WORKING WITH THE LINE STUDIES TOOLBAR
The line studies toolbar gives you a number of tools for working with and analyzing charts:
Cursor – Standard arrow cursor default for item selection
Crosshair – On the active chart window, click and drag between two points to find out the number of time periods, the number of pips and price on the last point (Displayed as time periods/pips/price on the last applicable time period)
Vertical line – Places a line at the desired point on the active chart window. Double clicking on the line will select it, thus enabling the line to be moved to a new desired position. Clicking outside the line will de-select it
Horizontal line – Exact properties as the Vertical line, however places a horizontal line on the chart at the desired position
Trend line – Used for displaying/identifying trends. Click and hold between the two points on the chart where you want to draw a trend-line. Double clicking enables the editing of the line. You will notice three squares. The square in the middle moves the whole trend line as it is. The ones on the left/right modify the trend between two new desired points
Equidistant channels – Much the same as establishing a trend line, this tool does however draw a second line, parallel to the first. Double clicking it will display four squares (three on the initial line and a fourth on the automatically drawn, parallel line). The three squares are used exactly as the trend line’s squares, the fourth square is used to adjust the distance between the two parallel lines.
Fibonacci Retracement – Select between two points on the chart and it will automatically draw the Fibonacci Retracement lines. An additional dotted line will be displayed between the two points. Double clicking the Fibonacci Retracement lines will enable you to adjust the two points – look for the small white squares at the points initially selected.
Text tool – enables you to write anywhere on the chart. It will bind to the point it is drawn, remaining static as you scroll through a chart.
Arrows – enables you to tag the chart with a multitude of graphical signs
There is much information available online for those who want to learn about how such technical analysis and line study tools can be useful for trading. Ask your account manager if you’d like to know more.