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Drawing Tools

You can utilize drawing items and tools for technical analysis, annotating, and highlighting trends on the chart.

Updated over 2 months ago

The Charts Widget on the DayTraders Trading Platform provides a robust set of drawing tools for conducting technical analysis and annotating charts. Below is a categorized breakdown of all the available drawing tools:

Accessing Drawing Tools

  1. Open the Charts Widget from the Market Menu in your workspace.

  2. Locate the Drawing Tools Toolbar within the chart interface.

  3. Select the desired drawing tool from the available options.


Available Drawing Tools

Lines and Channels

  • Trend Line: Draw a straight line to identify trends.

  • Extended Line: Extend a line indefinitely in both directions.

  • Price Line: Mark a specific price level.

  • Info Line: Add a line that includes additional details like price and time.

  • Arrow: Highlight directional movement or key points.

  • Horizontal Ray: Extend a horizontal line in one direction.

  • Ray: Extend a straight line in one direction.

  • Time Line: Mark a specific time on the chart.

  • Trend Channel: Create a parallel channel to analyze price ranges.


Shapes and Annotations

  • Oval: Draw an ellipse to highlight areas.

  • Rectangle: Highlight consolidation zones or price ranges.

  • Curve: Draw curved lines for flexible annotations.

  • Arc: Add semi-circular highlights.

  • Path: Create freeform lines for custom annotations.

  • Up Arrow: Indicate upward movement or emphasis.

  • Down Arrow: Indicate downward movement or emphasis.

  • Cycle Brackets: Mark repetitive cycles or patterns.

  • Price Label: Annotate specific price levels.

  • Callout: Add text bubbles to highlight points of interest.

  • Icon: Use icons for additional visual representation.

  • Text: Add notes or labels directly onto the chart.


Brushes and Highlighters

  • Brush: Freehand drawing for annotations.

  • Highlighter: Highlight areas for emphasis.


Advanced Tools

  • Pitchfork: Analyze trends with support and resistance levels.

  • Fibonacci Tools:

    • Fibonacci Rays

    • Fibonacci Arcs

    • Fibonacci Circles

    • Fibonacci Retracements

    • Fibonacci Extensions

    • Fibonacci Channels

    • Fibonacci Time Zones

    • Fibonacci Time Ratios

    • Fibonacci Spiral


Gann Tools

  • Gann Square: Plot Gann support and resistance levels.

  • Gann Box: Define price and time ranges.

  • Gann Fan: Visualize potential support and resistance zones.


Elliott Wave Tools

  • Elliott Impulse (12345): Identify impulsive wave patterns.

  • Elliott Correction (ABC): Map corrective wave structures.


Range and Measurement Tools

  • Price Range: Measure price movement over a specific range.

  • Date Range: Measure time intervals on the chart.

  • Date and Price Range: Combine time and price measurement.


Regression and Trends

  • Regression Trend: Plot trendlines with regression analysis.


Using Drawing Tools

  1. Select a Tool:

    • Choose the tool you want to use from the Drawing Tools Toolbar.

  2. Apply on the Chart:

    • Click and drag on the chart to draw the selected item.

  3. Adjust and Customize:

    • Resize, reposition, or modify the properties (e.g., color, thickness, opacity) of the drawing.


Managing Drawings

  • Edit Drawings:

    • Right-click on any drawing to access the edit menu and make adjustments.

  • Delete Drawings:

    • Select the drawing and press Delete or use the context menu to remove it.

  • Save Your Work:

    • Save your chart layout to preserve your drawings for future sessions.


Pro Tips for Drawing Tools

  • Use Trendlines in conjunction with indicators like RSI or MACD to confirm breakout patterns.

  • Combine Fibonacci Retracements with historical support/resistance levels for precise analysis.

  • Annotate your key findings with Text Annotations to maintain a clear record of your analysis.


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Services are exclusively for non-professional traders.

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