Graphic tools: take your Forex learning to the next level easy [Video]

Forex Tester has a large variety of charting tools such as:

  • Pointers (arrow pointer, crosshair pointer)
  • Lines (Vertical line, Horizontal line, Trend line, Ray, Poly line)
  • Shapes (Rectangle, Ellipse, Triangle)
  • Signs (Thumb up, Thumb down, Arrow up, Arrow down, Stop sign, Check sign, Right price label, Left price label, Price label)
  • Fibonacci tools (Fibonacci retracement, Fibonacci time zones, Fibonacci fan, Fibonacci arc, Fibonacci extension)
  • Channels (Fibo channel, Linear regression channel)
  • Andrews' Pitchfork
  • Text label
  • Wave symbols
  • Risk/Reward tool

You can find all of them in the "Graphic elements" menu:

Add graphic tools to the chart to add some clarity

You can turn on the Graphic Panel for the convenient use of all the graphical tools by clicking the button

The Graphic Panel is floating and can be moved freely to any place of your screen. Panel can be displayed horizontally and vertically, as well as you can close it anytime by clicking the X button.

Let's take a look at all the buttons on the panel.

- this button enables a "crosshair" mode. The crosshair lines are movable lines that can be used to specify and measure positions on the chart.

If you hold down the left mouse button in the crosshair cursor mode and drag it to one of the sides, you can get the following information:

  1. the number of bars between the start and end point of the crosshair;
  2. price change in pips and percentage;
  3. the interval between the start and end points of the cross in days/ hours/ minutes.

- this button enables synchronizing crosshair on all charts. If this mode is activated, the crosshair mouse pointer represented on all the charts with all time frame differences kept. To enable/disable Global Cross Hair Cursor, click the button on the toolbar. Then use Crosshair cursor as always.

Drawing of the lines is pretty easy: select the tool and then click once with the left mouse to set the first point (in the case of the Vertical and Horizontal lines it will be only 1 point) drag your mouse and click to set the second point. If you decide to cancel drawing - just click the right mouse button - it will cancel the operation. Some tools like Poly line or Andrews' Pitchfork require more than 2 points to place.

Drawing lines is easily in Forex Tester

In the Channels group you can find the Fibonacci Channel tool and the Linear Regression Channel.

To add one of this tools to the chart please click the appropriate button and select the place on the chart to define the start point. After that move the mouse to the second point and click the left mouse button to finish drawing the tool. You can add signs to the chart by clicking on Icons button and selecting a sign from there.

The Fibonacchi tools group consists of 5 istruments for chart analysis: Fibonacci Retracement, Fibonacci Time Zones, Fibonacci Arc, Fibonacci Fan and Fibonacci Extension.

Сonstruction of objects with these tools has common principles:

  1. Select the tool from the Graphic Elements - Fibonacci tools menu.
  2. Move the mouse to the first point and click the left mouse button.
  3. Move the mouse to the second point and click the left mouse button to finish drawing the tool.

Forex Tester has the Andrews' Pitchfork tool among its instruments. You can add Andrews' Pitchfork to a chart by clicking on the button in the Grapics elements menu. Then just place three basic points of the tool via left-mouse button (like drawing the triangle). If the Magnet mode is enabled, the end points of the triangle will snap to the control points of bars.

The Text labels button allows to add any text to your chart. Also you can add it by pressing Ctrl+T combination of buttons on a keyboard. After this, click the left mouse button on the chart to place a Text label there. You will see Text settings window:

In this window you can write the text, which will be shown on the chart (in the Text: field) and also change the format of text (font type and size, color of the text, base point and text alignment). Click Apply button to finish the text adding. After this, the text will be shown on the chart:

To change the properties of the Text Label please use the right-mouse click on text and select the Edit Text option.

The Wave symbols tool allows to mark waves on the chart in a convenient way. Just select the symbol from the window by the left-button clicking and put it on the chart.

For example, if you select the first symbol in a table and then click the left mouse button on a chart, [I] symbol will be placed on the chart. If you click the left mouse button on a chart one more time, [II] symbol will be placed. And so on.

Each tool has its own properties. To edit them, right click on the tool and select Edit tool. You can also duplicate this tool or delete it with the help of this menu.

Adjust the properties of the graphic tools according to your trading needs

To select the tool, please double-click on it with the left mouse button. You will see white points which you can move to change the shape and position of the tool. If you press the Delete button on the keyboard, then all selected tools in this chart window will be deleted. To deselect the tool, double-click on it with the left mouse button again.

There are some hotkeys that will help you to manage graphic tools:

Ctrl + G - to select all the tools on the chart.

Ctrl + D - to deselect all the tools on the chart.

Ctrl + Del - to delete last added tool.

Ctrl + A - to delete all the tools on the chart (selected or not).

Delete - to delete only selected tools on the chart.

Note that all the hotkeys can be changed via the Hot Keys button on the Settings tab.

You can see these shortcuts through the Right-mouse click menu or in the Graphic Elements menu. Also in this menu, you can open the List of objects where you will see all tools that are currently added to a selected chart and change or delete any of these tools.

Manage graphical tools in Forex Tester easily

The Objects list dialog has the following view:

Now you can check all the tools added at the chart easily

To synchronize graphical tools on all charts and timeframes of one currency pair, use the button on the Paint toolbar.

When this mode is active all new graphical objects created on the one of the charts will appear on all of the charts with the same currency pair.

For example, you can add a trend line to one chart and then it will appear on all of your charts.

Similarly, graphical tools created on different charts (with the same currency pair) are connected. If you delete one, other tools related to it will be also removed from the rest of the charts.

The Risk/Reward tool shows the difference between the potential loss and the potential profit of your Buy or Sell trade, depending on initial preferences.

You can find the tool in the Graphic Elements menu (as well as in the Graphic Panel):

To begin the drawing of the tool you need to select the trade type you want to see Risk/Reward for, and choose between Risk/Reward Buy or Risk/Reward Sell.

After click on the necessary Risk/Reward type you will see the following window:

Lot (position size) can be calculated basing on the Balance (by default), Equity or Custom value,

Also please define the risk amount and click Apply to accept.

Select the place on the chart where the tool will be displayed.

Drawing tool will show you the following information about the further trade:

  1. Lot (position size).
  2. The Take profit level.
  3. The Stop Loss level.
  4. Risk/Reward ratio.
  5. Profit in USD and points.
  6. Loss in USD and points.

Please note that you can move, resize, change properties and SL/TP levels of the tool after applying to the chart anytime you need to. In this case all the values will be recalculated automatically.

If you need to change the SL or TP level, please drag up/down the outer corner of the appropriate rectangle.

To change some parameters of the tool, like name, style, risk for lot calculation, please use the right-mouse click on the border or corner of the figure and select “Edit”.

You can also place the pending order from this tool. Just use the right-mouse click on the border or corner of the figure and select “Place pending order” in the menu. The program detects automatically the type of pending order and places it at the level that corresponds to the price in the “Open at” field as well as fills the SL and TP values.