Here's A Way to Draw Channels Quickly & Cleanly
We NT users have been begging for a channel drawing tool (you know, the one every other platform seems to have) for at least 4 years now and, for some bizarre reason, still don't have one. Yet this simple and timeless tool is critical for countless trading strategies. So I thought it time to create one that can tide us over for the time being.
The first attached screen shot shows a beautiful two-lane channel (AKA “action-reaction lines”) that I drew in 3-4 seconds. The lines are perfectly parallel, equidistant (evenly spaced), and - most importantly - right where I want them and easy to edit (rotate, slide, etc.) after drawing them. Also, this method allows me to create practically any kind of channel that has 2 to 8 parallel lines. Here's how I did it:
Preparation
1. Draw an Andrew's pitchfork on your chart and double click on one of its three anchors to pull up the properties window.
2. Configure the properties as shown in the second attached screen shot and then click “Set Default” and then “OK” at the bottom of the window
3. (Optional but recommended if you like using a snap mode for drawing) Create hot keys for these three things: “Andrew’s Pitchfork”, “Snap Mode – Bar And Price”, and “Snap Mode – Disabled.” The keys should ideally all be next to each other on the keyboard since you’ll be using them together. For example, I made mine F2, F3, and F4. Now, you’re ready to channelize!
Drawing
(These instructions are for an up-trending channel. In a downtrend, just do everything upside down).
1. Pull up the Andrew’s pitchfork tool.
2. (Refer to the first attached screen shot) Pin the first anchor on (or close to) the bar that forms the first pivot low somewhere slightly above the low of the bar (point A).
3. Pin the second anchor at the low of the bar (or wherever you want the main trendline to start) (Point B).
4. Pin the third anchor at the high of the bar that forms the subsequent pivot high (or wherever you want the line on the other side of the channel to start) (Point C). Now, three parallel lines should appear. The top two begin at points B and C and the third is an equal distance below the second. All that’s left is rotating the lines to where you want them.
5. To rotate them, first make sure any snap mode is disabled (this is where the hot keys come in handy). Then, select the anchor at point A and drag it directly to the left or right (moving it up or down will cause it to “snap” instead of sliding smoothly) until the lines have the angle you want (Point D). If the lines are still snapping a little and you need more fine-tuned movement, move the anchor lower so that it is level with or lower than point B and then drag it farther to the left or right until the lines are exactly where you want them. The lower the anchor is when you drag it horizontally, the more accurately it will allow you to adjust the angle of the lines. Then, if you want to move the whole channel without changing angle or spacing, you can select one of the anchors, click on another part of the channel, and drag it to where you want it.
6. If you use a snap mode, re-enable it for future drawings (also where hot keys come in handy).
That’s it. With a few minutes of practice, you’ll be whipping these puppies out in 3 seconds flat during your real-time trading.
Note that the third (lowest) line in my example is optional. If you don’t want it, you can delete it from the pitchfork properties. If you want to add a different line (like one between the top two lines or on the opposite side of them), you can add it to the properties. You can practically create whatever kind of channel you want. The point is that now you have a way to quickly draw equidistant parallel lines that have the exact spacing and angle you want.
After doing all this, if you want to draw an Andrew’s pitchfork, just put the anchors where you normally would, pull up the properties window, uncheck the boxes (far left) next to channel-only lines and check the boxes next to pitchfork-only lines (like the “Handle” line). Keep all lines for both channels and pitchforks entered into the properties window and just check and uncheck boxes whenever you switch from one to the other.
That’s it! Hope this is helpful. Please share any ideas you have that might build upon it.
The first attached screen shot shows a beautiful two-lane channel (AKA “action-reaction lines”) that I drew in 3-4 seconds. The lines are perfectly parallel, equidistant (evenly spaced), and - most importantly - right where I want them and easy to edit (rotate, slide, etc.) after drawing them. Also, this method allows me to create practically any kind of channel that has 2 to 8 parallel lines. Here's how I did it:
Preparation
1. Draw an Andrew's pitchfork on your chart and double click on one of its three anchors to pull up the properties window.
2. Configure the properties as shown in the second attached screen shot and then click “Set Default” and then “OK” at the bottom of the window
3. (Optional but recommended if you like using a snap mode for drawing) Create hot keys for these three things: “Andrew’s Pitchfork”, “Snap Mode – Bar And Price”, and “Snap Mode – Disabled.” The keys should ideally all be next to each other on the keyboard since you’ll be using them together. For example, I made mine F2, F3, and F4. Now, you’re ready to channelize!
Drawing
(These instructions are for an up-trending channel. In a downtrend, just do everything upside down).
1. Pull up the Andrew’s pitchfork tool.
2. (Refer to the first attached screen shot) Pin the first anchor on (or close to) the bar that forms the first pivot low somewhere slightly above the low of the bar (point A).
3. Pin the second anchor at the low of the bar (or wherever you want the main trendline to start) (Point B).
4. Pin the third anchor at the high of the bar that forms the subsequent pivot high (or wherever you want the line on the other side of the channel to start) (Point C). Now, three parallel lines should appear. The top two begin at points B and C and the third is an equal distance below the second. All that’s left is rotating the lines to where you want them.
5. To rotate them, first make sure any snap mode is disabled (this is where the hot keys come in handy). Then, select the anchor at point A and drag it directly to the left or right (moving it up or down will cause it to “snap” instead of sliding smoothly) until the lines have the angle you want (Point D). If the lines are still snapping a little and you need more fine-tuned movement, move the anchor lower so that it is level with or lower than point B and then drag it farther to the left or right until the lines are exactly where you want them. The lower the anchor is when you drag it horizontally, the more accurately it will allow you to adjust the angle of the lines. Then, if you want to move the whole channel without changing angle or spacing, you can select one of the anchors, click on another part of the channel, and drag it to where you want it.
6. If you use a snap mode, re-enable it for future drawings (also where hot keys come in handy).
That’s it. With a few minutes of practice, you’ll be whipping these puppies out in 3 seconds flat during your real-time trading.
Note that the third (lowest) line in my example is optional. If you don’t want it, you can delete it from the pitchfork properties. If you want to add a different line (like one between the top two lines or on the opposite side of them), you can add it to the properties. You can practically create whatever kind of channel you want. The point is that now you have a way to quickly draw equidistant parallel lines that have the exact spacing and angle you want.
After doing all this, if you want to draw an Andrew’s pitchfork, just put the anchors where you normally would, pull up the properties window, uncheck the boxes (far left) next to channel-only lines and check the boxes next to pitchfork-only lines (like the “Handle” line). Keep all lines for both channels and pitchforks entered into the properties window and just check and uncheck boxes whenever you switch from one to the other.
That’s it! Hope this is helpful. Please share any ideas you have that might build upon it.
Attached Files
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