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MetaTrader 4 Line Studies Toolbar – Object Properties

MetaTrader 4 Line Studies Toolbar – Object Properties

This lesson will cover the following

  • Positioning
  • Options

Every object has its own properties, which can differ, depending on the object. In order to manage the properties of an object, one needs to select the object and
execute its “Properties…” context menu command, or the “Charts – Objects – Objects List” menu command. Upon execution of these commands, a window of the object name will appear, containing several tabs. General object settings are listed in the “Common” tab. The following settings are available here:

Name – the unique name of an object within one chart, which is set automatically. It can be changed, if another name is written in this field. Such names make it easy to distinguish the object among many others of the same type.

Description – description/text contents of the object, which also make it possible to mark it out among many other objects of the same type. These descriptions can be shown on the chart, if the “Show object descriptions” option is enabled in the chart settings.

Style – the lines style of an object. One can set color, forms and thickness of lines.

Draw object as background – draws object in the background behind the chart. When enabled, this option fills objects like shapes or channels, with the exception of the Fibonacci Channel, with color. Coordinates of object control points in the chart can be changed in the “Parameters” tab. Time coordinates of object control points should be entered in the “Time” fields, and coordinates of anchoring to vertical axis of an indicator chart should be given in the “Value” fields. Every object can have from one to three coordinates.

Additional options are available for some objects in the “Parameters” tab:

Angle in degrees – this is the angle of the object slope anticlockwise in degrees.

Scale – this is the ratio between units of vertical axis (pips) and horizontal axis (bars) of the object. Usually the number of pixels in a unit of the horizontal axis (time) is different from that of the vertical axis (prices), when charts are drawn. One-to-one scale puts them to the same value. For certain objects, if one makes changes to this parameter, the ratio will also be changed.

Arrow code – the object code.

Ray – shows the object trend lines as rays.

Anchor – one of the chart corners, where the text label is anchored.

X-distance – this is the horizontal distance between the anchor corner of the window and the text label measured in pixels.

Y-distance – this is the vertical distance between the anchor corner of the window and the text label measured in pixels.

The object visualization mode for different time frames can be changed in the “Visualization” tab. The object will then be visualized only for the selected time frames. This can be useful, when the tool has different settings for different time frames. The “Fibo Levels” tab is specifically used only for Fibonacci tools. The list of the tool levels is presented here as a table. The values of every level can be changed or deleted by using the “Delete” button. A new level can be added by pressing the “Add” button. Upon executing this command, if “(%$)” is entered in the “Description” field, the price value, corresponding with this level, will be shown on the chart. The “Defaults” button resets the original values. The “Style” field, which allows setting up the color, appearance and thickness of levels of the object, is located in the lower part of the tab.