Drawing tools are the objects one can draw on the chart to assist in the market analysis process. These tools allow traders to make visual clues on a market's movements. There are two different types of drawing objects:
Non-analytical - such as the Arc, Ellipse, Rectangle and others used to highlight the particular segment of a chart, or enter the text as with the Text drawing tool.
Analytical - such as the Fibonacci tools, Gann tools, trend line and others used to analyze the necessary price data.
All drawing tools can be applied, moved, and formatted directly on a chart. Many drawing tools can be extended the right or left to help analyze or highlight a new data on a chart. Some drawing tools can be cloned.
Drawing tools will be saved with the symbol. If drawing tools are applied to a symbol and the symbol is changed to a different symbol, then the drawing tools will be saved with the old symbol. The new symbol will not have any drawing tools automatically applied. If the symbol is changed back to the old symbol, then the saved drawing tools will be automatically applied.
Inserting Drawing Tools
In MultiCharts it is possible to apply the several similar drawing tools to the same chart. In this case each instance of the drawing tool has its own format settings.
There are 3 ways to insert a drawing tool:
- 1. In the menu select Insert, point to Drawing and select the desired drawing tool.
- 2. Click the arrow next to the Drawing tools icon on the Main toolbar and select the desired drawing tool from the menu.
- 3. Click the icon of the desired drawing tool on the Drawing toolbar.
Read more about inserting in the corresponding topics devoted to each drawing tool.
Operating Drawing Tools
In MultiCharts it is possible to format, move, reshape, clone, remove, hide and redisplay (change the status) the drawing tools.
Note: Hiding and redisplaying (changing the status) as well as getting information about drawing tools applied can be performed in the Format Drawing window ONLY.
Note: Formatting and removing can be performed directly from a chart as well as in the Format Drawing window.
Positioning Drawing Tools
When Ctrl is pressed, drawing tools are plotted in predefined directions from a fixed coordinate:
- -to the right
- -to the left
- -in all directions at an angle 45°