Line Studies
ChartNotes provides you with a wide variety of Line Study drawing tools. Watch our Line Study Tools video or read on below to learn more about how to use and apply these utilities.
The Line Study Tools Menu
Each Line Study Tool available in ChartNotes is listed and described below in more detail. Here is a screenshot of where you can find the Line Study Tools menu.
Fibonacci Retracement Lines
After selecting the Fibonacci Retracement tool, you can click on a significant bottom (or top) on your chart and then drag up (or down) and to the right to the next significant top (or bottom). Important Fibonacci Retracement levels (0%, 38.2%, 50%, 61.8%, and 100%) will automatically be added to the chart, with their values displayed on each line.
Notes:
Hold down the CTRL/CMD key while dragging your mouse to have Fibonacci Extensions (additional Fibonacci levels) included.
Hold down the CTRL/CMD key and click to toggle price levels.
Once created, hold the CTRL/CMD key, click on the yellow handle and drag to toggle extra levels (23.6% and 161.8%).
Quadrant Lines
After selecting the Quadrant Lines tool, click your mouse at the start of the period you wish to analyze, then drag to the right until reaching the end of the period you wish to analyze. Important quadrant levels for that time period will automatically be added to the chart as you move your mouse.
Fibonacci Arcs
After selecting the Fibonacci Arc tool, click on a significant bottom (or top) on your chart and then drag up (or down) and to the right to the next significant top (or bottom). This will display the Fibonacci Arc on the chart. You can then click on the Base Line to move the indicator or make adjustments to the starting or ending points.
Notes:
Hold down the CTRL/CMD key while dragging your mouse to have additional Fibonacci arc lines included.
Once created, hold the CTRL/CMD key, click on the yellow handle and drag to toggle extra arc lines.
Fibonacci Time Zones
After selecting the Fibonacci Time Zone Lines tool, you can click anywhere on the chart to determine the starting point for the Time Zones. Note that the spacing of the subsequent lines is fixed and cannot be changed.
Cycle Studies
To use any of the cycle tools, simply select the tool, then click and drag on the chart. The further you drag, the longer the cycle. For the Sine Wave annotation, drag vertically to set the height of the wave, then horizontally to set the length of the cycle.
Raff Regression Channels
After selecting the Raff Regression Channel tool, click your mouse at the start of the period you wish to analyze, then drag to the right until you have enough data points to create a useful channel.
Andrews' Pitchforks
After selecting the Andrews' Pitchfork tool, you can click on a significant bottom (or top) on your chart, then click on the next important reversal and, lastly, click again on the next important reversal beyond that. After clicking on those three points, the Pitchfork lines will be added to your chart using the currently selected color and line width.
Fibonacci Fans
After selecting the Fibonacci Fan tool, click on a significant bottom (or top) on your chart and then drag up (or down) and to the right to the next significant top (or bottom). This will display the Fibonacci Fan on the chart. Users can then click on the starting or ending points to make adjustments.
Notes:
Hold down the CTRL/CMD key while dragging your mouse to have additional Fibonacci fan lines included.
Once created, hold the CTRL/CMD key, click on the yellow handle and drag to toggle extra fan lines.
Harmonic Patterns (XABCD)
After selecting the XABCD tool, click on a significant top (or bottom) on your chart, then click on the next important reversal, then the next important reversal after that, and so on until you have made five clicks (bottom-top-bottom-top-bottom or top-bottom-top-bottom-top). This will display the Harmonic Pattern lines on your chart.
You can click and drag on any of the lines to move the entire annotation. To make adjustments to any of the five points, click and drag on one of the yellow handles.
After creating the Harmonic Pattern, you can change its color and fill characteristics using the buttons on the horizontal menu at the top of the chart.
Speed Resistance Lines
After selecting the Speed Resistance Lines tool, you can click on a significant reversal point on your chart and drag towards the next price reversal point. This will add Speed Lines to your chart using the currently selected color and line width.
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