How add and use shapes on MetaTrader 4?
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How to add and use the shapes available on MetaTrader 4?
Once your MetaTrader 4 trading platform is open, you can analyze your MT4 forex trading charts using the analysis tools and especially shapes available on the MT4 forex platform.
The first way to apply these shapes to your trading charts is via the "Insert" MT4 menu, located at the top of your screen.
The "Insert" MT4 menu
This menu gives you access to the different elements that you can add to your MT4 trading charts.
Here is the procedure to follow:
- At the top of your MT4 trading platform, click on the "Insert" menu
- Select "Shapes"
- Choose the shape you want to draw on your trading chart between:
Once you have made your choice, you just need to click the left button on your mouse to draw the shape on your trading chart.
The properties of these three shapes are accessible via a right-click on your mouse after selecting the shape you want to modify. You then need to select "Name of the shape properties…". This opens the properties window.
The properties window allows you to:
- Change the color of the shape
- Change the thickness of the shape
- Draw the shape in the background thanks to the "Draw object as background" in the "Common" tab of the properties window.
- oIf this box is ticked, the inside of the object is full
- oIf this box is unticked, the inside of the object is empty and transparent
If you're wondering how to access these shapes on your MT4 trading platform easier, here's the solution!
Add the shapes of your choice to the toolbar at the top of the MT4 forex trading platform
The second way to apply these shapes to your trading charts is to add them directly to the toolbar located at the top of your MT4 trading platform. To do this, simply:
- Go to the toolbar
- Right-click on your mouse
- Select "Customize"
The "Customizing toolbar" window appears. This window allows you to modify and complete the content of your toolbar.
Therefore, by clicking on the "Rectangle" shape in the "Available" section, you can then select "Insert". This will add the rectangle shape to your MT4 forex platform toolbar. Moreover, you can choose the order in which the toolbar displays its elements by dragging them up and down.
Now, how can you use these shapes to improve your trading?
These tools will make it easier for you to read charts by helping you to identify chart elements or patterns. This can allow you to better analyze the forex, the stock, and the commodity markets on your MT4 platform.
The MetaTrader 4 ellipse shape
The ellipse shape can help you to:
- Highlight potential or past reversal areas
- Highlight potential or past retracement areas
- Materialize areas in which the price may react
The MT4 rectangle shape
The rectangle shape can help you to:
- Delimit a range
- Delimit a structure area
The MT4 triangle shape
The triangle shape can help you to:
- Draw patterns such as the Bat or the Gartley patterns
- Draw indecision triangles
The advantage of using these graphical shapes in your trading analyses on the MT4 forex platform is that it can make it easier for you to read and interpret your charts.
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