Parallel Channel Drawing Tool

1. Access the Drawing Tool Bar:

   • On the chart interface, locate the drawing tool bar. It is positioned on the top left-hand side of the screen.
   • Click on the drawing tool bar to expand the various drawing options available.

2. Locate the Parallel Channel Tool:

   • In the expanded drawing tool bar, look for the section labeled “Shapes and Texts.”
   • Click on it to view the available tools, and select the “Parallel Channel” option.

3. Drawing the Parallel Channel:

   • To start drawing, click on the chart where you want to place the beginning of the channel (typically at a key low or high point).
   • Move your cursor to draw the main trendline of the channel, defining the direction (upward or downward).
   • Click again to fix the trendline in place.
   • The tool will then automatically generate a parallel line at the opposite side of the channel.
   • Adjust the width of the channel by dragging the parallel line to match the price range you want to cover.

4. Adjusting and Fine-Tuning the Channel:

   • You can modify the position and width of the parallel channel by clicking and dragging its edges or control points.
   • Ensure that the channel contains the most significant price action within its bounds to get accurate support and resistance levels.

5. Customizing the Parallel Channel:

   • Right-click on the parallel channel to access customization options.
   • You can change the color, line style, thickness, and other visual elements to match your chart’s aesthetic preferences.
   • Label the channel if needed, to distinguish it from other chart annotations.

6. Using the Parallel Channel for Analysis:

   • Use the parallel channel to identify potential support and resistance levels, as price tends to oscillate within the channel.
   • Breakouts above or below the channel lines may indicate a trend reversal or acceleration in price movement.