A variety of Line Studies (also called Trend Lines, are offered to help you visualize and forecast trends. To add Line Studies to a chart window, first display the Context toolbar.
The Context Tool Bar is located at the bottom of the window frame. The F2 key toggles the toolbar off or on. Use these buttons to make changes to the contents of the display.
The most recently used Line Study icon appears on the Context toolbar.
To access the full Line Study toolbar, click on the drop-down arrow to the right of this icon, as shown below.
Some of the trend lines have the ability to attach to the current X and Y coordinates or to the symbol itself. For example, if you create a chart and add a trend line and then change the symbol, ProphetX can remove the trend line for the new chart or display it with the same x and y coordinates as the previous chart. .
If the trendline has this feature there will be an Advanced tab in the Properties dialog box as shown below.
Tip: The default preference setting for trend lines is to drop the trendline at the beginning of the vertex and then click to end the vertex (or drawing tool).
If you want to immediately create another line with the same trendline selection you must set a general preference for Persistent Line Studies before creating your trend line. This will leave the trend line selection on until you press the Esc button to get out of persistent line study mode.
Standard trend line
To change angle or length, place your pointer at either end of the trend line and drag it. To select specific values for placement, or other customizing options, right click on the trend line and select trend line Properties.
Horizontal, Ray and Vertical Trend lines
Below the standard trend line icon are icons for placing horizontal, ray, and vertical trend lines. Click either icon, then move the pointer onto the chart. Click once to drop the trend line. To select a specific value for placement, or other customizing options, right-click on the trend line and select trend line Properties.
Fibonacci Lines
For any Fibonacci display, click the desired icon, drag your pointer on the chart to draw a standard trend line. Fibonacci displays are based on the trend line you draw, and are often used to assist in determining support and resistance zones
For a Fibonacci Arc display, arcs are placed to intersect the trend line at the Fibonacci points of 38.2%, 50%, and 61.8%.
For a Fibonacci fan, an imaginary vertical line is drawn through the end point of the trend line, and marked at the Fibonacci levels of 38.2%, 50%, and 61.8%. Three lines are then drawn from the starting point of the original line through the marked points.
For retracement lines, horizontal lines are placed to intersect the trend line at the Fibonacci levels of 23.6%, 38.2%, 50%, and 61.8%. These values are noted on the left side of the display.
Similar to Fibonacci Retracement in that it uses the span to create the 0 – 100% range, and then ratios off of that span to create additional lines. The extensions start at a user defined point and drags to a 2nd point with a click to set the starting point for the extensions. Preferences have the ability to set colors, ratios, and show or not show up to 10 lines.
Gann Line and Gann Fan
For a simple Gann line, click the first Gann icon. As you move the pointer on the chart, a 45-degree angle Gann line will follow it. Click once to drop it.
Gann techniques require equal time and price intervals. The most important Gann angle, 45 degrees, represents a movement of one unit of price for every unit of time (1-to-1).
The Gann fan places lines at the nine significant angles identified by Gann, representing a 1-to-8 movement (1 movement of price to 8 movements of time), 1-to-4, 1-to-3, 1-to-2, 1-to-1 (the 45 degree angle line in the center), 2-to-1, 3-to-1, 4-to-1, and 8-to-1.
To rotate or change the angle of a Gann line, click on it to display two handles (shown at left), then do either of the following.
- Drag the first handle (the start point of the Gann line) to rotate the Gann line around the second handle. You can drag the second handle up or down the Gann line to vary the center of rotation.
- Drag the second handle to change the angle of the Gann line.
To modify start date, start value, and other properties of a Gann Line or Fan, right-click on it and select GANN PROPERTIES.
Andrew’s Pitchfork
Three Parallel lines drawn from three points on your Charts. The lines make up the two tines and a handle of a pitchfork.
The interpretation of a pitchfork is based on normal trend line support and resistance principles.
Click on the first point, then click on the second point. Move the mouse pointer to the left, then click on the third point.
Tip: When a data window shows the angle of a trend line, it is the apparent angle, as it currently appears on your screen.
Drawing Tools
With the drawing tools you can add text, ellipses, arrows, etc. to the chart to explain or clarify information on the chart.
- Select the tool from the menu and position the cursor at the point where you want to add it to the chart. Either type the text or draw the diagram and press Esc when finished.
Tip: If you’re typing a title on the chart, right click on it and select Text Properties. Change fonts as needed and be sure to click on Anchor Text to Screen so the title doesn’t move off to the left when new data is added to the chart.
Cycle Finder
Used to identify a deviation in a cycle pattern and forecast the next cycle into the future on a chart. For more information…
Statistics
Calculate Mean, Min, Max, 4 different Standard Deviations, Time Difference, Price Difference (actual & percentage, and Periods between two points on a chart.
- Right-click on one of the statistics line to go to Statistics Properties to specify the position of the lines, the deviations, and the line colors.
Line Study Properties
Each line study has its own Properties dialog.
On any line study, right click to and select Properties to customize the lines as shown in the example above.
Click on the tab for the properties you want to change and make your preferred changes.