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Charting Tools
Let's Get Technical
Trend Fan Tool
Identify a trend fan within a chart by selecting the Trend Fan tool from
your Charting toolbar. Position the mouse pointer where you would like
to place the main point of your trend fan. Move the mouse pointer to the
end of the first line and click. Add as many lines of your trend fan as
you would like. To place the last trend, position the mouse pointer at
the end of the last line and right-click to place.
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Trend Fan - Technical Analysis
Trend Fans are an extension of the regular trend line. They
accent simple trend line trading concepts by extending the
single trend line to multiple fan lines that give a better look
at a trend, its retracements, and market reversals. |
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Trend
Fan
As a
trend moves up in scale, a chartist will draw a line across
price bar lows or, when a market is moving down, across the
price bar highs.
As the
market continues to make its retracement, we can draw another
trend line across the next level of support or resistance. The
line is support if the market is moving up and resistance if it
is moving down.
The last move of the
trend was resistance for the first trend line, and is now
support for the second trend line. The third trend line shows
that the market has made a solid retracement down past this
third fan line.
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When the
market crosses the third fan line, it is considered to be
confirmation of market retracement. A market that was once
considered bullish is now bearish, or if bearish, would now be
considered bullish. When the markets price bars cross above or
below the third trend fan line, this is your signal and
confirmation that the market has shifted from bullish to
bearish, or bearish to bullish.
To trade
a Trend Fan, place an order to enter the market on the break out
past the third Trend Fan line.
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Resizing the Trend Fan
Select the drawing by clicking on it. You will know the drawing is
selected when boxes appear at the ends of the lines. Click on a box and
drag it to your desired location. Release the mouse button to place.
Moving the Trend Fan
Select the drawing by clicking on it. Drag to the new location and
release the mouse button to place.
Deleting the Trend Fan
Select the drawing by clicking on it. Press the Del (Delete) key on your
keyboard. You can also right-click the drawing and select “Delete” from
the dropdown menu.
Preferences
Select the drawing by clicking on it. The properties will appear in the
preferences section of your control panel.
Restore Settings: TNT Default will change your settings back to the
original software settings. My Default will change current settings to
your personalized default settings. Apply To All Charts will apply your
selected settings on all open charts. Save As My Default will save your
current personal settings.
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Trend Fan Tool: You can choose the color, line style, and
line thickness of your lines.
Font: Select the font, size, and color of the text.
Select Text to hide or show your text on the chart.
Select Snap to have your lines snap to price bars when
moved. |
Example of a Trend Fan
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