Parallel Channel
Application
The Parallel Channel drawing tool is primarily used to distinguish trends of a price movement. The Parallel Channel tool has an option of being extended either to the right, left or both directions, if the user wants the channel to be continued indefinitely.
Style
In the Style property dialog, it is possible to change the appearance of a Parallel Channel:
Channel's levels
Sets the color, opacity, thickness and the style of the parallel channel's lines. Checkboxes on the left toggle the visibility of additional levels. Also, it is possible to enter a custom ratio for the level's placement.
Extend Left Line
Check this box to extend the parallel channel's left end indefinitely.
Extend Right Line
Check this box to extend the parallel channel's right end indefinitely.
Background
This checkbox enables filling the parallel channel's background. Fill color and it's opacity can be selected in the drop-down beside.
Text
In the text property dialog, it is possible to add text and change its format.
Coordinates
In the Coordinates properties dialog, you can set precisely the position of the Parallel Channel's end points on the price scale (by setting the price) and the time scale (by setting the bar number):
#1
Allows for the precise placement of the first point of the Parallel Channel's level 0 using a bar number and price.
#2
Allows for the precise placement of the second point of the Parallel Channel's level 0 using a bar number and price.
Price offset
Allows for the precise placement of the Parallel Channel's level 1 in relation to level 0 using price.
Visibility
In the Visibility properties dialog, you can switch the Parallel Channel's displaying on charts of different timeframes:
Alert
It is possible to set an alert to get notified when a series crosses the Parallel Channel on a chart. Use the clock icon in floating drawing toolbar or in right click menu on the Parallel Channel itself:
Then select a condition, periodicity and preferable method of notification, edit the notification message if you wish, and press Create:
