Drawing Tools

From Fibonnaci Retracements to Gann Fans, TradingLite offers a wide range of highly customisable drawing tools.

Tags: basics
Content

From Fibonnaci Retracements to Gann Fans, TradingLite offers a wide range of highly customisable drawing tools.

This guide is written to ensure that you are able to utilise these tools to their fullest extent.

Drawing Toolbar

To the left of your TradingLite browser window, you will find the Drawing Toolbar:

Currently there are 5 different crosshair modes available to use.

These include:


The Magnet toggle allows you to quickly ‘snap’ to OHLC (Open, High, Low, Close) values on the chart, in addition to points drawn by Indicators, enabling the ability to accurately draw or measure between various points.


The Heatmap Lens provides you a zoomed-in view of the heatmap. This negates the need to constantly zoom in and out to view the Heatmap's values


Quickly Hide or Show all of your drawings via the toggle.


Pressing the Padlock icon allows you to lock all of your current drawings in place to prevent accidental selection preventing movement or deletion.

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Note that once the 'Lock Drawings' is selected/locked, you will not be able to add additional drawings until you unselect/unlock.

You can also lock drawings individually by pressing the padlock icon within the mini menu that is displayed on completion/selection of a drawing.


The Stay in Drawing Mode toggle, will allow you to plot multiple instances of the same drawing without interruption.


Quickly Delete / Clear all drawings via this button.
If you accidentally press this, use the Undo button in the top toolbar to restore your drawings.


Drawing Tool List

With over 30 drawing tools available, the chart is your canvas! 🎨 We will be providing a break down of all of the drawing tools in the near future. For now here is an list of all available tools broken down by category:

General:

Pencil
Path
Text
Rectangle
Parallel Channel

Tools:

Trend Angle
Measure
Risk/Reward

Lines:

Trendline
Ray
Horizontal Ray
Horizontal Line
Vertical Line

Fibonacci:

Fibonacci Retracement
Fibonacci Extension
Fibonacci Channel
Fibonacci Circles
Fibonacci Boxes
Fibonacci Spiral
Fibonacci Time Zone

Patterns:

ABCD Pattern
Head & Shoulders
Triangle Pattern
Three Drives Pattern
XABCD Pattern
Cypher Pattern

Repeating Patterns:

Sine Wave
Time Cycles
Cyclic Lines

Pitchforks:

Pitchfork
Pitchfork (Schiff)
Pitchfork (Modified Schiff)
Pitchfork (Inside)

Fans:

Gann Fan
Pitchfan

Elliot Waves:

Elliott Impulse (12345)
Elliott Triangle (ABCDE)
Elliott Triple Combo (WXYXZ)
Elliott Correction (ABC)
Elliott Double Combo (WXY)

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The drawing tools have the following options available via the mini menu, that is displayed upon completion/selection:

A double click of your drawing will allow manual selection of the drawings’ parameters, within the drawing options window (shown below).


Drawing List

You may be the next Picasso with your drawings, but what good is that without the ability to organise them!

In the lower-left of your TradingLite chart window, you will find the Drawing List toggle.

Click this will open the Drawing List window. Here you can see all the drawings within your panes, allowing you to quickly select and adjust as required. Feel free to dock this window elsewhere if you prefer!


Drawing Options Window

Double clicking on any of your drawings will produce the Drawing Options Window.

Here you will have the ability to finely tune the drawings’ positions, allowing for greater accuracy across timeframe. This window also has the ability to be docked to suit your preferences.

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Importantly and unlike other platforms, these X & Y positions are fixed, no matter the timeframe chosen, maintaining pin-point accuracy throughout.

Measure Tool

In addition to the standard price, percentage and time measurements, if the TradingLite Heatmap is active, the measure tool will also show the cumulative order book values within the measured range.

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The value at the top shows the largest value of orders within the Order Book, with the value at the bottom showing the lowest value of orders within the Order Book.
The Total: value shows the cumulative value of all orders within the space measured.

In effect, an upward trajectory shows an increase in value of liquidity / limit orders being placed, whilst a downward trajectory shows a decrease in value of liquidity / limit orders being placed.

Ranges

When creating, editing or selecting a drawing, X & Y axis label ranges are highlighted to show each of their coordinates.

Suggestions

Missing a particular drawing tool? Or style option? Have a browse over at our Suggestions/Feedback area. Make sure you search to determine if your suggestions has not already been mentioned. If so, give it a vote! If not, feel free to create a new suggestion.