Sierra Chart - Tools

Tools

This page explains all of the different drawing and modification tools available in Sierra Chart and various other information about tools and chart drawings.

Viewing Tool and Chart Data When Using Tools

When using a drawing tool, Tool Data (including y-axis value), Main Price Graph Values, Study Values, and other Chart Values are displayed in two places. In the first status window on the status bar below the Sierra Chart menu and in the Tool Values Window. If the Status Bar is not visible, then select Window >> Status Bar on the menu. To open the Tool Values Window, select Window >> Tool Values Window on the menu. The font for both of these windows can be adjusted. For example, you may want to make it smaller to display more text in the windows. To adjust the font: select Global Settings >> Graphics Settings on the menu. Adjust the Text Windows font. Press the OK button on the Graphics Settings window to save the changes.

When using a drawing tool on the main price graph and you want the points of the drawing to adjust to the nearest price based upon the chart Tick Size, then select Chart >> Chart Settings and enable Adjust Tool Values to Tick Size. For more information see Having Tool Values Adjust to the Nearest Tick.

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Selecting Tools

To select a chart drawing tool to use, select Tools on the menu and the Tool you would like to use. Additionally, there are several additional ways to select a tool:

  1. Right-click with your pointer over the chart, and select the Tool on the chart shortcut menu. You will need to first add the Tools that you want to this chart shortcut menu if they are not already listed. To do this, select Global Settings >> Customize Chart Shortcut Menu.
  2. Use the keyboard shortcut. The keyboard shortcuts are shown on the Tools menu after the drawing tool commands.
  3. Use the corresponding Toolbar button. By default the toolbar is displayed below the main Sierra Chart menu. You can detach it and move it anywhere. To add, hide or reorder the toolbar buttons, select Global Settings >> Customize Toolbar on the menu.

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Selecting a Chart Drawing Modification Tool and a Chart Drawing to Modify

Sierra Chart has many chart drawing modification tools. These include Erase Line/Text, Move Line/Text, Chart Drawing Properties, .... These are used to modify existing chart drawings. There are 4 ways to select one of these tools and a chart drawing (line/text) to modify.

  1. Right-Click with your mouse pointer over the chart drawing and select the chart drawing modification tool command on the displayed menu. The drawing modification tool will be activated, and the action will apply to the selected drawing. Example: Right-click over the beginning of a trendline and select Adjust Line.
  2. Select Tools >> [chart drawing modification tool command] on the menu. Or right-click your pointer on the chart window away from a chart drawing, and select [chart drawing modification tool command] (Example: Erase Line/Text), on the menu. You will need to first add the Tools that you want to this chart shortcut menu if they are not already listed. To do this, select Global Settings >> Customize Chart Shortcut Menu. Once you have the chart drawing modification tool selected, left click with your pointer on a chart drawing to select it and use the modification tool.
  3. Select Tools >> [chart drawing modification tool command] on the menu. Or right-click your pointer on the chart window away from a chart drawing, and select [chart drawing modification tool command] (Example: Erase Line/Text), on the menu. You will need to first add the Tools that you want to this chart shortcut menu if they are not already listed. To do this, select Global Settings >> Customize Chart Shortcut Menu. Once you have the chart drawing modification tool selected, all chart drawings that you have drawn on the chart will be numbered. Type the number of the chart drawing that you want to modify and press Enter on the keyboard. Hint: If you want to modify the last chart drawing you drew, simply press the Enter key only.
  4. For methods 2 and 3 above, you can select the chart drawing modification tool command with a keyboard shortcut. The keyboard shortcuts are shown to the right of the commands on the Tools menu.

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Showing Drawings for Different Symbols

Since the symbol of the chart can be changed, the chart drawings from Tools that were drawn for other symbols can either be shown or hidden. To show the drawings select Chart >> Chart Settings and enable the Show Chart Drawings for Different Symbols. To hide the drawings disable this option.

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Using a Tool One Time, and Switching to the Default Tool

The tool you use most often can be set as your default tool. Setting the default tool means that after one use of another tool, the default tool will be reselected. To set the default tool go to Global Settings >> Tool Settings >> General tab. The Default tool is set with the After Single Tool Use Change to: drop down box. If you want to use a drawing tool just once, then you will want to select either Pointer or Chart Values.

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Drawing a Line with a Specific Angle or Slope

The angle (Deg:) of a trendline and its price Change Per Bar (ChgPerBar:) in the chart is shown in the Status Bar (Window >> Status Bar) below the main menu and in the Tool Values Window (Window >> Tool Values Window) while drawing it. Using this angle and slope information with the Trendline tool and other tools, you can draw lines with a specific angle or slope. The price Change Per Bar is the Price/Time slope or Rise/Run. It's the price change divided by the number of time periods the line is drawn across. If the trendline is drawn between two bars, this would count as time period of 1.

For correct angle readings, you need to specify the Value per Point under Chart >> Chart Settings on the menu. This is used to determine the correct slope of the line. Some tools will prompt you for this value as well and will update this setting. The definition of Value per Point is the value of one unit price. For example: With a value per point of 10, a rising 45 degree line will be one that rises 10 points for every bar. The formula for slope is Rise / Run. The general rule is that you will need a larger value per point if you have a large range of prices displayed or high values, and the opposite for a smaller range of prices and small values. You need to experiment and see what is best. On intraday charts using the Tick size (0.25 for the ES futures) as the Value Per Point may be best. However, this depends upon the range of prices displayed. You may even want to use 10 times the value per point. For Point and Figure Charts, the general rule is you should use a Value per Point which is equal to the Box Size.

It is also possible to do lines with specific angles using the Fan tool.

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Forward Projections

Charts have a forward projection area, to support drawing chart drawings that project forward in time. To view the Forward Projection area on the chart, you need to click the right arrow in the horizontal scroll bar at the bottom of the chart or press the right arrow key on your keyboard. The Forward Projection area is also known as the Fill Space. This space can be locked by selecting Chart >> Lock Fill Space.

The time intervals in the Forward Projection area are based on the settings in the Chart Settings window.

For an Intraday Chart, when the bar period is set with the Days-Min-Secs setting, the time intervals are based on this setting. For Tick, Volume, or Range charts, the time intervals are based on the average of the last 10 bar to bar time intervals in the chart. The times in the Forward Projection area do not include times outside of the Start Time and End Time settings in the Chart Settings window.

For a Historical Daily Chart, the time intervals are based on the Days, Weekly, Monthly, Quarterly, Yearly settings in the Chart Settings window.

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Having Tool Values Adjust to the Nearest Tick

When using a drawing tool on the main price graph and you want the points of the drawing to adjust to the nearest price based upon the chart Tick Size, then select Chart >> Chart Settings and enable Adjust Tool Values to Tick Size.

Make sure the Tick Size is set correctly for the symbol. If you modify the Tick Size, then disable Automatically Set Tick Size.

This option also applies to the Chart Values/Crosshair tool.

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Automatically Copying Chart Drawings to Another Chart

You are able to copy Chart Drawings from one or more charts automatically to another chart. Select Chart >> Chart Settings and specify the chart numbers in the Copy Chart Drawings from Chart #'s box. When the drawings are modified on the source chart, the copies on the destination chart will be automatically updated.

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Tools

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Chart Drawing Modification Tools

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Pointer

This shows the default screen pointer. It has no other function.

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Chart Calculator

Calculates the value difference, percentage change, time difference, angle, and numerous other values between 2 points in the chart. To use this tool select Tools >> Chart Calculator on the menu. Position your pointer at the first point and click your left pointer button. Position your pointer at the second point and click your left pointer button.

For angle readings to be correct, you must set the Value Per Point setting under Chart >> Chart Settings.

Configuration

To change the settings of the Chart Calculator tool in the Tool Settings window, follow the steps given below:

  1. Select Global Settings >> Tool Settings. In the Tool Settings window, select the Calculator tab.
  2. The following are the settings and descriptions:
    • Color: Sets the color of the Chart Calculator line.
    • Line Style: Sets the line style of the Chart Calculator line.
    • Line Width: Sets the line width of the Chart Calculator line.
    • Show Difference in Ticks: When this option is enabled, the Difference in Ticks is calculated and displayed. For correct calculations, you must set the Tick Size setting under Chart >> Chart Settings.
    • Show Currency Value: When this option is enabled, the currency value which considers the Value Per Tick is calculated and displayed. For correct calculations, you must set the Currency Value per Tick setting under Chart >> Chart Settings.
    • Show Price Difference: When this option is enabled, the Price Difference between the 2 points is calculated and displayed.
    • Show Percentage Change: When this option is enabled, the Percentage Change between the 2 points is calculated and displayed.
    • Show Time Difference: When this option is enabled, the Time Difference between the 2 points is calculated and displayed.
    • Show Endpoint Price: When this option is enabled, the value of the second point of the line is displayed.
    • Show Angle: When this option is enabled, the angle of the line is calculated and displayed.
    • Show Number of Bars: When this option is enabled, the number of bars that the Chart Calculator line spans across is calculated and displayed.
  3. Click OK to save your changes.

Making a Line Either Vertical or Horizontal

When drawing a Chart Calculator line, it is possible to make it horizontal or vertical very easily. As you are drawing the line, press the CTRL key on your keyboard. As you move your mouse pointer around, the line will become either horizontal or vertical. Continue to hold the CTRL key until you set the second point of the line. This method can also be used when you are adjusting the line.

Erasing A Line

To erase a Chart Calculator drawing, see the Erasing Lines and Text section.

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Chart Values/Crosshair

The Chart Values tool displays the values for each graph in the chart at the chart column that you are pointing to. To use this tool select Tools >> Chart Values/Crosshair on the menu. On the chart, left click your pointer button once to activate the tool and display the chart values for the column that you are pointing to. The values are displayed in different locations explained below. To deactivate the tool click the left pointer button once. You can specify the settings for the Chart Values tool in the Tool Settings window by selecting Global Settings >> Tool Settings , and then select the Chart Values tab.

Detailed graph values are displayed in the Tool Values Window. Select Window >> Tool Values Window on the menu to activate this window. For more information, see Viewing Tool and Chart Data When Using Tools.

You can compare multiple charts by enabling the Tools >> Global Cursor On option on the menu. Open the charts and place them side by side. With the Tools >> Chart Value/Crosshair tool selected, click on a chart to activate the tool. The Chart Values Crosshair will appear on all charts. In order to synchronize your charts by bringing into view the corresponding time, you can enable the option Tools >> Synchronize Charts. If you wish to synchronize only the charts which have the same Link Number, you should also enable the option Tools >> Synchronize Linked Charts Only. To change the Link Number of a chart, select Chart >> Chart Settings on the menu and enter a number in the Link Number box.

The following options can be found on the Chart Values settings tab in Global Settings >> Tool Settings.

Always on When Using Other Tools:

If you want the Chart Values tool always on when using another tool, enable the Always on When Using Other Tools option on the Chart Values settings tab in Global Settings >> Tool Settings.

Show/Hide Tool Values Window When Tool Activated/Deactivated:

If you want the Tool Values Window (Window >> Tool Values Window) to be shown when you activate the Chart Values tool and to be hidden when you deactivate the Chart Values tool, then enable this option on the Chart Values settings tab in Global Settings >> Tool Settings.

Jump To End Of All Charts When Global Cursor Is On And Tool Is Deactivated

If you are using the Chart Values tool with the Global Cursor and Synchronization options enabled, and you want to have all the charts moved to the last bar when you deactivate the Chart Values tool and the controlling chart is already showing the last bar, then select Global Settings >> Tool Settings >> Chart Values and enable the Jump To End Of All Charts When Global Cursor Is On And Tool Is Deactivated option. For this to work properly the chart for which you are using the Chart Values tool on, must have the last bar in view.

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Trendline and Extending Trendline

This tool is for drawing trendlines on the chart. To draw a trendline select Tools >> TrendLine or Tools >> Extending Trendline on the menu. Position the pointer at the point where you want the trendline to begin and left click the pointer. To complete the line, position the pointer at the point where you want the trendline to end and left click the pointer. This tool can be used to draw vertical, horizontal, or any kind of line you want on a chart. To return to pointer mode select Tools >> Pointer on the menu.

Extending trendlines can be cut by right-clicking on the trendline at the location that you want to cut it at and using the Cut Extending Trendline Here option on the shortcut menu. Alternatively, a regular trendline can be extended by right-clicking with your pointer on the trendline and selecting Extend Trendline on the menu.

Configuration

You can change various settings for the Trendline tool. To change the settings:

  1. Select Global Settings >> Tool Settings from the Sierra Chart menu.
  2. In the Tool Settings window, select the Trend Lines tab.
  3. To change the color of the chart drawing, click the Color button, select a color.
  4. Set the Line Style and Line Width for the trendline
  5. If required, check the Mark End Point on Extending Trendline option to mark the point along an extending trendline where you clicked your mouse pointer to end the trendline.
  6. Click OK to close the Tool Settings window.

Color Configuration

You can change the default color of Trendlines either by using the Active Tool Color command from the Tools menu or through the Tool Settings window.

Making a Line Either Vertical or Horizontal

When drawing a Trendline or Extending Trendline, it is possible to make it horizontal or vertical very easily. As you are drawing the line, press the CTRL key on your keyboard. As you move your mouse pointer around, the line will become either horizontal or vertical. Continue to hold the CTRL key until you set the second point of the line. This method can also be used when you are adjusting the line. This feature applies to version 290 and up.

Erasing

To erase a Trendline drawing, see the Erasing Lines and Text section.

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2 Point Retracement/Extension Tool

This tool is used to draw Retracement and Extension levels as horizontal lines which are based on 2 points. To use this tool, select either Tools >> 2 Point Retracement/Extension or 2 Point Retracement/Extension 2 on the menu. For additional information and methods of selecting this tool, see Selecting Tools. You first need to draw a trendline. To do this, left click on the chart to mark point A, move the mouse pointer and left click again to mark B. The line A-B represents the length of price move. The retracement and extension lines are based upon these two points. If the line is down sloping, then the horizontal lines will move upward. If the line is up sloping, then the horizontal lines will move downward. The 2 Point Retracement/Extension tool and the 2 Point Retracement/Extension 2 tool are the same, except that 2 Point Retracement/Extension 2 uses a different set of settings. This allows you to support 2 sets of settings simply by changing tools.

If the Show Time Extensions option is enabled for this tool, then the Time Extension lines are drawn from point B at the specified percentages.

Settings

To configure the settings for the 2 Point Retracement/Extension tool, select Global Settings >> Tool Settings >> 2 Point Retracement/Extension. The following are descriptions of the settings. Press the OK button on the Tool Settings window to save your changes.

Some of these settings are stored with already drawn drawings and therefore the existing drawings will not change, until you redraw a 2 Point Retracement/Extension drawing or you modify the Chart Drawing Properties for the drawing by right clicking on the drawing.

Modifying or Deleting Levels

To modify or delete levels on an existing drawing see the Chart Drawing Properties section. Another method to remove a level is to right-click on a retracement/extension level line and select Delete Level.


Erasing

To erase a 2 Point Retracement/Extension drawing, see the Erasing Lines and Text section.

Adjusting the Drawing

You have the ability to adjust any of the 2 points (A, B) of a 2 Point Retracement/Extension drawing. To do this, please refer to the Adjust Line section.

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3 Point Retracement/Extension or Expansion

This tool is used to draw Extension (Expansion) and/or Retracement lines based upon 3 points. It is very similar to the 2 Point Retracement/Extension tool, except that it uses three points and by default the horizontal lines drawn are Extension lines rather than Retracement lines. Positive numbers that are defined in the Retracement and Extension Percentage Levels setting, are Extension lines rather than Retracement lines.

To use this tool, select either Tools >> 3 Point Retracement/Extension or Tools >> 3 Point Retracement/Extension 2 on the menu. For additional information and methods of selecting this tool, see Selecting Tools. You first need to draw 2 trendlines with points A, B, and C. To do this, left click on the chart to mark point A, move the mouse pointer, left click again to mark B, move the mouse pointer, and left click again to mark point C. The line A-B represents the length of price move and point C is the starting point for the extension and retracement lines. If the A-B line is down sloping, then the horizontal lines will move downward. If the A-B line is up sloping, then the horizontal lines will move upward. The 3 Point Retracement/Extension tool and the 3 Point Retracement/Extension 2 tool are the same, except that 3 Point Retracement/Extension 2 uses a different set of settings. This allows you to support 2 sets of settings simply by changing tools.

If the Show Time Extensions option is enabled for this tool, then the Time Extension lines are drawn from point C at the specified percentages.

Settings

To configure the settings for the 3 Point Retracement/Extension tool, select Global Settings >> Tool Settings >> 3 Point Retracement/Extension. The following are descriptions of the settings. Press the OK button on the Tool Settings window to save your changes.

Some of these settings are stored with already drawn drawings and therefore the existing drawings will not change, until you redraw a 2 Point Retracement/Extension drawing or you modify the Chart Drawing Properties for the drawing by right clicking on the drawing.

Modifying or Deleting Levels

To modify or delete levels on an existing drawing see the Chart Drawing Properties section. Another method to remove a level is to right-click on a retracement/extension level line and select Delete Level.


Erasing

To erase a 2 Point Retracement/Extension drawing, see the Erasing Lines and Text section.

Adjusting the Drawing

You have the ability to adjust any of the 3 points (A, B, C) of a 3 Point Retracement/Extension drawing. To do this, please refer to the Adjust Line section.

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Vertical and Horizontal Lines

These tools draw a horizontal or vertical line on the chart. To draw a line, select either Tools >> Horizontal Line or Tools >> Vertical Line on the menu. For additional information, see Selecting Tools. Left click on the chart with your pointer to view the line. Position your pointer where you want to place the line. Click again to set the line in place.

Settings

To configure the settings for the Horizontal and Vertical Line tools, select Global Settings >> Tool Settings >> Horizontal and Vertical. The following are descriptions of the settings:

Adding Text to a Horizontal Line

To add text to an existing horizontal line on the chart, right-click with your mouse pointer on this horizontal line and select Modify Texton the displayed menu. Enter the text in the displayed window and press OK. You will then see this text displayed under the horizontal line.The text will be aligned to the left if you have selected Align Value to Left for the Value Position in the Horizontal Line settings. Or to the right if you have selected Align Value to Right for the Value Position in the Horizontal Line settings. When you move the horizontal line, the text will not appear as you are moving the line, but after you set the line at the new location, you will see the text displayed again.

Erasing

To erase a Vertical or Horizontal Line drawing, see the Erasing Lines and Text section.

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Fibonacci Fan, Percentage Fan, Speed Resistance Lines, Gann Fan Tool

This tool draws multiple lines based on the Gann Fan slope values or Fibonacci Fan percentages, specified in the Tool Settings window. By default the Fibonacci fan percentages are based on Fibonacci numbers. You can use any percentages you want. You can use the percentages 66 and 33 to draw Speed Resistance lines. To configure this tool follow the steps below:

  1. Open the settings window by selecting Global Settings >> Tool Settings on the menu. Select the Fan tab.
  2. Select either the Gann Fan or Fibonacci Fan option depending upon whether you want a Gann Fan or Fibonacci/Percentage Fan.
  3. Depending upon which option you selected, enter either the slope values or the percentage values for the Fan lines.
  4. Set the Colors, Line Style, and Line Width.
  5. Click OK.

To use this tool, draw a trendline line with this tool. That line will be replaced with multiple fan lines based on the Fan Tool settings. When using the fan tool and you have the Gann fan option selected, it will ask you for the Value Per Point for This Chart. This is used to determine the slopes of the drawn lines. The definition of Value per Point is the value of one unit price. For example: With a value per point of 10, then a line with a slope of 1 will be drawn 10 points up for each bar. The formula for slope is Rise / Run. The general rule is that you will need a larger value per point if you have a large range of prices displayed or high values, and the opposite for a smaller range of prices and small values. You need to experiment and see what is best. On intraday charts using the Tick Size (0.25 for the ES futures) as the Value Per Point may be best. However, this depends upon the range of prices displayed. You may even want to use 10 times the value per point. For Point and Figure Charts, the general rule is you should use a Value per Point which is equal to the Box Size.

You can also use the Fan tool to draw a single line or more lines at a specified angle (slope). For example, if you want to draw a 45 degree angle precisely every time. Select Global Settings >> Tool Settings, select the Fan tab, select the Gann Fan option, and enter a single slope value of 1 in the edit box for the slope values for a Gann Fan. When you draw a trendline with the Fan tool, it will be converted to a precise 45 degree angle line. The formula for slope is Rise divided by Run. A 1 point rise in value and a change in time by one time period, is a slope of 1 or a 45 degree angle.

Erasing

To erase a Fibonacci Fan, Percentage Fan, Speed Resistance Lines, or Gann Fan drawing, see the Erasing Lines and Text section.

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Type Text and Stationary Text

The Type Text and the Stationary Text tools are used to type text directly on a chart. When using the Type Text tool, the text you enter it is linked to a specific Date and Time and value in the chart region it was typed in. As you scroll the chart, the text will move. When using the Stationary Text tool, the text you enter is positioned relative to the top left of the chart window. Therefore as you scroll the chart, it always remains stationary. To use these tools select Tools >> Type Text/Stationary Text on the menu. For more information about selecting tools, see Selecting Tools. Position your mouse pointer to where you want to enter text and left click your mouse pointer. Enter your text in the displayed text box and press OK.

Text Tools Settings

You can change various settings for the Text tools. To change the settings select Global Settings >> Tool Settings from the Sierra Chart menu. In the Tool Settings window, select the Text Tool tab.

  1. Text Horizontal Align: This sets the horizontal alignment of newly typed text on the chart. The alignment is relative to where you left clicked when using the Text tool.
  2. Text Vertical Align: This sets the vertical alignment of newly typed text on the chart. The alignment is relative to where you left clicked when using the Text tool.
  3. Text Color: This sets the color of newly typed text on the chart.
  4. Text Tool Font: To change the Font settings for newly typed text on the chart, such as Font, Style and Size, press the Select button. Change the appropriate settings and press OK.

Modifying Existing Text Drawings

To modify an existing text drawing on the chart, refer to the Chart Drawing Properties section.

Erasing

To erase a text drawing, see the Erasing Lines and Text section.

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Linear Regression with Channels

This tool is used to draw a regression line with channels. To use this tool select Tools >> Linear Regression on the menu. The Linear Regression tool works like the standard Trendline tool. Just draw a trendline and Sierra Chart will auto-fit the line as a regression line. The channel lines will be calculated and applied. To adjust settings for this tool, select Global Settings >> Tool Settings >> Linear Regression.

Erasing

To erase a Linear Regression drawing, see the Erasing Lines and Text section.

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Pitchfork (Median Line Tool)

There are three versions of this tool: Pitchfork, Pitchfork - Schiff Median, Pitchfork - Modified Schiff. To use this tool, select Tools >> Pitchfork, or one of the other Pitchfork tools. For additional information and methods of selecting this tool, see Selecting Tools.

You need to set three points with this tool. These are A, B, and C. Left-click on the chart with your pointer to set these points. Point A represents the starting point of the extending median line. This median line is drawn between the B and C points. Parallel lines are drawn above and below the median line starting at the B and C points.

To get the desired result, point A should be left of points B and C.

Adjusting the Points

You have the ability to adjust any of the three points (A, B, C) of a Pitchfork drawing. To do this, please refer to the Adjust Line section.

Erasing

To erase a pitchfork drawing, see the Erasing Lines and Text section.

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Highlight Tools

You can highlight a specific area in the chart using the Highlight tools. Sierra Chart provides three types of Highlight tools. They are Rectangle Highlight, Ellipse Highlight, and Angled Ellipse Highlight. To highlight an area on the chart, select Tools >> Highlight Tools and select a Highlight tool. On the chart, click on the first point where you wish to begin the highlight, move the mouse pointer, and click on the second point where you wish to end the highlight.

The Rectangle Highlight

Is used to highlight an rectangular area on the chart.

The Ellipse Highlight

Is used to highlight an elliptical or circular area on the chart.

The Angled Ellipse Highlight

Is used to highlight an ellipse along an angle on the chart.

Configuration

You can also change various settings of the highlight area in the Tool Settings tab.

  1. Select Global Settings >> Tool Settings.
  2. Select the Highlight tab in the Tool Settings window.
  3. Set the Outline Color, Fill Color, Outline Width, and Transparency Level.
  4. Click OK.

Erasing

To erase a highlight drawing, see the Erasing Lines and Text section.

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Cycle

The cycle tool is used to draw repeated arcs that have a width set by the two points you select. These arcs repeat backward and forward from the two selected points.

To select this tool see Selecting Tools. To use the tool, left click with your mouse pointer at the beginning point of the cycle, move your mouse pointer, and left click again at the ending point. After you have set the first point, then as you move your mouse pointer around, the distance in time between the two points is shown in the Status Bar below the main menu. This is useful to get a precise distance.

Settings

To configure this tool and to specify the number of cycles to display, select Global Settings >> Tool Settings >> Cycle.

Erasing

To erase a cycle drawing, see the Erasing Lines and Text section. A cycle drawing can be deleted by right clicking on it and selecting Erase Line/Text. However, you must right-click at or near point where the cycle lines touch the bottom edge of the chart region the cycle drawing is in. You cannot right-click anywhere else on the cycle drawing. You will not get the chart drawing shortcut menu in that case.

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Gann Grid

The Gann Grid tool is used to draw a grid of lines that are at a specific angle. The distance between the lines is controlled as you draw the grid.

To select this tool see Selecting Tools. To use the tool, click your mouse pointer on the chart to start the grid. You will be prompted for the Value Per Point for this chart. For complete details about what value you should enter see the Value Per Point section. Move your mouse pointer until you get the desired distance between the lines, and click your pointer again to finish the grid.

Configuration

To configure this tool, select Global Settings >> Tool Settings >> Gann Grid.

Erasing

To erase a Gann grid drawing, see the Erasing Lines and Text section.

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Fibonacci Time Zones

The Fibonacci Time Zones tool is used to draw vertical lines at time intervals based on a given number sequence.

To select this tool see Selecting Tools. To use the tool, click your mouse pointer at a starting point, move your mouse pointer to set one unit of time, and click your mouse pointer again to complete the drawing. The distance between point A and B represents the time interval. The second vertical line is drawn relative to point A at the first specified percentage of the time interval. The remaining vertical lines are drawn in the same way. By default the percentages are based on the Fibonacci number sequence. These percentages can be changed to any values you want.

Configuration

To configure this tool, select Global Settings >> Tool Settings >> Fibonacci Time Zones.

Erasing

To erase a Fibonacci time zones drawing, see the Erasing Lines and Text section.

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Arrow

The Arrow tool is used to draw Arrows on a chart.

To select this tool see Selecting Tools. To use the tool, click your mouse pointer at the point where you want the tail of the arrow, move your mouse pointer, and click at the point where you want to put the head of the arrow.

Configuration

To configure this tool, select Global Settings >> Tool Settings >> Arrow.

Erasing

To erase an arrow drawing, see the Erasing Lines and Text section.

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Zig Zag

The Zig Zag tool is used to draw multiple trendlines that have connected endpoints.

To select this tool see Selecting Tools. To use the tool: Position the pointer where you want to begin your first line and left click on the chart with your pointer, move your pointer to your desired endpoint for the first line, left click again, move to the desired endpoint for the current line, left click again, and repeat until you have drawn all of your required lines. At that time press the Escape key on the keyboard or switch to another tool. This will end the drawing of the Zig Zag line.

Configuration

To configure this tool select Global Settings >> Tool Settings >> Trendline.

Erasing

To erase a zig zag drawing, see the Erasing Lines and Text section.

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Chart Drawing Properties

The Chart Drawing Properties modification tool can be used to change the style, width, color, and other properties of the lines or text that you have drawn on your chart. To adjust the properties of a chart drawing, follow the steps given below:

  1. To adjust the properties of a chart drawing you will need to select the Chart Drawing Properties modification tool. See Selecting a Chart Drawing Modification Tool and a Chart Drawing to Modify.
  2. To change the color of the chart drawing, click the button that shows the color of the drawing, select a color and click OK.
  3. To change the style of the chart drawing, from the Style list box, select a style for the line.
  4. To change the width of the chart drawing, enter the width of the line in the Width text box.
  5. To change the levels of the chart drawing, modify or remove the values in the Levels text box.
  6. In the Options section, set the options as per your need.
  7. Click OK.

Some of the Chart Drawing Properties controls may be disabled, if they do not apply to the chart drawing that you are modifying.

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Alerts

You can get an alert for Horizontal lines, Trendlines, and Extending trendlines when certain conditions are true. Chart drawing Alerts is a Special Feature. To configure an alert:

  1. The first step is to display the Alerts window for a chart drawing. To do this, you will need to select the Alerts chart drawing modification tool. See Selecting a Chart Drawing Modification tool and a Chart Drawing to Modify.
  2. Check the Play an alert... box.
  3. In the list box under When the subgraph:, select the subgraph to compare with the line.
  4. In the list box under is (relative to the line):, select the type of comparison you want to have performed.
  5. From the Comparison Precision drop-down list, select the precision, if you wish to change it from the default. For example, if the precision is .1, then 100.11 will be considered equal to 100.1.
  6. Select an Alert Sound to play when the alert condition is true.
  7. Click OK.
  8. When an alert condition is true, a sound will be played and a message will be added to the Alerts Log. You also have the option of receiving an e-mail notice when the condition is true. You can display the alert log by going into Window >> Show/Hide Alert Log on the menu. To configure alert sounds and e-mail notifications select Global Settings >> General Settings on the menu.

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Move Line/Text

This chart drawing modification tool can be used to change the location of any type of line or text that you have drawn on your chart. To select the Move Line/Text chart drawing modification tool, see Selecting a Chart Drawing Modification Tool and a Chart Drawing to Modify. The line or text can then be moved to the desired location. Click your pointer to set it into place. It is possible to scroll the chart while in the Move Line/Text mode to move the line or text to another area of the chart.

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Copy and Move Line/Text

This chart drawing modification tool works identically to the Move Line/Text tool. The only difference is that a copy of the line or text is made first before you begin moving.

Adjust Line

Use this chart drawing modification tool to adjust the beginning, middle or ending point of any type of existing chart drawing on a chart. To select the Adjust Line chart drawing modification tool, see Selecting a Chart Drawing Modification Tool and a Chart Drawing to Modify. Adjust your line as needed, left click with your pointer at the desired new point. The typical method of adjusting one of the points of a chart drawing is to right-click near that point on the drawing and select Adjust Line.

By default this tool will adjust the line from the end when you select a line by entering its number. You can adjust the line from the beginning by typing a b after the line number or clicking the line near the beginning point when numbers are drawn along the line. For example, if you are entering the line number and wish to adjust the line numbered 3 from the beginning of the line, you would type 3b and press Enter on the keyboard. You can then adjust the line from the beginning.

When selecting this chart drawing modification tool by right-clicking over a chart drawing, then you will want to right-click over the beginning of the chart drawing to adjust the beginning of the drawing or over the end of the chart drawing to adjust the end of the drawing.

For drawings that have 3 points (A, B, C):
Point A can be adjusted by selecting the drawing near point A, or by typing an a after the line number.
Point B can be adjusted by selecting the drawing near point B, or by typing a b after the line number.
Point C can be adjusted by selecting the drawing near point C, or by typing just the line number.

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Copy and Adjust Line

This chart drawing modification tool works identically to the Adjust Line tool. The only difference is that a copy of the line is made first before you begin adjusting.

Make Line Parallel

Use this chart drawing modification tool to make an existing line parallel to another line on the chart. There are several ways to make lines parallel and they are explained below. In each of these cases, when you use the Make Line Parallel command, you will notice numbers drawn on the existing chart drawings. These identify the drawings numerically and provide a method by which you can select a line by typing a number.

  1. Select Tools >> Make Line Parallel on the menu and press the ENTER key on your keyboard. This will make the last drawn line parallel to the line drawn before the last drawn line.
  2. Select Tools >> Make Line Parallel on the menu, enter the number of the line you want to make the last drawn line parallel to, and press the ENTER key on your keyboard. This will make the last line drawn parallel to the line that you selected.
  3. Select Tools >> Make Line Parallel on the menu, enter the number of the line you wish to adjust, type a dash -, enter the number of the line you wish to make the first specified line parallel to, and press the ENTER key on your keyboard. Example: 4-7 This will make line 4 parallel to line 7.
  4. Select Tools >> Make Line Parallel on the menu. Left click with your pointer on the line you want to adjust and then on the line you want it to be parallel to.
  5. Right-click with your pointer on a line and select Make Line Parallel. All of the chart drawings will have numbers drawn on them. You can either type the number of the line that you want the line you right-click on to be parallel to and press the ENTER key. Or, you can simply left click with your pointer on the line you want the line you right-click on, to be parallel to.

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Snap to High/Low and Snap Side to High/Low

This chart drawing modification tool will snap a trendline into place on a chart. Each endpoint of the line will be adjusted to the nearest high or low of the bar it is on. To select the Snap to High/Low chart drawing modification tool, see Selecting a Chart Drawing Modification Tool and a Chart Drawing to Modify. After you select this chart drawing modification tool and the line, it will be snapped into place.

The Snap Side to High/Low command will snap one endpoint of a trendline to the nearest high or low of the bar it is on. To do this follow the steps given below:

  1. Place the mouse pointer at one endpoint of the trendline, you wish to snap.
  2. Right-click on the trendline and select Snap Side to High/Low option from the menu.

Modify Text

This chart drawing modification tool is used to edit a text drawing. To select the Modify Text chart drawing modification tool, see Selecting a Chart Drawing Modification Tool and a Chart Drawing to Modify. Edit the text in the displayed window and press OK.

Erasing Lines and Text

There are several commands for erasing or deleting lines or text. They are:

Each of these is on the Tools menu and can be also activated with the keyboard command shown to the right of the command. The Erase Lines/Text Mode command will switch to the Erase Line/Text mode. All lines and text will be drawn with a number. You can either click on the line to erase it, or enter the number of the line or text that you want to erase and press the Enter key on your keyboard.

Erasing Lines/Text by Right Clicking on the Line/Text: Lines and text can also be erased by right-clicking over the line or text and selecting the Erase Line/Text command.

The Erase Last Line/Text command erases the last drawn Line or Text. You can also select this command by using the Delete key on your keyboard.

The Erase Single Line/Text will switch to the erase line mode to let you erase one line or text and then will switch back to the tool you were previously using.

The Erase All Lines command erases all lines drawn on the chart. The Erase All Text command erases all text drawn on the chart.

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Erasing Ranges of Lines or Trendlines

Erasing ranges of lines or trendlines is the same as explained above except that you enter a range rather than a single number. To erase a range of lines, enter the number of the first line, enter a dash "-", enter the number of the last line to erase, then press the Enter key on your keyboard. For example to erase lines 10-15 you would type 10-15.

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Moving or Adjusting By Double Clicking

You can double click on a chart drawing to move or adjust it. If you double click near an end of the line, you will be able to adjust the position of that end. If you double click in the middle of the line, you will be able to move that line.

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Quickly Changing Colors

You can quickly change the color of a chart drawing by right-clicking on a chart drawing with your mouse pointer, select Color and select a color from the menu.

Customizing Colors on the Menu

It is possible to customize the colors listed on the menu. Right-click on a chart drawing and select Chart Drawing Properties. Press the colored button on the Properties window to open the Color selector window. Press the Define Custom Colors button. Select one of the bottom 8 Custom colors on the left side of the window. Modify the color to what you want using the color controls on the right side of the Color selector window. Press the Add to Custom Colors button when done, to set the color. Do this for any of the other bottom 8 Custom colors. Press OK when done. The 8 Custom colors will be listed on the chart drawing shortcut menu.

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Adjust Regions

Instructional Video.

This special chart tool adjusts the height of Chart regions. You can make them larger or smaller. To select this tool, select Tools >> Adjust Regions on the menu. Move the pointer over a chart region boundary. A horizontal dividing line will be shown. Click the left mouse pointer button and hold. Move the mouse pointer to adjust the height of the region to the desired Height and then release the button.

After you a change the heights of chart regions, you may want to save your chartbook by selecting File >> Save on the menu. Also, if the studies on the chart are from a study collection on the Analysis menu, then you may want to save the study collection again in order to have the region heights saved with the study collection so they will be restored next time you apply the study collection. To do this select Analysis >> Studies. Select the study collection name in the Study Collections list and press the Save All button.

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