Inserting Line Studies Tools on the MetaTrader 4 Platform

The next option on the Insert menu within the MT4 bitcoin trading platform is the Line Studies Button. These tools are used to insert and draw bitcoin trend lines or to place various technical analysis tools on Bitcoin charts. This button is shown below:

Line Studies on MetaTrader 4

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

1. Vertical Line
2. Horizontal Line
3. Bitcoin Trend Line
4. Bitcoin Trend by Angle

A Bitcoin trader may require to draw any of these line studies on Bitcoin charts for different purposes; each line study will be placed on the chart depending on the type of analysis that a bitcoin trader want to achieve.

Vertical Line

This is placed on a Bitcoin chart when a bitcoin trader wants to mark a specific point in a crypto chart, maybe to mark the time they bought bitcoin or sold bitcoin crypto. To insert this vertical line on a Cryptocurrency chart, a bitcoin 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, then select the point on the Bitcoin chart where you want to draw this line.

Insert a Vertical To a Bitcoin Chart on MetaTrader 4

Horizontal Line

On the MetaTrader 4 Bitcoin trade platform, this line is placed on a Bitcoin chart so as to mark a resistance level or a support level on the crypto chart. The horizontal line can be drawn by selecting its button within the insert menu and then clicking on the level where you want to place it.

Drawing a Horizontal Line on MetaTrader 4

On the cryptocurrency trading example above this horizontal line is drawn at btcusd price support point, the btcusd price bounces up the second time that it gets to this point. The bitcoin trend then changes to upward bitcoin trend direction.

Bitcoin Trend Line

This is one of the most commonly used technical analysis tool in bitcoin trading. To draw this bitcoin trend line a Bitcoin trader can access this button from the insert menu. An upward bitcoin trend line on MetaTrader 4 is shown below.

Bitcoin Trend Line Drawn on MT4

To draw a bitcoin trend line a Bitcoin trader has to have two points and join these points with the bitcoin trend line and then extend it as shown above.

A bitcoin 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 trend line shown above, only that in addition it will show the angle at which the bitcoin trend line is slanting which many trades may use as a signal and specify to only trade if the angle is more than 30 degrees.

Customizing

As a bitcoin trader you may want to change the formatting of a specific item for example let use the "Bitcoin Trend Line" study, if you want to edit its properties then you 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 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 popup window will appear.

From this menu a bitcoin 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 buttons next to the color button, and then select okay.

The other options are marked "Parameters" and "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 selected. Download the MetaTrader to learn what this we are talking about.

Visualization

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

Customizing Tools MT4 Studies