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This drawing tool creates a simple trend line with two additional properties:
- The line is colored Green when it is trending up and red when it is trending down
- The trend line displays its length (number of trading bars) and the sum of volume (accumulation) of the bars that occurred between the start and end extremities of the line.
By right clicking on the trend line, a menu is displayed. It allows you to select whether to display the line length and volume accumulation or not.
Implementation of the Green/Red color change:
Line coordinates are stored in the "Functions.ClickPositions" array.
We compare the first coordinate with the second one. If the Y-value of the first one is higher than the Y-value of the second one then we set the line color to Red, otherwise we set it to Green.
Displaying the number of bars and volume accumulation:
First, we get whether we should display these values or not by checking their corresponding settings using the function "Functions.GetSettings".
We get the bar indices for the line coordinates using the "Functions.ChartData.GetBarIndex" function.
The next step is to get the volume series and loop through the array to sum the values that are within the previously calculated bar indices.
The number of bars that covers the trend line is obtained by subtracting the second point X-value from the first point X-Value.
How to create the volume accumulation trend line:
- After you add the drawing item to the bookmark panel, double click on it to start the drawing process
- Click on the chart to create the first extremity of the line
- Click another time to create the second extremity of the trend line and to complete the drawing process.
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.
