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Programs / PFG FX Trader / Graphics / Line studies

Line studies

Line studies are lines and different geometrical figures, can be attached on price and indicator charts. These include support/resistance lines, trend lines, Fibonacci, Gann and Andrews instruments etc.

In the terminal, line studies are combined in "Insert" menu and in "Line Studies" toolbar.

	Menu command	Description
	Horizontal Line	Horizontal line is used to indicate different levels, in particular levels of support and resistance. Support is a level when prices are controlled by purchasers (bulls), preventing them from decreasing. Resistance, on the contrary, is a level when prices are controlled by sellers (bears), preventing their further rise.
	Vertical Line	Vertical line is used to indicate different limits on the time axis and to compare indicators' signals with price dynamics.
	Trendline	Trend line facilitates revealing price trends. To set a trend you have to determine two points, through which the line will go.
	Trend by Angle	Trend line helps to reveal price development trends. In contrast to a simple trend line, for this tool you can set degrees in the settings.
	Linear Regression Channel	Linear regression is a statistical analysis tool, used to forecast future value, based on available data. In conditions of a rising trend, it may be assumed that next bar will be higher than the previous one. Linear regression method allows to get statistical confirmation of such logical assumptions. You need two points to create this tool.
	Equidistant Channel	A trend channel. This channel's lines are always parallel. To create this tool you have to determine two points.
	Standard Deviation Channel	A channel of standard deviations. Standard deviation is volatility measurement by means of statistical methods. Standard deviation has impact on the width of this channel. You need adjust two points to create this tool.
	Gann Line	Gann Line is a trend line, made at an angle of 45 degrees. You have to set two points to create this tool.
	Gann Fan	Gann Fan is a set of trend lines, drawn from one point at different angles. Gann considered 1x1 trend line (45 degrees) the most important. If the price curve is above this line, it means that the market is bullish, if it is below — then the market is bearish. Gann thought that 1x1 ray is a powerful support line under rising trend, and a rapture in this line was considered a sign of turning. You need two points to create Fan Gann.
	Gann Grid	Gann Grid. Lines of the grid are made at an angle of 45 degrees. You have to set two points to create this tool.
	Fibonacci Retracement	Fibonacci Retracement. It is assumed that Leonardo Fibonacci discovered a number consequence when every subsequent member is a sum of two previous members: 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144 etc. Every number is approximately 1.618 times more than the preceding one and every preceding makes 0.618 of a subsequent number. The tool is created, using two points which determine trend line. Then 9 horizontal lines are drawn, crossing the trend line on the Fibonacci levels: 0.0%, 23.6%, 38.2%, 50%, 61.8%, 100%, 161.8%, 261.8% and 423.6%.
	Fibonacci Time Zones	Fibonacci Time Zones are a number of vertical lines with Fibonacci intervals 1, 2, 3, 5, 8, 13, 21, 34 etc. It is assumed that major price changes should be expected near these lines. The tool is created, using two points, which determine length of a unit interval.
	Fibonacci Fan	Fibonacci fan. This tool is created, using two points which determine trend line. Then an "invisible" vertical line is drawn through the second point. Then, three trends are drawn from the first point, crossing the invisible vertical line on Fibonacci levels: 38.2%, 50% and 61.8%. It is assumed that major price changes should be expected near these lines.
	Fibonacci Arc	Fibonacci Arc. This tool is created, using two points, which determine trend line. Then three arcs are made with their center in the second point and crossing the trend line on Fibonacci levels: 38.2%, 50% è 61.8%. It is assumed that major price changes should be expected near these lines.
	Fibonacci Expansion	Fibonacci expansion. This instrument is created, using three points, which describe two waves. Then tree lines are drawn, crossing the third 'invisible" line on Fibonacci levels: 61.8%, 100% and 161.8%. It is assumed that major price changes should be expected near these lines.
	Andrews Pitchfork	Andrews Pitchfork. This tool is created, using three points, and represents three parallel trend lines. The first trend line begins in the selected extreme left point (it is an important peak or pit) and is drawn exactly between two extreme right points. This line serves as pitchfork's handle. Then, the second and the third trend lines are drawn, parallel to the first one and beginning in the two mentioned extreme right points (an important peak or pit). These lines serve as fork's teeth. Andrews Pitchfork's interpretation is based on standard interpretation rules of support and resistance lines.
	Cycle Lines	Cycle lines. This tool represents a number of vertical lines with equal intervals. Usually a unit interval corresponds to one cycle. At this it is assumed that constructed lines describe future cycles. This instrument is created using two points, which determine length of a unit interval.

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