Using the same Elliott Waves Theory as an example, there are two options in the MT4 trading platform that look similar. Yet, for the Elliott trader, they are completely different.
Called the “Draw Text” and “Draw Text Label,” they have a special place on the shortcut menu so that traders find them quickly.
Naturally, traders use the two options to right on the charts, to make a point to remember in the future. For the trader that counts waves, though, only one feature makes sense: the Text.
When using the Text option, the letters and numbers remain on the currency pair, regardless of the timeframe. In other words, you can see the Elliott count on all the timeframes, zooming in and out of the top/down analysis.
However, with the “Label” option, the written text keeps moving and you’ll lose the importance of the Elliott count. MetaTrader 4 tips like this are enough to help traders pick the right tools to use when doing their analysis using the Elliott Waves Theory.