Docs   »   Charting   »  How to use the Parallel Channel tool?
published-date Published: July 27, 2023
update-date Last Update: March 21, 2024

How to use the Parallel Channel tool?

The parallel channel tool is a valuable feature on TradeLocker that allows you to draw parallel lines on the chart to identify price channels.

This tool excels in capturing trending market conditions. It helps you visualize both support and resistance levels within a trend. By doing so, the tool aids in identifying potential entry and exit points for trades.

This tool is especially useful for swing traders who capitalize on price fluctuations within a defined channel.

Lastly, the parallel channel tool can be used to spot divergence between price and indicators, serving as a useful confirmation tool.

Select the asset you want to analyze

  • Select the instrument or currency pair you want to analyze on the chart.
  • Locate the toolbar on the left side of the chart.
  • Click on the parallel channel tool icon, represented by two parallel lines.
  • Position the cursor at the point where you want to start the channel. Left-click to place the starting point and the endpoints of the first line.

Drag to create support and resistance lines

Drag the cursor to the desired position for the second line parallel to the first line and left-click to complete the channel.

  • You can adjust the width and the angle of the channel lines by selecting their lines and dragging the dots at the center of the extremity of the channel.

Remember to use this tool in conjunction with other technical analysis tools and indicators for a comprehensive analysis of the market.

Learn more here:

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