Insert Shapes on BTCUSD Charts on the MetaTrader 4 Platform

To place shapes on the MT4 bitcoin trading platform, a Bitcoin trader can use the Insert Menu and use the insert shapes button that is shown below.

Insert Shapes on MT4

The options of which shapes that can be drawn on the MetaTrader 4 platform are:

1. Rectangle
2. Triangle
3. Ellipse

Draw Rectangle

To draw a rectangle on MetaTrader 4 cryptocurrency charts, a bitcoin trader will select the rectangle button and then select between which points on a Bitcoin chart to draw this rectangle. To adjust a triangle that has already been drawn, a Bitcoin 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 MetaTrader 4 Bitcoin Charts

The rectangle shape is used to draw a consolidation range pattern where btcusd price breakout to one side will mean btcusd price movement will continue in that direction, as shown above, when the btcusd price breaks out upwards it continues to move in that direction.

Draw Triangle

To draw a triangle, a Bitcoin trader can select the triangle button and then on the MT4 btcusd 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 Cryptocurrency Charts in MT4

Draw Ellipse

To draw the ellipse shape, follow the steps below:

1. Select the Ellipse button as shown above
2. On the chart select point 1 and drag the mouse to point 2, (the ellipse will appear as a line)
3. Double click the ellipse using the small squares at the middle, click, hold and drag this square and the ellipse will be adjusted as shown below.

Drawing Ellipse Shape on MetaTrader 4 Cryptocurrency Charts on MT4