Helps to draw trend-lines in the chart(s). In order to perform this action you have to follow the steps:
1. Select the line type from the "Lines" menu.
2. Chose an extreme data-point in the chart and place the mouse cursor to this first point you wish the line to be drawn from.
3. Press LEFT mouse button and move the mouse cursor to the second extreme data-point of the chart (with mouse button held).
4. Release LEFT mouse button.
5. Click the RIGHT mouse button in the Chart Area to exit the "trend-line" mode.
You can here select which type of Line you wish to draw from a given data-point (to be subsequently determined). The types of Lines which can be drawn on a chart depend on the chart type. You can choose to draw a Line:
A line drawn from the “Close” price of the first data point chosen through the “Close” price of the second data-point chosen.
A Line drawn from either the “High” of the first data-point through the “Low” of the second data-point, or from the “Low” of the first data-point through the “Low” of the second data-point. At the first data-point the High as well as the Low is displayed, and it is the choice made between the High and the Low on the first data-point, which determines which of these the Line will go through on subsequently chosen data points.
Where you can choose to draw a Line anywhere in the chart area to anywhere else, regardless of the data points of the actual chart(s).
An automatic horizontal line is drawn through the Close value of the selected bar.
An automatic horizontal line is drawn through the High or Low value of the selected bar.
Where an automatic horizontal line is drawn from the data-point chosen.
Add Fibonacci Fans
Fibonacci numbers, known under many names as the “golden ratio”, the “divine proportion”, “Phi” (1.618) etc., was discovered by Leonardo Fibonacci. In technical analysis the Fibonacci sequence translates into three percentages: –38.2%, 50% and 61.8%.
The Fibonacci Fans function enables 3 diagonal trend-lines to be drawn automatically from any given data-point. Chose an extreme data-point (an extreme Close or an extreme High or Low value) in the chart.
From the chosen data point, you draw a vertical line to another extreme in the chart. This line will remain invisible, but the values of the Fibonacci Fans will be calculated from the line drawn.
From the (invisible) line, 3 trend-lines will be drawn (visible) representing respectively 38.2%, 50% and 61.8% of the data-points which make up the invisible line. Fibonacci chartists use these 3 trend-lines as indications for where the market has areas of support and resistance.
Add Fibonacci Retracements
Also known as “Fibonacci Retracements” is a tool used by some traders, particularly in the FX market, to calculate the scope of a retracement, i.e..: temporary price reversals, which does not indicate a reversal in the market trend as such. A “retracement” should therefore be distinguished from a “reversal”.
A trend-line is drawn from the top to the bottom of the latest “impulse wave” (a strong move in price coinciding with the main direction of the markets trend). When a trend-line is thus drawn between extreme data points (either extreme Close data or extreme High/Low data), three horizontal lines are created: the first at 61.8% of the highest point in the trend-line, the second at 50%, the third at 38.2%. Many traders use these levels to monitor support/resistance levels of the underlying trend.
After a significant price movement up or down, the new /resistance levels are often at or near the Fibonacci levels. Please note that once the Fibonacci lines are drawn, the initial trend-line no longer is visible on the chart, enabling the user to focus on the three Fibonacci lines.
Add Fibonacci Arcs
It is used for predicting resistance levels as well as key support. It is created by first drawing a trend line between two extreme points, usually high and low (from high to low). Fibonacci arcs are the three curves that intersect the trend line at the retracement levels. The retracement levels can be configured within "Fibonacci Arcs" window that is displayed after drawing the trend line. The chosen values can be saved ("Save to General Settings" button) so next time Fibonacci Arcs are drawn, the saved values will be used as default. The arcs are estimations for support.
Add Fibonacci Time Zones
It is an indicator used to identify the periods when the price of an asset will experience a significant amount of movement. Fibonacci Time Zones are a series of vertical lines spaced at the Fibonacci intervals of 1, 2, 3, 5, 8, 13, 21, 34, etc. Each successive number is the sum of the two previous numbers. The interpretation of Fibonacci Time Zones involves looking for significant changes in price near the vertical lines.