Channel Lines
Overview
Channel Lines are used to identify price trends. The lines are drawn above and below the trading range in parallels, marking potential support and resistance levels.
To add the tool to your chart, select the tool from the Drawing tool group. The mouse pointer will change into a pencil and it will take three left-clicks to apply the tool: two to draw the original trend line between two points, and the third to set the location of the parallel channel line.
Actions & Properties
Actions
Add Line Alert: Selecting this action will set a Line Alert based on the selected line.
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple Channel Lines tools have been applied to a chart, page or workbook, this action can be used to apply the settings of the one selected to other instances of the tool. This is a great time saver if an adjustment is made to the tool - such as line colour - as this allows all the other Channel Lines tools in the chart, page or entire workbook to be updated instantly.
Copy Tool: Allows you to copy the selected tool, which can then be pasted onto a different chart window.
Move to Back: If the tool is displaying in front of other tools or indicators clicking this action will move the tool view to the background.
Move to Front: If the tool is displaying behind other tools or indicators on the chart, clicking this action will bring the tool to the forefront.
Restore Default Settings: Click this action if you have adjusted the default settings of the tool, and wish to return to the standard properties originally installed with Optuma.
Save Settings as Default: If you have adjusted any of the tool’s properties (colour, for example) you can save the adjustments as your new default setting. Each time you apply a new Channel Lines to a chart, the tool will display using the new settings.
Delete: Deletes the tool from the chart.
Properties
Tool Name: Allows you to adjust the name of the tool, as it’s displayed in the Structure Panel.
Mirror: Provides a drop down menu where you can elect to display a duplicate copy of the existing Channel Lines, to be plotted either above and/or below the existing tool.
Shaded Zone: Check the box to shade the channel zone.
Extend Right: Check this box to extend the lines to the right.
Extend Left: Check this box to extend the lines to the left.
Line Style: The Line Style property allows you to adjust the type of line displayed. There are 8 options available: Solid, Dots, Dash, Dash Dots, Long Dash, Long Dash Dot, Long Dash Dot Dot and Stippled.
Line Width: Allows you to adjust the width of the Trend Line. Moving the slider bar to the right increases the thickness of each line.
Line Colour: Select this to change the colour of the Channel Lines.
Fill Colour: Select this to change the colour of the shaded zone.
Fill Transparency: Move the slider to the left to increase the transparency of the shaded zone.
Tool Transparency: Move the slider to the left to increase the transparency of the tool.
Visible: Un-tick this checkbox to hide the tool from the chart.