Insert Shapes on Stock Charts on the MetaTrader 4 Software

To place shapes on the MT4 trading software, a trader can use the Insert Menu & use the insert shapes button key that is shown below.

Insert Shapes in MT4

Options of which shapes that can be drawn on the MT4 platform are:

1. Rectangle
2. Triangle
3. Ellipse

Draw Rectangle on Chart

To draw a rectangle on mMT4 charts, a trader will choose the rectangle button key & then select between which points on a 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 buttons that appear at all the corners of this rectangle and drag them to adjust this rectangle.

Drawing Rectangle Shape in MT4 Charts

Rectangle shape is used to draw a consolidation range setup where price breakout to one side will mean price movement will continue in that direction, as shown above, when price breaks out upwards it continues to move in that specific direction.

Draw Triangle

To draw a triangle, a trader can select the triangle button and then on the MT4 chart, select 3 points, point 1, two & Three after which the triangle is plotted within these 3 chooseed chart points. To adjust the triangle, just doubleclick this triangle, then select the square buttons appearing on the edges as shown below and adjust the triangle points.

Drawing Triangle on Stock Charts on MetaTrader 4 Software

Draw Ellipse

To draw the ellipse shape, follow steps below:

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

Drawing Ellipse Shape in MT4 Charts in MT4