Inserting Line Studies Tools on the MT4 Platform
The next option on the Insert menu within the MT4 platform is Line Studies Button. These tools are used to insert & draw trendlines or to place various technical analysis tools on Bitcoin charts. This button is shown below:
Line Studies on MetaTrader 4
The button key can be used to insert the following on the Bitcoin charts:
- Vertical Line
- Horizontal Line
- Bitcoin Trend Line
- Bitcoin Trend by Angle
A trader might need to draw any of these line studies on Bitcoin 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 Bitcoin chart when a trader wants to mark a particular point in a crypto chart, maybe to mark the time they bought bitcoin or sold bitcoin crypto. To insert this vertical line on a Cryptocurrency chart, a trader will open the insert menu, as shown above, then click on the 'Vertical Line' option - to select this, cursor will also change to show vertical line icon and then select the point on the Bitcoin chart where you want to draw this line.
Insert a Vertical To a Chart on MetaTrader 4
Horizontal Line
On the MetaTrader 4 Bitcoin trade platform, this line is placed on a Bitcoin chart so as to mark a resistance level or a support level on the crypto chart. The horizontal line can be drawn by selecting its button key within insert menu & then clicking on the level where you want to place it.
Drawing a Horizontal Line on MetaTrader 4
On the cryptocurrency trading example above this horizontal line is drawn at bitcoin price support point, the bitcoin price bounces up the second time that it gets to this point. Bitcoin trend then changes to upwards trend direction.
Bitcoin Trend Line
This is one of the most commonly used technical analysis tool in bitcoin trading. To draw this trend line a trader can access this button key from the insert menu. An upward trend line in MT4 is shown below.
Bitcoin Trend Line Drawn on MT4
To draw a trend line a trader has to have two points and join these points with the trend line & then extend it as shown above.
A trader can draw this trend line for either an upward trend direction or downward trend direction
Bitcoin 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 "Bitcoin 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 "Bitcoin Trendline Properties", the following pop up window panel will pop-up.
From this menu a trader can rename the trend line, 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, and then select okay.
Other options are marked "Parameters" and "Visualization"
Parameters
On the parameter, tick/untick the option marked as "Ray", this will extend/unextend the trend line 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 select from this option as shown below.
Customizing Tools MT4 Studies
