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A trendline is a straight line that joins two important minimal or maximal price lines in a chart. Within a main trend there can be any number of secondary or minor trends. The length of each of them differs within wide ranges. It should be remembered that a trendline must not intersect with other prices between the two selected points. A trendline is a support/resistance pass-through where price changes within the range of the pass-through.
Drawing
To draw a trendline, one should select this object and then click with the left mouse button in the chart. After that holding the mouse button one should draw a line in the necessary direction. Additional parameters will be shown near the end point: distance from the initial point along the time axis, distance from the initial point along the price axis, slope line from the horizontal line drawn through the initial point.
Controls
Three points are located on a trendline. Extreme points are points for changing size and slope. The central one is used for moving the object.
Parameters
There are the following parameters of a trendline:
- Date/Value — coordinates of the initial point (date/value of the price scale);
- Date/Value — coordinates of the end point (date/value of the price scale);
- Ray Right — infinite duration of a trendline to the right;
- Ray Left — infinite duration of a trendline to the left.
Common parameters of object are described in a separate section.