Insert Andrew's Pitch Fork, Cycle Lines, Text and Text Label on Bitcoin Chart
Last 4 options on the MT5 btcusd crypto software insert menu are:
- Andrew's Pitch Fork
- Cycle Lines
- Text
- Text Label
These are depicted below:
Insert Menu Options on MetaTrader 5
Andrew's Pitchfork
The Andrew's Pitchfork is drawn between 3 points first point is mid point of bitcoin price, the next is the upper point of bitcoin price & the third is the lower point of bitcoin price. This draws three parallel lines that form a channel. Bitcoin Crypto Currency Price should bitcoin crypto currency trend within this channel, if bitcoin price moves outside of the channel like in cryptocurrency example illustrated below the trade should be closed.
Andrew's Pitchfork on MetaTrader 5
Cycle Lines
Cycle lines are vertical lines plotted at an equal distance representing market cycles. To draw these lines a trader chooses one continuous bitcoin trend and draws a line between the high & low of the bitcoin trend and then this MT5 cryptocurrency technical indicator automatically draws the cycle line, these lines represent market cycles.
Cycle Lines MT5 Indicator
Text and Text Label
As a trader you may want to mark a bitcoin price level on your crypto chart. To achieve this you can use either the text or text labels, Choose any of this button, choose where to place these labels after which a popup appears prompting you to input the text of the label. To edit text label double-click on it & then this popup will appear again and edits can be made from this popup window.
Text and Text Labels in MT5
From the example above the buy is a text and the 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.
