This video tutorial will demonstrate how to utilize custom and vertical lines within the TradeShark software.
Line Drawing in tradeshark is useful for users who wish to mark trend lines or channels, take note of important dates or price levels, and also measure the distance of a particular market move via Tradeshark’s profit calculator feature.
To draw a new custom line on the chart, simply click on the custom line button, located towards the upper right hand corner of the charting area. You can then click and drag wherever you would like the line to appear on your chart. Once the line has been placed, you may choose to move the line with a click and drag. You will also have the ability to extend or shorten the line by dragging from the lines end points.
Should you need to draw multiple lines at once, you can hold down the CTRL key and then click the custom line draw button. Users will then have the ability to draw multiple lines with each click and drag against the chart. To turn this mode off, simply just click the toggle box once more.
To delete lines, simply select the line that you would like removed and press delete on your keyboard.
Once a line is properly positioned, you have the ability to right click and select a few options that you will find helpful.
The first option available is the profit calculator, which allows traders to measure the distance of a particular market move. The profit calculator will display the duration of the move, the percentage change, as well as the dollar amount that would have been made on a single contract or individual share.
In addition to the profit calculator, Tradeshark users have the ability to link specific values from the software. For example, lets say I wanted to link the open price, that occurred after the most recent crossover, with the last trading days predicted low.
I simply need to right click, choose link, and select open to predicted low. Therefore linking the open price, to the Tradshark predicted low value.
Once a line has been linked, it will automatically attach to the nearest corresponding values, should the line be moved. Notice when I drag the line, it automatically attached to the nearest open price and predicted low value.
To unlink a custom line, simply right click and choose “unlink custom line”. The line can now be manipulated like it had been before.
In addition to custom lines that can be placed anywhere against the chart . Tradeshark users have the ability to draw vertical lines.
Vertical lines are helpful for marking off particular dates and also highlighting when an indicator may have met a certain criteria.
For Example, lets say I wanted to ensure that I was trading in line with TradeShark’s predicted RSI which I have added to the bottom of this charting area.
You will notice towards the beginning of the chart, the RSI is signalling overbought conditions, I can go towards the upper right hand corner of the chart and choose the vertical line button to mark this area. I also have the ability to right click and adjust the lines properties. You can change the date where the Vertical line is located, the color and also the thickness.
I will change this lines color to red, signalling the market is overbought and I should look for opportunities to take a short position.
You will also notice towards the very right hand side of the chart the RSI is signalling recent oversold conditions. Again I can choose my vertical line option, mark the level, and also change the properties making the line green, knowing that I should look to cover or adjust stops and possible look to go long should Tradeshark forecast a trend change.
It’s important to note that when opening a custom or vertical line properties menu, you will have the ability to modify or adjust all of the lines that are currently displayed on the chart. Notice how each line is listed towards the left hand side of the properties menu, allowing me to quickly adjust or modify each line selection. In addition to adjusting line potion, color and width for vertical lines, this area has an expanded selection to modify custom lines. Returning to line one, we can see all the options available to alter custom lines. You may wish to change by date, link specific price values of your choosing, as well as change options like line color or width. You will also notice a toggle available for the profit calculator, which is currently being displayed.
Custom and vertical lines are a great tool to help traders annotate their charts and ensure they are closely adhering to their trading strategies or signals..
For additional information on working with the Tradeshark software be sure to view additional tutorials located within the Tradeshark learning center. Thankyou!