TC2000 Help SiteSoftware Help Drawing Tools & Chart NotationsDrawing Tools--Overview and Brief Instructions

Drawing Tools--Overview and Brief Instructions

Below is a quick primer on the drawing tools divided into sections of related tools.

1. Drawing Toolbar

Drawing tools are provided for on-chart notations. To open the drawing toolbar, click on the Artists Palette at the top right of the price pane.

This opens the drawing toolbar.

To toggle the toolbar from the smaller, icon-only mode to the larger mode with labels click on the "more" button at the top of the toolbar. Click the "less" button to move from larger to smaller toolbar

To activate any tool for chart notation simply click on the tool in the toolbar and place the cursor over the chart in the desired area.

Brief instructions on the implementation of each tool is offered in the sections following.

2. Chart Navigation Tools

Cross: Places a cross-hair on the chart with a data box that shows the values for every plot on the screen for the date represented by the vertical line in the crosshair.

Plain: Places a cross-hair on the chart (without a data box) and shows in the scale of the indicator the value (horizontal line) for the date represented by the vertical line.

Pan: Places a finger cursor on the chart. Click and drag right and left to move the chart forward and backwards in time.

3. Chart Notation Tools

Erase: Places an eraser on the chart. Click on any drawing tool on the chart with the eraser to remove it. You can exit this mode by pressing the escape (ESC) key on the keyboard.

Text: Places a Note field on the chart(1). Type the text you want to place on the chart(2). Click the drop down arrow to edit the text(3). Click and drag the text to the point at which you want it to show on the chart(4).

H Line: Places a horizontal line on the chart at the point of the mouse click. Click and drag the line to move it in the pane. The value represented by the horizontal line appears at the right end of that line.

V Line: Places a vertical line on the chart at the point of the mouse click(1). Click and drag the line to move it in the pane(2).

Ellipse: Places an Ellipse shape field on the chart(1). Click on the dot to resize the Ellipse(2). Click the center of the Ellipse for the drop down menu and choose Edit(3). Edit the characteristics of the Ellipse to get desired appearance(4). Click and drag the Ellipse to the point at which you want it to show on the chart(5).

Rectangle: Places a Rectangle shape field on the chart(1). Click on the dot to resize the Rectangle(2). Click the center of the Rectangle for the drop down menu and choose Edit(3). Edit the characteristics of the Rectangle to get desired appearance(4). Click and drag the Rectangle to the point at which you want it to show on the chart(5).

Arrow: Places an Arrow shape field on the chart(1). Click on the arrow to change directions(2). Click the center of the Arrow for the drop down menu and choose Edit(3). Edit the characteristics of the Arrow to get desired appearance(4). Click and drag the Arrow to the point at which you want it to show on the chart(5).

4. Line Tools

Trend Line: Places a solid line on the chart. Click on the trend line tool in the menu. Hold the mouse button down, drag, and release the mouse to draw a trendline between two points on the chart (1). Click on the trendline and drag to reposition it (2). Right click on the trend line for the menu of items that can originate with a trendline.

To draw a parallel trendline, click on an existing trend line, then choose Create Parallel Line from the menu (1). Click and drag the parallel trend line to the desired position (2).

Alternately, simply click and drag the mouse on the chart and before releasing the mouse button, press the spacebar on the chart to create the trend line. Ctrl+D is a keyboard shortcut for the trend line tool as well.

Anchored VWAP by Alphatrends: Places a curved line on the chart showing the VWAP for a period of time. Click the Anchor icon in the drawing tool menu. Click and drag button starting anywhere on the chart. The Volume Weighted Average Price (VWAP) indicator will be plotted from that point to the end of the chart.

Linear Regression Line: Places a Linear Regression trendline on the chart which uses the least squares method to plot a straight line through prices so as to minimize the distances between the prices and the resulting trendline. To add a LR Trend line to the chart, click on the Lin Reg tool in the menu. Click and drag button starting anywhere on the chart. The linear regression trend line will be plotted from the beginning to the end of the drawn line.

5. Fibonacci Tools

Fibonacci Retracements:  Places horizontal lines on the chart levels use horizontal lines to indicate areas of support or resistance at the key Fibonacci levels. Click and drag the cursor from a lower price point to a higher price point on the chart. This places horizontal dashed lines on the chart at the default Fibonacci levels for the price movement defined by the line. Optional: Click on the line for the drop down menu and choose Edit to change the default levels(2). Change percentages, toggle any of the levels on/off, add/color extensions(3). Click and drag line to move entire Fibonacci drawing up or down(4). Click and drag the lower arrow to create projection space at the bottom of the chart in order to see lower retracement lines(5)

Fibonacci projections: Places horizontal lines on the chart levels use horizontal lines to indicate areas of support or resistance at the key Fibonacci levels. Also places dashed line with which to define the  price retracement from which the Projections are to be calculated. Click and drag the cursor from a lower price point to a higher price point on the chart(1). This places horizontal dashed lines on the chart at the default Fibonacci levels for the price movement defined by the line. Click and drag the Projection too to the retracement level desired(2). Optional: Click on the line for the drop down menu and choose Edit to change the default levels(3). Change percentages, toggle any of the levels on/off, etc.(4). Click and drag line to move entire Fibonacci drawing up or down(5). Click and drag the upper arrow to create projection space at the top of the chart in order to see upper projection lines(6)

Fibonacci arc: Places three semi-circular arcs on the chart to anticipate levels and ranges of key support and resistance. Click and drag the cursor from a lower price point to a higher price point on the chart(1). This places a dashed line and three arcs on the chart at the default Fibonacci levels for the price movement defined by the line. Optional: Click on the line for the drop down menu and choose Edit to change the default levels(2). Change percentages, toggle any of the levels on/off, etc.(3). Click and drag line to move entire Fibonacci drawing up or down(4). Click and drag the side arrow to create projection space at the end of the chart in order to see upper projection lines(5)

Fibonacci fan: Places three diagonal lines on the chart based on Fibonacci ratios to indicate key levels of support and resistance. Click and drag the cursor from a lower price point to a higher price point on the chart(1). This places a dashed line and three solid lines on the chart at the default Fibonacci levels for the price movement defined by the line. Optional: Click on the line for the drop down menu and choose Edit to change the default levels(2). Change percentages, toggle any of the levels on/off, etc.(3). Click and drag line to move entire Fibonacci drawing up or down(4). Click and drag the side and bottom arrows to create projection space at the end of the chart in order to see upper projection lines(5)

Fibonacci timeline: Places multiple vertical lines on the chart based on a sequence of Fibonacci numbers to identify periods of time when the price of the stock can move significantly. Click and drag the cursor from a lower price point to a higher price point on the chart(1). This places a solid line and multiple vertical dashed lines on the chart at the default Fibonacci levels for the price movement defined by the line. Optional: Click on the line for the drop down menu and choose Edit(2). Change colors, add extensions, etc.(3). Click and drag line to move entire Fibonacci drawing horizontally in time(4). Click and drag the bottom arrow to create projection space at the end of the chart in order to see time projection lines in the future(5)

6. Channel Tools

Andrew's Pitchfork: Places three trendlines (in a pitchfork pattern) from three points of an identified trend. The middle line is centered between the two outer lines after they have been placed on their trend points. Click and drag the cursor from a lower price point to a higher price point on the chart(1). This places the three trendlines on the chart. Click and drag each of the pitchfork corners to highs/lows of an identified trend(2/3). Click and drag line to move entire Pitchfork vertically on chart(4). Optional: Click on the line for the drop down menu and choose Edit(4). Change colors(5).

Standard Error Channel: Places three lines on the chart calculated by plotting two parallel lines above and below an x-period linear regression trendline. The lines are plotted a specified number of standard errors (a standard deviation of the mean within a data set away from the linear regression trendline. Click and drag the cursor from one bar (date) to another bar (date)  on the chart(1). This places the three trendlines on the chart. Click and drag either of the outer trendlines to reshape the channel to fit price action(2). Click and drag either endpoint of the center line to move the start or end date of the channel(3) Click and drag center line to move entire Channel drawing horizontally in time(4). Optional: Click on the line for the drop down menu and choose Edit(5). Change colors, adjust standard errors, add extensions, etc.(6).

Gann Angles: Places a center dashed/solid line with multiple blue lines radiating from the starting point of the drawing. The blue lines are calculated to predict price movements through a relationship of geometric angles based on time and price. Click and drag the cursor from a lower point to a higher point on the chart(1). Click and drag either of the outer trendlines to reshape the channel to fit price action(2). Click and drag either endpoint of the center line to move the start or end date of the channel(3) Click and drag center line to move entire Channel drawing horizontally in time(4). Optional: Click on the line for the drop down menu and choose Edit(5). Change colors, adjust standard errors, add extensions, etc.(6).

Quadrant Lines: Places a series of lines on the chart calculated by finding the highest-high and the lowest-low during the time period being analyzed. The top line is drawn at the highest price during the time period and the bottom line is drawn at the lowest price during the time period. The remaining three lines are then drawn so they divide the section between the highest-high and the lowest-low into four equal sections. The center line (the "mean") is displayed as a dashed line. Click and drag the cursor from one bar (date) to another bar (date)  on the chart(1). This places the horizontal trendlines on the chart. Click and drag either endpoint of the center line to move the start or end date of the channel(2). As the date is changed, the top line readjusts to any new high it encounters. Click and drag center line to move entire Channel drawing horizontally in time(3). Optional: Click on the line for the drop down menu and choose Edit(4). Change colors, add extensions, etc.(4).

Raff Regression Channel: Places two parallel lines plotted equidistant from a linear regression line. The distance from the regression line is determined by the highest or lowest price for the period, whichever is greater. Click and drag the cursor from one bar (date) to another bar (date)  on the chart(1). This places the channel lines on the chart. Click and drag either endpoint of the center line to move the start or end date of the channel(2). As the date is changed, the top line readjusts to the greater of new high or new low it encounters. Click and drag center line to move entire Channel drawing horizontally in time(3). Optional: Click on the line for the drop down menu and choose Edit(4). Change colors, add extensions, etc.(4).

Regression Channel: Places two lines (outer) on chart, each of which is two standard deviations from the linear regression line (center). Click and drag the cursor from one bar (date) to another bar (date)  on the chart(1). This places the channel lines on the chart. Click and drag either endpoint of the center line to move the start or end date of the channel(2). Click and drag either of the outer lines to set Standard Deviation on the fly(3) Click and drag center line to move entire Channel drawing horizontally in time(4). Optional: Click on the line for the drop down menu and choose Edit(5). Change colors, adjust Standard Deviation, add extensions, etc.(6).

Speed Lines: Places three lines on the chart calculated from the low to high of a trend. The lines are equidistant and project possible support and resistance areas. Click and drag the cursor from a lower point to a higher point on the chart(1). Click and drag either of the outer trendlines to reshape the channel to fit price action(2). Click and drag either endpoint of the center line to move the start or end date of the channel(3) Click and drag center line to move entire Channel drawing horizontally in time(4). Optional: Click on the line for the drop down menu and choose Edit(5). Change colors, adjust standard errors, add extensions, etc.(6).

Tirone Levels: Places a series of three sequentially higher horizontal lines used to identify possible areas of price support and resistance. The center line is calculated by the difference between the highest high and the lowest low divided by 2 for the period of time chosen. The outside lines are drawn 1/3 and 2/3 of the difference between the same high and low used to calculate the center line. Click and drag the cursor from one bar (date) to another bar (date)  on the chart(1). This places the channel lines on the chart. Click and drag center line to move entire Channel drawing horizontally in time(2). Click and drag either endpoint of the center line to move the start or end date of the channel(3). As the date is changed, the top lines adjust to the new highs or new lows. Optional: Click on the line for the drop down menu and choose Edit(4). Change colors, add extensions, etc.(5)

7. Display Tools

Snap: Automatically snaps the ends of the drawn line to the nearest of these points: Open, High, Low, Close or nearest Indicator. To activate Snap To or toggle it off, click the tick box place or remove a check mark next to Snap To in the drawing tools menu. (Program defaults Snap To on).

Repeat: Puts the drawing tool on repeat mode so that multiple drawings with the same tool can be added to the chart without reselecting from the drawing toolbar. To exit repeat mode, press the escape (ESC) key on the keyboard or uncheck the box next to Repeat in the drawing tool menu. To activate Repeat mode or toggle it off, click the tick box place or remove a check mark next to Snap To in the drawing tools menu. (Program defaults Repeat off).

Delete: To delete any drawing tool, click on the drawn line to get the drop down menu. Then elect Delete to remove the drawing. (Note: you can also select Delete drawings for {Sym} to remove all drawings for that symbol).

  1. Apply to All Symbols: Drawing tools that use a date range offer the option to apply the tool to all charts. The option is found in the actual drawing tool menu. Click the drawing tool to get the drop down menu and Choose Edit(1). In the Edit menu, place a checkmark in the box next to apply to all symbols(2). This will place the same drawing tool on all charts for the date range selected on the original drawing(3). (These tools offer the Apply to all symbols option: Linear Regression Trendline; Linear Regression Channel; Raff Regression Channel; Standard Error Channel; Tirone Levels; Quadrant Lines; Regression Channel; Vertical Line; Horizontal Line; Anchored VWAP)

Note: drawing tools can be used for any time frame on a chart.