Inserting Line Studies Tools on the MetaTrader 4 Trade Platform

The next option on the Insert menu within MetaTrader 4 platform is Line Studies Button. These tools are used to insert and draw trendlines or to place various analysis tools on charts. This button is shown and illustrated below:

Line Studies in MT4 Platform Software

The button can be used to insert the following on charts:

Vertical Line
Horizontal Line
Trend Line
Trend by Angle

A trader might require to draw any of these line studies and tools on charts for different trading or analysis purposes: each line study will be placed and added on the trading chart depending on the type of trading analysis that a stock index trader want to achieve.

Vertical Line

This is set on chart when a indices trader wants to mark a specific point in a trading chart, maybe to mark the time they bought indices or sold indices. To insert this vertical line on chart, a stock index trader will open insert menu, such as shown & illustrated above, then click on 'Vertical Line' option - to choose this, cursor will also change to explain vertical line icon and then select point on chart where you as a trader want to draw this line.

Insert a Vertical To a Chart in MetaTrader 4

Horizontal Line

In MT4 trade platform, this line is set on chart so as to mark a resistance area or a support level on the chart. The horizontal line can be drawn by selecting its button within the insert menu and then clicking on level where you want to place it.

Drawing a Horizontal Line on the MT4 Platform

On the trading example illustration put on display above this horizontal line is drawn at price support level, the price bounces up the second time that it reaches this point. The trend then changes to upwards trend direction.

Trend Line

This is one of the most often used analysis tool in indices. To draw this trend-line a indices trader can access this button from the insert menu. An upwards trend-line in MT4 is illustrated and shown below.

Trend-Line Drawn in MT4 Platform

To draw a trend line a trader has to have 2 points and join these points with the trend-line & then extend it as is shown above.

A trader can draw this trendline for either an upwards trend direction or downward trend direction

Trend-Line by Angle

Next option is to draw a trend by angle, this one resembles the ordinary trend line shown above, only that in addition it'll show the angle at which the trend-line is slanting which many trade transactions may use as a signal & specify to only trade if the angle is more than 30 degrees.

Customizing

As a trader you might want to change the output format of a specific item for example let us use "Trend Line" study, if you want to edit its properties then you as a trader can select it by double clicking on it, then right click on it and the following menu will show.

Changing

Common Properties

After the above menu appears (Note the trend-line has three square points that you as a trader can click & drag using your mouse to adjust it to another point using these 3 squares), select the first option only "Trend Line Properties", the following popup panel window will appear.

From this menu one can rename the 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 buttons just next to the color button, & then choose and select okay.

Other options are marked 'Parameters' & 'Visualization'

Parameters

On parameter, tick/untick the option/choice marked as 'Ray', this will extend/unextend the trend-line up to the point where you have chosen and selected. Download MetaTrader platform software to learn & know what this we're talking about.

Visualization

Visualization is used to choose whether the line is displayed on all time frames or only shown on a choose few timeframes that a trader can select and choose and choose from this option such as illustrated and shown below.

Customizing Tools MetaTrader 4 Studies

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