The MetaTrader 4 trader terminal is not just a device for opening positions in forex, but an entire software package, in which there are also a lot of tools for providing technical analysis.
You do not need to install additional scripts in the terminal, most of the operations can be performed using the built-in graphical tools.
In MetaTrader 4 you can build - support and resistance lines , a lot of different channels, graphic shapes, as well as add special icons to the chart.
In order to build a line or another object on the currency pair chart, you need to use the top menu of the terminal, in which select the insert tab, as in the figure.
After that, you can proceed to the addition of graphical objects that will help you to analyze the existing trend in the forex market.
The whole process of adding a line or channel takes only a few seconds and does not require special skills, and now more alike, about building capabilities.
• Lines - vertical, horizontal, trend and trend angle.
• Channels - linear regression, trend channel, Fibonacci, equidistant.
• Fans - Gann and Fibonacci.
• Icons - various arrows, price tags, checkmarks and other marks.
• Text - if necessary, you can add an inscription of any color and size to the graph.
If you need to remove an object that is no longer needed, it’s enough to go back to the top menu, click on the “Charts” tab - “Objects” - “Object list”, then all objects that you added to currency pair charts .
In fact, of all the above, I personally use only simple lines and sometimes the “Standard deviation” channel for analysis. Thanks to the received channel, the range of price movement, its lows and maximums, which serve as a guide for entering the market, can be clearly seen.
For other cases it is more convenient to use technical indicators forex , this is a more advanced version of trend analysis, and they have much more opportunities than is present in the standard trader terminal.
Continuation of the story about working in the terminal of the trader, you can read in the article " Work with forex indicators "