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Horizontal Line - Changes by Value and Percentage

by Caleb, 4939 days ago
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As with the default horizontal line, this drawing item plots a horizontal line at the mouse Y position when you click on a chart. Beside that line, another line that corresponds to the distance between the horizontal line and the last close price is also drawn at the first bar of the chart. Below the horizontal line, I have displayed three metrics:
- Level: This corresponds to the horizontal line level
- $: This is the distance, in dollars, between the horizontal line and the last visible close price
- %: The percentage of gain a stock must achieve in order to reach the horizontal line.

As an example, the highest close value of Asset Acceptance Capital Corp. (AACC) over the last 250 trading bars (one year) is equal to 7.82.
The current close price of the stock is $5.76. When you draw a horizontal line at the $7.82 level, you will see displayed:
Level: 7.82 - $: 2.06 - %: 35.76

The first item is the horizontal line level, the second is the distance between the stock price and the previous level (7.82 - 5.76). The last metric is the percentage of increase AACC will have to achieve in order to touch the horizontal line. It is calculated by dividing the distance in dollars by the stock price and then multiplying the result by 100.

The line color as well as the text back color can be updated by right clicking on the drawing item and changing the value of the "Line Color" field.


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Type: Custom Drawing Tool

Object ID: 947


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