Inserting Line Studies Tools on the MT4 Platform

The next option on the Insert menu within the MT4 software is Line Studies Button. These tools are used to insert & draw trendlines or to place various technical analysis tools on charts. This button is shown below:

Line Studies in Meta Trader 4

The button key can be used to insert the following on the Trading charts:

1. Vertical Line
2. Horizontal Line
3. Trend Line
4. Trend by Angle

A trader might require to draw any of these line studies on charts for different purposes: each line study will be placed on the chart depending on the type of analysis that a trader want to achieve.

Vertical Line

This is placed on a chart when a trader wants to mark a particular point in a chart, maybe to mark the time they bought a instrument or sold a stocks. To insert this vertical line on a chart, one will open the insert menu, as shown above, then click on "Vertical Line" option - to choose this, the cursor will also change to explain vertical line icon and then select point on the chart where you want to draw this line.

Insert a Vertical To a Stock Chart in Meta Trader 4

Horizontal Line

On MetaTrader 4 trade platform, this line is placed on a chart so as to mark a resistance level or a support level on the chart. The horizontal line can be plotted by selecting its button key within the insert menu & then clicking on the level where you want to place it.

Drawing a Horizontal Line in Meta Trader 4

On the example above this horizontal line is plotted at price support point, the price bounces up the second time that it gets to this point. trend then changes to up-ward trend direction.

Trend Line

This is one of the most commonly used technical analysis tool in stock trading. To draw this trend line a trader can access this button key from the insert menu. An upward trend line in MT4 platform is shown below.

Trend Line Drawn in Meta Trader 4

To draw a trend line a trader has to have two points & join these points with the trend line and then extend it as displayed above.

A trader can draw this trend-line for either an upward trend direction or downward trend direction

Trend Line by Angle

The next option is to draw a trend by angle, this one looks exactly like the ordinary trendline shown above, only that in addition it will show the angle at which the 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.

Customizing

As a trader you might want to change the formatting of a specific item for example let use the "Trendline" study, if you want to edit its properties then you can select it by double-clicking on it, then right-click on the it & the following menu will show.

Changing

Common Properties

After the above menu pops up (Note the 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 "Trendline Properties", the following pop up window panel will pop-up.

From this menu one can rename the trendline, 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, & then select okay.

The other options are marked "Parameters" and "Visualization"

Parameters

On the parameter, tick/untick the option marked as "Ray", this will extend/unextend the trendline up to the point where you have chosen. Download the MetaTrader software to learn what this we are talking about.

Visualization

Visualization is used to choose whether the line is displayed on all timeframes or only shown on a select few timeframes that a trader can choose and choose from this option as shown below.

Customizing Tools MetaTrader 4 Studies