Insert Shapes on BTCUSD Charts on the MetaTrader 5 Platform
To place shapes on the MT5 bitcoin trading platform, a trader can use the Insert Menu and use the insert shapes button that is shown below.
Insert Shapes in MT5
Options of which shapes that can be plotted on the MetaTrader 5 platform are:
- Rectangle
- Triangle
- Ellipse
Draw Rectangle on BTCUSD Chart
To draw a rectangle on MT5 cryptocurrency charts, a trader will choose the rectangle button key & then select between which points on a Bitcoin Trading 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 MT5 buttons that appear at all the corners of this rectangle and drag them to adjust this rectangle.
Drawing Rectangle Shape on MT5 Bitcoin Charts
The rectangle shape is used to draw 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 price breaks out upwards it continues to move in that direction.
Draw Triangle
To draw a triangle, a trader can select the triangle button and then on the MT5 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 MT5 buttons appearing on the edges as shown below and adjust the triangle points.
Drawing Triangle on Cryptocurrency Charts in MT5
Draw Ellipse
To draw the ellipse shape, follow procedure below:
- Select the Ellipse button key as shown above
- On the chart select point 1 & drag the mouse to point 2, (the ellipse will appear as a line)
- Doubleclick the ellipse using the small squares at the middle, click, hold & drag this square & the ellipse will be adjusted as shown below.
Drawing Ellipse Shape on MT5 Cryptocurrency Charts on MT5
