Inserting Line Studies Tools on the MT4 Software

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

Line Studies on MT4

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 trader may need 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 trader want to achieve.

Vertical Line

This is set on Bitcoin chart when a trader wants to mark a particular point in a chart, maybe to mark the time they bought bitcoin or sold bitcoin crypto. To insert this vertical line on Cryptocurrency chart, a trader will open the insert menu, as shown above, then click ++oon the 'Vertical Line' option - to select this, cursor will also change to show vertical line icon and then select the point on the Bitcoin chart where you as a trader want to draw this line.

Insert a Vertical To a Bitcoin Chart on MT4

Horizontal Line

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

Drawing a Horizontal Line on MT4

On the cryptocurrency example above this horizontal line is drawn at bitcoin price support level, 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 analysis tool in bitcoin trading. To draw this bitcoin trend line a trader can access this button key from the insert menu. An upward bitcoin trend line in MT4 is shown below.

Bitcoin Trend Line Drawn on MT4

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

One can draw this bitcoin trend line for either an upward bitcoin trend direction or downward bitcoin trend direction

Bitcoin Trend Line by Angle

Next option is to draw a bitcoin trend by angle, this one resembles the ordinary bitcoin trendline shown above, only that in addition it will show the angle at which the bitcoin 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 formatting of a specific item for example let use the "Bitcoin Trendline" study, if you want to edit its properties then you can select it by double-clicking on it, then right-click ++oon the it & 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 Trendline Properties", the following pop up window panel will pop-up.

From this menu one 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.

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 chosen. Download MetaTrader platform to learn what this we're talking about.

Visualization

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

Customizing Tools MT4 Studies