The tool consists of two perpendicular lines and a reference point at the crossing. You can split the chart into quadrants in one click, mark the breakdown level point, the beginning of a trend or a sideways market.
The price and the date labels allow you to easily see the cross point on the chart. You can disable these labels in the Appearance properties dialog of the Crosshair drawing tool. The color, thickness and style of the lines can be changed either in the Appearance properties dialog window:
In Shape properties dialog you can set precisely the position of the cross point on the price scale (by setting the price) and the time axis (by setting the bar number):
In View properties dialog you can switch the Cross Line tool displaying on charts of different timeframes: