What is MQL4 OBJ_RECTANGLE_LABEL?
MQL4 OBJ_RECTANGLE_LABEL is a technical indicator used in the MetaTrader 4 (MT4) trading platform. It is an object type that allows traders to display text messages as an overlay on the chart, such as labels for manually created rectangular objects. Traders can create and save up to 200 labels, which can be used to store important notes for their trading strategy, or to draw attention to important events or indicators.
What are the Advantages of MQL4 OBJ_RECTANGLE_LABEL?
One of the great advantages of using MQL4 OBJ_RECTANGLE_LABEL is that it provides traders with a convenient way to store important notes for their trading strategy. By having the ability to create and save up to 200 labels, traders will be able to denote important levels in their chart, alert them to potential reversals, or any other message that they deem necessary to their trading success.
Additionally, if the trader is trading off computer-generated technical indicators, they can also store labels for any triggered indicator events. This will give them the flexibility to quickly return to important trading decisions that were taken previously.
Using the MQL4 OBJ_RECTANGLE_LABEL
The MQL4 OBJ_RECTANGLE_LABEL is simple to use. After selecting the OBJ_RECTANGLE_LABEL from the Object Types menu, traders are then able to draw a rectangular object on their chart. This is done by entering the coordinates of the start and the end points of the object.
After the object is created, traders can then enter their text message, assign a font name, and set a font size. They are also able to select the color of the label, the style, the transparency level and even the language of the label.
Once the label is set, traders then have the ability to save the label, or set it to “none” so that it does not show up on the chart. If they decide later to use the label again, they are able to retrieve it from the Recently Used Objects in the Objects menu.
By being aware of the MQL4 OBJ_RECTANGLE_LABEL technical indicator, traders are able to store important notes on their chart and quickly return to those notes whenever they need to. This allows them to have better decision making capabilities, and have greater control over their trades. The Forex market allows a variety of objects to be placed on its charts such as rectangles. A rectangle can be used to create a label, to mark different events, or to provide additional information for a user. This is achieved through using the ObjectCreate() function, where a variety of parameters are used to define the properties of the new rectangle, such as size, fill color, and various options for the label displayed.