Rectangle shape is used to plot a consolidation range pattern where crude oil price break out to one side will mean crude oil price movement will continue in that direction, as shown above, when the crude oil price breaks out upwards it continues to move in that direction.

Draw Triangle

To draw a triangle, a trader can select the triangle button and then on the MT5 crude oil chart, select 3 points, point 1, 2 and 3 after which the triangle is drawn within these three selected chart points. To adjust the triangle, just double click this triangle, then select the square MT5 buttons appearing on the edges as shown below and adjust the triangle points.

Drawing Triangle on Crude Oil Charts in MT5 Software

Draw Ellipse

To draw the ellipse shape, follow the steps below:

1. Select the Ellipse button as displayed above
2. On the chart choose point 1 and drag the mouse to point 2, (the ellipse will appear as a line)
3. Doubleclick the ellipse using the small squares at the middle, click, hold and drag this square and the ellipse will be adjusted as displayed below.

Drawing Ellipse Shape on MT5 Crude Oil Trading Charts in MT5