Insert Andrew's Pitchfork, Cycle Lines, Text and Text Label on Chart
The last 4 options on the MT4 bitcoin software insert menu are:
- Andrew's Pitchfork
- Cycle Lines
- Text
- Text Label
These are shown below:
Insert Menu Options on MetaTrader 4
Andrew's Pitchfork
The Andrew's Pitchfork is drawn between three points first point is middle point of bitcoin price, the next is the upper point of bitcoin price & the third is lower point of bitcoin price. This draws three parallel lines that form a channel. Price should trend within this channel, if bitcoin price moves outside of this channel like in cryptocurrency trading example illustrated below the trade should be closed.
Andrew's Pitchfork on MetaTrader 4
Cycle Lines
Cycle lines are vertical lines drawn at an equal distance representing market cycles. To draw these lines a trader selects one continuous trend & draws a line between the high & low of the trend and then this MT4 cryptocurrency technical indicator automatically plots the cycle line, these lines represent market cycles.
Cycle Lines MT4 Technical Indicator
Text and Text Label
As a trader you might want to mark a bitcoin price level on your crypto chart. To do this you can use either the text or text labels, Select any of this button key, select where to place these labels after which a pop up appears prompting you to input the text of the label. To edit text label double-click on it & then this pop up will appear again & edits can be made from this pop up window.
Text and Text Labels on MetaTrader 4
From the example above the buy is a text & sell is a text label, both are not much different only that the text will move with the chart, while the text label is fixed at one point & won't move with the chart.
