Today we will explore the various objects available on the Deriv MT5 platform and how they can significantly enhance your technical analysis and trading strategies. Understanding how to use these tools effectively will empower you to make more informed trading decisions.
‍

Introduction to Chart Objects

Objects in Deriv MT5 are graphical tools that you can place on your charts to mark key price levels, identify trends, and annotate vital information. They allow traders to visually interpret market data and enhance their trading strategies by providing context to price movements.

To access these objects, navigate to ‘Insert’ in the menu and hover over ‘Objects.’ Let’s focus on some of the most widely used tools available.
‍

Key Chart Objects

1. Lines:
   
   • Horizontal Lines: Used to mark key price levels such as support and resistance. They help identify potential reversal zones or points of price consolidation.
     ‍
   • Vertical Lines: Useful for marking specific time intervals, helping you analyze price movements concerning important dates or events.
     ‍
   • Trendlines: Connect significant price points (highs and lows) to illustrate the market trend’s direction and strength, providing insights into whether a trend is continuing or reversing.
     ‍
2. Channels:
   
   • Equidistant Channels: Consist of two parallel lines that outline the upper and lower bounds of price movements. They help visualize trends and support or resistance levels, making it easier to identify potential breakout points or reversals.
     ‍
   • Andrews’ Pitchfork: Comprises three parallel lines drawn from a significant high or low. The central line indicates the primary trend, while the outer lines help identify support and resistance.
     ‍
3. Gann Tools:
   
   • Gann Line: A 45-degree trendline representing balance between price changes and time. It helps traders assess whether the market is bullish or bearish based on price positioning relative to the Gann Line.
     ‍
   • Gann Fan: Creates multiple trendlines radiating from a single point at specific angles, useful for assessing trend strength and potential reversals.
     ‍
4. Fibonacci Tools:
   
   • Fibonacci Retracement Tool: Draws horizontal lines at key Fibonacci levels to identify potential reversal points in the market. These levels act as support or resistance based on historical price movements.
     ‍
   • Fibonacci Channel: Utilizes parallel lines based on Fibonacci ratios to analyze trend direction and predict potential market movements, providing insights into entry and exit points.
     ‍
5. Elliott Wave Tools:
   
   • Impulse Waves are strong directional moves consisting of five waves following the main trend, while Corrective Waves occur against the trend and are typically composed of three waves, allowing for the analysis of market cycles.
     ‍
6. Shapes, Arrows, and Graphical Objects:
   
   • Use simple shapes and arrows to enhance chart analysis. They can help highlight specific areas or patterns, making it easier to visualize trends and significant price movements.
     ‍

Modifying and Customizing Objects

Once you’ve placed objects on your chart, you can easily modify them:

• To move or adjust an object, click on it to select it. You'll see control points appear, enabling you to drag it to your desired position.
  ‍
• To delete an object, right-click, and choose 'Delete' or use the Backspace key. If you accidentally remove an object, you can undo this action by right-clicking and selecting ‘Undo Delete’ or pressing Ctrl+Z.

You can also customize the appearance of objects by right-clicking on the selected object and choosing ‘Properties’. This opens a dialog with options to:

• Change line color, width, and style in the Common Tab.
  ‍
• Modify levels, styles, and colors for Fibonacci and Gann tools in the Levels Tab.
  ‍
• Fine-tune position and appearance settings in the Parameters Tab.
  ‍
• Choose which timeframes your objects are displayed on in the Visualisation Tab.
  ‍

Conclusion

By leveraging the various objects available in the Deriv MT5 toolbox, traders can gain a practical edge in their chart analyses. Understanding how to annotate price movements, mark trends, and visualize important data allows you to refine your strategies and enhance your trading performance.

We encourage you to practice using these tools in the Deriv MT5 demo account to get comfortable with their functionalities. In our next lesson, we will dive into indicators on Deriv MT5 and how to apply them for refined market analysis. Happy trading!