Insert Andrew's Pitch Fork, Cycle Lines, Text & Text Label on BTCUSD Chart
The last four options on the MT4 bitcoin software insert menu are:
- Andrew's Pitch Fork
- Cycle Lines
- Text
- Text Label
These are illustrated below:
Insert Menu Options in MT4
Andrew's Pitchfork
The Andrew's Pitchfork is drawn between three points first point is mid point of bitcoin price, the next is the upper point of bitcoin price & the third is lower point of bitcoin price. This draws three parallel lines that form a channel. Bitcoin Price should bitcoin trend within this channel, if bitcoin price moves outside signal of the channel like in cryptocurrency example illustrated below the trade should be closed.
Andrew's Pitchfork in MT4
Cycle Lines
Cycle lines are vertical lines drawn at an equal distance representing market cycles. To draw these lines a trader selects one continuous bitcoin trend & draws a line between the high & low of the bitcoin trend and then this MT4 cryptocurrency technical indicator automatically plots the cycle line, these lines represent market cycles.
Cycle Lines MT4 Indicator
Text and Text Label
As a trader you might want to mark a bitcoin price level on your crypto chart. To do this you can use either text or text labels, Choose any of this button key, select where to place these labels after which a pop up appears prompting you to input the text of the label. To edit text label double-click on it & then this pop up will appear again & edits can be made from this pop up window.
Text and Text Labels in MT4
From the above example the buy is a text & sell is a text label, both aren't much different only that the text will move with the chart, while the text label is fixed at one point & won't move with the chart.
