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The Auto Support Line draws a support line that starts from the low price of the first bar location to the lowest price value of bars that are comprised between the start and end locations of the support line.
A support line is a line that is drawn below prices; it is a line that shows the area where demand should be strong enough to prevent security prices from declining. Traders usually buy the stock or security when the price is near the support line and sell it when it falls below it.
Here is how it works:
- Select the auto support line item (In the bookmark panel, double click on it)
- Click on a chart
- Move the line and see how the support line is drawn
- Click again on the chart to stop the drawing process
- Click on the auto support line to display two small rectangles
- Use these rectangles to resize the support line
Note that this auto support line is automatically updated when it is moved and resized.
