Drawing Tools

All editions in the BlastChart product suite have a full range of drawing and annotation tools and line studies to help you interpret your data, your way. Combine these tools with a range of indicators to perform your own technical analysis. The full range of drawing tools are:

  • Lines: Horizontal, Vertical and Trendline
  • Shapes: Ellipse and Rectangle
  • Symbols: Buy, Sell, Exit Long, Exit short, and other images you can upload and place onto the chart
  • Text Annotation: Type any text and place on the chart
  • Line Studies: Error Channel, GannFann, Speedline, Quadrant, Raff Regression and Tirone Levels
  • Fibonacci Studies: Arcs, Fans, Retracement and Time Zones

For more information about the drawing tools found within BlastChart, see the detailed list below.

Trend Line

Trend Line is one of the basic non-analytical charting tools for detecting the principal trend. With the Trend Line one can estimate the strength as well as possible trend reversal points.

Trend lines show the slope of the market trend and help to see if the trend is changing. Many categorise them as Up trendlines and Down trendlines. If the stock is rising, Up trend lines are drawn under the rising stock chart lows. Upward moving trend lines, when drawn under the stock connecting the dips target a possible entry point. Down trend lines are drawn above the declining stock chart peaks; and the downward moving trend lines connect rallies and highlight a shorting possibility.

Trend Lines alert you to changes in trend. Apply them, modify them, extend or duplicate them. Click on the end of the line, and drag them to where you want them to finish.

Trend Lines
Error Channel

Error Channel

Standard Error Channels (calculated) plot two parallel lines above and below an x-period linear regression trend line. The lines are plotted a 1 standard error away from the linear regression trend line.

Gann Fan

A Gann Fan is drawn between a significant bottom and top (or vice versa) at various angles.  The idea here is to use any of the fan lines as either support (when retracing an uptrend) or resistance (when retracing a downtrend). Once a support line gives, for instance the 2X1 line, it turns into resistance, and the next one, 3X1, turns into support. This gives the trader a trading range that is difficult to fathom with the naked eye, Gann fan lines work best on medium to long-term charts.

Gann Fan
Speed Lines

Speed Lines

Speed Lines is an analytical drawing tool used to identify the support and resistance of a trend and the price level possible trend correction. A Speed Lines tool consists of an underlying trend line on which speed resistance lines are drawn above (representing time) and below (representing price). These speed lines are drawn based on time/price percentages of the distance between the beginning and the end of that underlying trend line.

Speed Lines were developed by Edson Gould and are based on dividing an underlying trend line by the percentages specified, for example, into third - 1/3 and 2/3. Speed lines help to measure trend correction and also the rate a trend line is ascending or descending - in other words, the speed of the trend.


Quadrant Lines

Quadrant Lines are horizontal lines which divide distance between High and Low of the period into four equal parts. The user defines two points on the price chart, and between them 3 Quadrant Lines are plotted. For significant results, Quadrant Lines should be drawn between a high and low point of price activity on a chart.

Quadrant Lines
Raff Regression

Raff Regression

The Raff Regression helps to identify possible areas of support and resistance and helps to identify when departures from the channel may signal potential changes in the price trend in the future.

Tirone Levels

Tirone Levels are a series of horizontal lines that identify support and resistance levels. They were developed by John Tirone. Tirone Levels indicates possible price movements from important highs and lows. Tirone Levels displays five lines ranging between the extreme high and lows and the adjusted mean price.

To draw a Tirone Levels on a chart two points must be defined: a point High to which there corresponds a ceiling price, and a point Low where price is minimal. The price distance between points is accepted for a unit of measurements.

Tirone Levels
Fibonacci Arcs

Fibonacci Arcs

Fibonacci Arcs are created on a chart by first drawing a trend line between two extreme points, a trough and opposing peak. Three arcs are generated that are centered on the second extreme point and intersect the trend line at Fibonacci Levels, usually of 38.2%, 50% and 61.8% of the distance between a price maximum and minimum. The interpretation of Fibonacci Arcs involves looking for support and resistance as prices approach the arcs. Fibonacci Arcs and Fibonacci Fan Lines are sometimes used together to anticipate support and resistance at the points where the Fibonacci studies intersect.

Fibonacci Fans

Fibonacci Fan Lines are displayed by first drawing a trend line between two extreme points, a high and low. An invisible vertical line is drawn through the second extreme point. Three lines are then drawn from the first extreme point (the leftmost point) passing through the invisible vertical line with their slopes at the Fibonacci levels, usually 38.2%, 50.0% and 61.8%. These lines indicate areas of support and resistance.

Fibonacci Fan
Fibonacci Retracements

Fibonacci Retracements

Fibonacci Retracements are displayed by locating two extreme points, a trough and opposing peak. Seven lines are drawn: 100% (the high on the chart), 76.4%, 61.8%, 50%, 38.2%, 23.6% and 0% (the low on the chart). These price levels often correspond to areas of support and resistance.

Fibonacci Time Zones

Fibonacci time zones are composed by dividing a chart with vertical lines spaced apart in a ratio adhering to the Fibonacci number sequence (1, 1, 2, 3, 5, 8, 13, etc.). The interpretation of Fibonacci Time Zones involves looking for significant price movement near the vertical lines. The technique is also known as Fibonacci Time Series.

Fibonacci Time Zones