Inserting Line Studies Tools on the MetaTrader 5 Platform
The next option on the Insert menu within the MT5 bitcoin software is the Line Studies Button. These tools are used to insert & draw bitcoin trend lines or to place various cryptocurrency trading technical analysis tools on Crypto charts. This button is shown below:
Line Studies on MetaTrader 5
The button key can be used to insert the following on the Bitcoin Trading charts:
- Vertical Line
- Horizontal Line
- bitcoin trend Line
- bitcoin trend by Angle
A trader might need to draw any of these line studies on Bitcoin Trading charts for different purposes: each line study will be placed on the trading chart depending on type of analysis that a trader want to achieve.
Vertical Line
This is placed on a Bitcoin Trading chart when a trader wants to mark a specific point in a crypto chart, maybe to mark the time they bought crypto instrument or sold bitcoin crypto. To insert this vertical line on a Bitcoin Trading chart, a trader will open the insert menu, as shown above, then click on the 'Vertical Line' option - to select this, the cursor will also change to show vertical line icon and then select the point on the Bitcoin chart where you want to draw this line.
Insert a Vertical To a Bitcoin Chart on MetaTrader 5
Horizontal Line
On MT5 Crypto trade platform, this line is placed on a Bitcoin Trading chart so that to mark a resistance level or a support level on the crypto chart. The horizontal line can be drawn by selecting its button key within the insert menu and then clicking on the level where you want to place it.
Drawing a Horizontal Line on MetaTrader 5
On the cryptocurrency trading example above this horizontal line is drawn at bitcoin price support point, the bitcoin price bounces up the second time that it gets to this point. Bitcoin trend then changes to upwards bitcoin trend direction.
bitcoin trend Line
This is one of the most commonly used cryptocurrency trading technical analysis tool in bitcoin trading. To draw this bitcoin trend line a trader can access this button key from the insert menu. An upwards bitcoin trend line on MT5 is shown below.
bitcoin trend Line Drawn in MetaTrader 5
To draw a bitcoin trend line a trader has to have two points and join these points with the bitcoin trend line & then extend it as shown above.
A trader can draw this bitcoin trend line for either an upward bitcoin trend direction or downward bitcoin trend direction
bitcoin trend Line by Angle
The next option is to draw a bitcoin trend by angle, this one looks exactly like the ordinary bitcoin trendline displayed above, only that in addition it will show the angle at which the bitcoin trend line is slanting which many cryptocurrency trades may use as a signal and specify to only trade if the angle is more than 30 degrees.
Customizing
As a trader you might want to change the formatting of a particular item for examples let use the " bitcoin trend Line" study, if you want to edit its properties then you can choose it by double-clicking on it, then right-click on the it and the following menu will show.
Changing
Common Properties
After the above menu pops up (Note the bitcoin trend line has three square points that you can click and drag with your mouse to adjust it to another point using these three squares), select the first option only " bitcoin trend line Properties", the following pop up window panel will pop-up.
From this menu a trader can rename the bitcoin trend line, give it a description, change the style color to another color using the down arrow next to the color named "Blue" above or change the width property by selecting a different style from the 2 drop down arrow MT5 buttons next to the color button, and then select okay.
Other options are marked 'Parameters' & 'Visualization'
Parameters
On the parameter, tick/untick the option marked as 'Ray', this will extend/unextend the bitcoin trend line up to the point where you have chosen. Download the MetaTrader platform to learn what this we are talking about.
Visualization
Visualization is used to select whether the line is displayed on all timeframes or only shown on a choose few timeframes that a trader can choose and select from This MT5 option as shown below.
Customizing Tools MT5 Studies
