This is a trading item or a component that was created using QuantShare by one of our members.
This item can be downloaded and used by QuantShare Trading Software.
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As with the default horizontal line, this drawing item plots a horizontal line at the mouse Y position when you click on a chart. Beside that line, another line that corresponds to the distance between the horizontal line and the last close price is also drawn at the first bar of the chart. Below the horizontal line, I have displayed three metrics:
- Level: This corresponds to the horizontal line level
- $: This is the distance, in dollars, between the horizontal line and the last visible close price
- %: The percentage of gain a stock must achieve in order to reach the horizontal line.
As an example, the highest close value of Asset Acceptance Capital Corp. (AACC) over the last 250 trading bars (one year) is equal to 7.82.
The current close price of the stock is $5.76. When you draw a horizontal line at the $7.82 level, you will see displayed:
Level: 7.82 - $: 2.06 - %: 35.76
The first item is the horizontal line level, the second is the distance between the stock price and the previous level (7.82 - 5.76). The last metric is the percentage of increase AACC will have to achieve in order to touch the horizontal line. It is calculated by dividing the distance in dollars by the stock price and then multiplying the result by 100.
The line color as well as the text back color can be updated by right clicking on the drawing item and changing the value of the "Line Color" field.
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
