Insert Shapes on Charts on the MT4 Platform

To place shapes on the MT4 platform, a trader can use the Insert Menu and use the insert shapes button that is shown below.

Insert Shapes in MetaTrader 4

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 in MT4 cryptocurrency charts, a trader will choose the rectangle button key & then select between which points on a Bitcoin 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 plot a consolidation range pattern where bitcoin price break out to one side will mean bitcoin price movement will continue in that direction, as shown above, when the bitcoin trading price breaks out upward it continues to move in that direction.

Draw Triangle

To draw a triangle, a trader can select the triangle button and then on the MT4 btcusd 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 buttons appearing on the edges as shown below and adjust the triangle points.

Drawing Triangle on Cryptocurrency Charts in MT4

Draw Ellipse

To plot the ellipse shape, follow procedure 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 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 Cryptocurrency Charts in MetaTrader 4