The Trendline tool is a powerful feature on TradeLocker that allows you to analyze and identify trends in the market. Trendlines can provide valuable insights into the direction and strength of the market trend. They can help you identify support and resistance level, potential entry and exit points and even potential trend reversals.
Select the instrument or currency pair
Here’s how to use it. Select the instrument or currency pair you want to analyze on the chart. On the left-hand side of the chart, you’ll find a toolbar or menu that contains the drawing tools. Look for the trendline tool icon, which is represented by a diagonal line.
Click on the trendline tool icon
Click on the trendline tool icon to activate it and then position the cursor at the starting point of the trend you want to draw. Left-click and drag the cursor to the ending point of the trend. Left-click the mouse button again to complete the line.
Additionally, the angle of the trendline can give you a sense of the trend’s strength or weakness. Breaks or bounces off a trendline often signal a potential trade opportunity, making it a crucial tool for timing market entries and exits.
Draw different types of lines
You can use the trendline tool to draw different types of lines such as upward trends (ascending), downward trends (descending) or sideward trends (horizontal).
Remember to use the trendlines in conjunction with other technical analysis tools and indicators to make more informed trading decisions.