Insert Shapes on BTCUSD Charts on the MT4 Platform

To place shapes on the MetaTrader 4 bitcoin platform, a trader can use the Insert Menu and use the insert shapes button that is illustrated below.

Insert Shapes in MetaTrader 4

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

1. Rectangle
2. Triangle
3. Ellipse

Draw Rectangle on Bitcoin Chart

To draw a rectangle in MT4 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 plotted, a trader can also double click anywhere on this shape and then choose the square buttons that appear at all the corners of this rectangle and drag them to adjust this rectangle.

Drawing Rectangle Shape in MT4 Bitcoin Charts

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

Draw Triangle

To draw a triangle, a trader can select the triangle button & then on the MT4 btcusd chart, select 3 points, point 1, 2 & Three after which the triangle is drawn within these three selected chart points. To adjust the triangle, just double-click this triangle, then choose the square buttons appearing on the edges as shown below & adjust the triangle points.

Drawing Triangle on Charts on MetaTrader 4

Draw Ellipse

To draw 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 then 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 shown below.

Drawing Ellipse Shape in MT4 Charts on MetaTrader 4