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The drawing tools
NanoTrader offers many drawing tools. New drawing tools are added on a regular basis. The drawing tools can be set to provide e-mail, pop-up and sound alarms.
The ABCD tool helps the trader to define a potential target based on market movement. Connect relevant highs and lows and a target area is drawn.
This example shows a target for a market in a negative trend. The market initially goes towards the target but then changes direction.
The tick measurer indicates the number of ticks in a movement.
This example shows a forex pair which moved up 832 ticks in one day.
Support and resistance
Support and resistance are key trading concepts. Whatever your strategy, always keep an eye on support and resistance in the chart. Once resistance is broken, it becomes support and vice versa.
This example shows a market which bounced three times off the resistance level.
Zigzag trader Cene
Draw the first stroke of a trend and this drawing tool will automatically complete the zigzag and indicate the key trading zones used by professional trader Erdal Cene.
This example shows a bearish market which, by moving up, has left the sideways zone and entered the short sell zone.
Zigzag trader Voigt
Draw the first stroke of a trend and this drawing tool will automatically complete the zigzag and indicate the key trading zones used by professional trader Michael “Markttechnik” Voigt .
This example shows a bullish market. The market dropped below its sideways zone. If this market goes up and breaks through the green zone, it becomes buyable again.
Notes and arrows
Notes and arrows can be added to any chart.
This example shows a chart with notes added.
Andrews pitchfork is used for trendfollowing trading. The trader needs highs and lows in the chart to define the middle part of the pitchfork. Based on this 2 more lines are drawn that serve as support and resistance. These three lines together give this drawing tool its typical pitchfork shape and name.
This example shows the end of a positive trend as this bullish market drops out off the Andrews pitchfork.
Fibonacci Levels are often used by traders to define pullback areas within a trend. High and low of a move are defined and the Fibonacci Levels like 38,2% and 61,8% serve as potential pullback areas.
This example shows the Fibonacci lines and pullback levels.
The Fibonacci extensions attempt to forecast areas of resistance (support). They are drawn above (below) the 100% level. Most frequently levels are: 161,8% and 261,8%.
This example shows the 161,8% extension working as resistance.
A trendline can either be bullish or bearish. A trendline develops when a third pivot point can be lined up with two other pivot points which are already lined up.
This example shows a support trendline.
A trendchannel consists of two parallel trendlines. In a bullish trendchannel the upper line is called the resistance trendline and the bottom line is called the support trendline.
This example shows a bearish trendchannel. The market breaks out of the channel and accelerates upwards.
A full range of geometrical forms is available.
This example shows some of the more classic forms.