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Horizontal Parallel Line


Drawing Tools can be applied, moved, and formatted, directly on a chart, providing tremendous flexibility. Many drawing tools allow you to analyze new data on a chart by extending the drawing object to the left or to the right of the chart. You can use them to call attention to any area of a chart you wish.

Description:

The Equidistant Channel tool supports drawing 2 or more parallel lines with any inclination angle. In this case the lines are drawn horizontally, representing support/resistance levels.




Usage:

Draw Horizontal Line at the bottom of the price range to get the support line. Draw Horizontal Line at the top of the price range to get the resistance line. If price crosses either of these lines and the market continues to move in that same direction, a price breakout may have occurred.