The Smart Forex Academy
This video explains what freehand drawing indicator is, its purpose, and how to set it up on MT4. It allows for highlighting events on charts and is useful for webinars, screenshots, and Forex trading. To use it, hold down the D key and move the mouse, and press X to delete. Colors can be changed by using R, B, G, or Y.
Understanding and Utilizing the Freehand Drawing Indicator
Introduction
In this lesson, we will be exploring the Freehand Drawing Indicator in MT4 and its functionality. We will look at the purpose of the indicator, how it can be set up on our chart, and the parameters that can be customized. This indicator is a useful tool that can be utilized by traders, especially teachers, in highlighting or emphasizing events on the chart.
Defining the Freehand Drawing Indicator
The Freehand Drawing Indicator is a tool that enables a trader to highlight or draw on the chart. It provides the user with the flexibility to draw on the chart and emphasize any event or pattern that may be of significance. This indicator is especially helpful for those who teach forex traders and those who take screenshots.
Using the Freehand Drawing Indicator
To use the Freehand Drawing Indicator, first, you need to press the D key on your keyboard, and then you need to move your mouse to draw on the chart. You can draw lines or circles of any desired size and color. If you want to erase the drawing, you can press the X key on your keyboard.
Setting Up the Freehand Drawing Indicator
To set up the Freehand Drawing Indicator, you need to press the Navigator button or Ctrl+N on your keyboard. In the Navigator window, you will see a Store box. Click on the Store box and then drag and drop the Freehand Drawing Indicator onto the chart. Ensure that all your DLL imports are free before clicking the OK button.
Customizing the Parameters
To customize the parameters of the Freehand Drawing Indicator, you need to highlight indicators and press the edit button. Once that is done, you can choose your desired color, style, and thickness of the line. You can choose from yellow (Y), blue (B), red (R), and green (G).
Conclusion
The Freehand Drawing Indicator in MT4 is an essential and useful tool for traders and teachers alike. It enables a trader to draw on the chart and highlight any event or pattern that might be of interest. The setting up process is simple, and with the customization of parameters, you can set it up to reflect your style and preference. We hope you found this lesson useful and will utilize the tool in your next trading exercise or teaching session.
