What it does
Plots two parallel lines and an optional third line related to the initial lines.
Besides showing the open, high, low, close and last for the designated bar, either the right-most bar on the chart or the bar represented by the vertical cursor, the cursor value box shows the corresponding trendline value for that bar.
How to use it
1. Right-click the chart, point to Pointer Tools, then click Trend Channel.
To draw a perpendicular line, press CTRL before you begin.
To draw a parallel line, press SHIFT.
2. Click at the point on the chart where you want one line of the trend to begin.
3. Click at a second point to establish the angle of the first channel line.
4. Drag the cursor to a third point on the chart.
5. Click at that point to place the second line and establish the channel.
Trend Channel parameters
CH1:Pnt1
|
Parameter |
Description |
|
Value |
Allows the user to input a value or select Open, Close, Low or High for the starting or ending point of the trendline. |
|
Date |
Defines the date of the reference bar. |
|
Time |
Defines the time of day for the reference bar. This applies to intraday use. |
|
Display |
Determines the direction and length of the line. Options include: Pnt1-Pnt2 -> (from point one and all the way right) <- Pnt1-Pnt2 (from point two and all the way left) Pnt1-Pnt2 (between points one and two) <- Pnt1-Pnt2 -> (all the way left and all the way right) Pnt2 -> (from point two and all the way right) <- Pnt1 (from point one and all the way left) |
CH1:Pnt2
|
Parameter |
Description |
|
Value |
Allows the user to input a value or select Open, Close, Low or High for the starting or ending point of the trendline. |
|
Date |
Defines the date of the reference bar. |
|
Time |
Defines the time of day for the reference bar. This applies to intraday use. |
CH1:Pnt3
|
Parameter |
Description |
|
Value |
Allows the user to input a value or select Open, Close, Low or High for the starting or ending point of the trendline. |
|
Date |
Defines the date of the reference bar. |
|
Time |
Defines the time of day for the reference bar. This applies to intraday use. |
|
Display |
Opens sub-window with display parameters: Color = Select color of line. Weight = Select thickness of line. Display CH2-3 = Reflected Line: After the first click sets the reference line, the second click (after dragging the mouse) draws 2 lines parallel to the first line, one at the second mouse click and a second, on the other side of the reference line at the same distance as the reference line is to the first parallel line. Mid-Line: Draws 2 lines parallel to the reference point. The first click determines the total distance from the first to the third line, while the system fills in the mid-line, equidistant between the first and third lines. 2 Reflected Lines: Makes a total of 4 lines which include: The initial reference line, a second line created by dragging the mouse and clicking at the desired distance and two additional lines, one on each side of the initial 2 reference lines. No Extra Line: Draws no additional Trend Channel lines. Display CH2:Shade = Select check box to display shading. Id = Turns on and off the labels Id Wt = Determines thickness of Id. Style = Select a line style: line, dash, or dots. |
|
ScaleLabel |
Select this check box to color-code the price scale according to the trend line. |