Insert Shapes on Charts on the MT4 Platform
To place shapes on the MT4 indices trading software, a trader can use Insert Menu and use insert shapes button key that is illustrated and shown below.
Insert Shapes on MT4
Options of which shapes that can be drawn in MetaTrader 4 platform are:
- Rectangle
- Triangle
- Ellipse
Draw Rectangle on Chart
To draw a rectangle on MetaTrader 4 stock indices charts, a trader will select the rectangle button and then choose between which points on a Indices 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 buttons that appear at all the corners of this rectangle and drag them to adjust this rectangle.
Drawing Rectangle Shape on MT4 Charts
Rectangle shape is used to plot a consolidation range pattern where stock indices trading price breakout to one side will mean stock indices trading price movement will continue in that direction, as shown above, when the stock indices 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 MetaTrader 4 stock indices 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 buttons appearing on the edges as shown below and adjust the triangle points.
Drawing Triangle on Charts in MT4
Draw Ellipse
To plot the ellipse shape, follow the procedure below:
- Select the Ellipse button as displayed above
- On the chart choose point 1 and drag the mouse to point 2, (the ellipse will appear as a line)
- Double-click the ellipse using the small squares at the middle, click, hold and drag this square & the ellipse will be adjusted as displayed below.
Drawing Ellipse Shape on MT4 Charts in MT4
