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How to draw distances on a chart?

Updated on 2011-03-05 04:01:44

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To display distances in bars (X-Axis) and percentage (Y-Axis), you can use any drawing tool.

Let us take the line tool; click on a chart twice to create a line.
Move your mouse over this line and then right click.
In "Distances" tab, check "X axis distance" and "Y axis distance". The distances of the extremities of that line appear in the chart.

Select the left or right extremity and move that line; you will see how distances change (Number of bars and percentage change).

You can specify to display the Y-Axis distance in dollars instead of percentage by un-checking "Show Distance in %" option inside the "Distances" tab.

Example of usage:
- You can quickly measure the last increase or decrease of a stock or security and compare it to previous changes.
- You can measure the distance between a stock price and its support or resistance. This will help you decide the risk/reward ratio of investing in this stock.
- You can measure the time it took (the number of bars) a stock to move from a trough to a peak.

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