The ruler tool allows us to measure distances, angles and other dimensions on the chart, helping you in technical analyses.
In the context of financial trading, the ruler tool can be used to measure the price change between two points in time. This enables traders to calculate potential profits or losses. This is particularly useful for determining stop-loss and take-profit levels.
This tool can also be used to measure time intervals between specific market events. Understanding the duration between key occurrences helps traders forecast future price actions based on historical data. This is vital for strategies that rely on cyclical or seasonal patterns.
In addition to distance and time, the ruler tool can assess angles, which is vital for traders using trendline-based strategies.
How to use the ruler tool?
- Look for the toolbar on the left side of the chart, the ruler tool is represented by an icon resembling a ruler.
- Go with your cursor to the starting point on the chart where you want to begin measuring and click the left mouse button.
- Then drag the cursor to the desired endpoint location where you want to measure. As you drag the cursor, a line or ruler will appear.
To remove the ruler, simply click on the chart and it will disappear.
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