Speed Lines
What are Speed Lines?
This study will project lines out into the future which are potential support and resistance. You select recent swing high or low pivot points and then see how price is respecting the various lines. Try several swing points and see which is best. Then stick with these swing points until price moves outside the lines. Depending on your chart interval setting, this could be minutes to days.
Please do an internet search on this topic to learn more.
Draw from a Swing Low Price Bar
- DBL-CLICK just BELOW the SL bar of your choice. A small Red circle forms at the bottom of this bar.
- Then SGL-CLICK just ABOVE the SH bar of your choice.
- Your lines are drawn from this SL bar upward.
Draw from a Swing High Price Bar
- DBL-CLICK just ABOVE the SH bar of your choice. A small Blue circle forms at the top of this bar.
- Then SGL-CLICK just BELOW the SL bar of your choice.
- Your lines are drawn from this SH bar downward.
Re-Drawing the Speed Lines
To re-draw lines, simply start the DBL-CLICK process again under a new SL or over a new SH bar.
More
- You can only have one study drawn on a chart at a time
- You cannot insert another time frame’s study into another chart
- The latest drawn study will save upon program exit and currency or time changes
- To remove the efs study, go to the ‘Chart Options’ menu again, and find the ‘Remove’ option
- To clear up the efs, if the chart ever gets ‘messed up’, go to ‘Chart Options’ menu and then the ‘Reload’ option. Click on this efs to reload a fresh copy into the chart
- A Double-Click is a fast...click click
- This study is used to help predict retracements after a move from a SL to SH or from a SH to a SL
- The YELLOW line is a reference line only, to remind you of your swing points