Inserting Line Studies Tools on the MetaTrader 5 Platform

The next option on Insert menu within MT5 bitcoin software is the Line Studies Button. These tools are used to insert & draw bitcoin trend lines or to place various trading analysis tools on charts. This button is illustrated below:

Line Studies on MetaTrader 5

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

Vertical Line
Horizontal Line
bitcoin trend Line
bitcoin trend by Angle

A trader might need to draw any of these line studies on Bitcoin Trading charts for different purposes: each line study will be placed on the trading chart depending on type of analysis that a trader want to achieve.

Vertical Line

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

Insert a Vertical To a Bitcoin Chart on MetaTrader 5

Horizontal Line

On MT5 Crypto trade platform, this line is placed on Bitcoin Trading chart so that to mark a resistance area or a support level on the chart. The horizontal line can be plotted by selecting its button key within the insert menu & then pressing on the level where you want to place it.

Drawing a Horizontal Line on MetaTrader 5

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

bitcoin trend Line

This is one of most commonly used cryptocurrency trading analysis tool in bitcoin trading. To draw this bitcoin crypto trend line a trader can access this button key from the insert menu. An upwards bitcoin trendline on MT5 is illustrated below.

bitcoin trend Line Drawn in MT5

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

A trader can draw this bitcoin trend line for either an upward bitcoin crypto currency trend direction or downward bitcoin crypto currency 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 trendline displayed above, only that in addition it will show the angle at which the bitcoin trend line is slanting which many trades might use as a signal and 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 particular item for examples let use the " bitcoin trend Line" study, if you want to edit its properties then you can select it by doubleclicking on it, then right-click on the it and the following menu will show.

Changing

Common Properties

After the above menu pops up (Note the btcusd crypto trend line has three square points which you can click and drag with your mouse to adjust it to another point using these three squares), choose the first option only " bitcoin trend line Properties", the following pop-up window panel will pop-up.

From this menu a 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 dropdown arrow MT5 buttons next to the colour button, & then choose okay.

Other options are marked 'Parameters' & 'Visualization'

Parameters

On the parameter, tick/untick the option marked as 'Ray', this will extend/unextend the bitcoin crypto currency trend-line up to the point where you've chosen. Download MetaTrader trading platform to learn what this we are talking about.

Visualization

Visualization is used to select whether the line is displayed on all timeframes or only shown on a choose few timeframes that a trader can choose and select from This MT5 option as shown below.

Customizing Tools MT5 Studies

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