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This drawing object helps you to plan a trade. It is useful for long-term traders who want to plan a trade with entries (max 2), target and stop. This drawing shows you the planned entries, target and stop. It shows you if and when the trades are triggered and how big your loss or profit target will be when giving in the investment (called investment volume here).
It is best to use for traders which want to buy limit and split these buy limit into two separate entries.
How to use it:
Assuming we want to buy stock XXX at 10.00 and at 8.00. So we split our risk (van Tharp: R) into two parts and order one-half at 10.00 and a second half at 8.00 (so we get a better entry). Our target will be at 20.00 and our stop loss at 6.00
Use the drawing tool like that:
When activating the tool you will get a cursor with entry1. Now click your entry1 price in the chart. After that click for entry price2, target and profit.
After that, you will see four dotted lines with prices. Now you can adjust your prices and volumes in the properties of this drawing object. (Right click on the drawing item)
When editing the date entry 1 than the lines will become solid starting at entry date1. Line entry2 will still be dotted. If the second date entry 2 was given in, then the second entry line will become solid, starting at entry date 2.
When the trades are active (given entry dates, solid lines) then you can see actual profit at the black lines. The blue and red lines show the profit target and stop loss amount.
When using this drawing tool for planning trades you can see your planned and running trades in the chart, you see your risk, you see your actual P/L.
Entry2 can be disabled by setting its value to zero (or to a negative value). In this case, the second trade P/L will not be included in the calculation of the profit target and stop loss.