FAQs: FX AccuCharts
Q: How do I read a candle?
A:
A candle represents price on a chart that displays the high, the low, the open, and the close over a specific period of time.
Q: How do I read a bar chart?
A:
A bar chart is another style of forex chart that also displays the high, low, open, and close over a specified period, but in a visually different manner than candles.
Q: How can I manually make bars or candles thicker or thinner, taller or shorter?
A:
To make bars or candles thicker or thinner, use the two buttons on the FX AccuCharts toolbar that correspond to Compress and Expand. Alternatively, you can use the scroll wheel on your mouse to scroll up for thinner and down for thicker. To make the chart taller or shorter, place your mouse pointer on the y-axis price scale, then click to drag drag up or down.
Q: How can I change colors on the price candles/bars?
A:
To change candle or bar colors, right-click on the chart and select Properties. In the Properties window under the name of the currency pair, click Line Style. Here you can modify the colors under the Use Price Relation option.
Q: What does it mean when a candle is light blue (as opposed to red or green)?
A:
A light blue candle tells you that that particular candle opened and closed at the same price.
Q: What is a moving average and what does it do?
A:
A moving average is a dynamic price average over a specified period of time. Traders use moving averages as trend indicators, and they are sometimes used as buying and selling signals. Moving averages are also known as lagging indicators since they always follow price rather than being predictive of price. The many different types of moving averages include the following three, which are the most popular: Simple Moving Average (SMA), Exponential Moving Average (EMA), and Weighted Moving Average (WMA).
Q: How can I plot a moving average based on the high or low, instead of the close?
A:
Under Analysis Tools, instead of using the standard indicator like "Moving Average, Simple," which is an average on the Close price only, use the "Moving Average, Simple OHLC." When using this indicator, change the FidType under the Period setting. FidType 1 corresponds to an average of the Open prices. FidType 2 corresponds to an average of the High prices. FidType 3 corresponds to an average of the Low prices. FidType 4 corresponds to an average of the Close prices.
Q: Can a moving average be based on an AVERAGE of the high and low?
A:
No. Presently, a moving average can be based only on the Open, High, Low, or Close price, not on an average of any of these prices.
Q: What's the difference between a simple and an exponential moving average?
A:
A simple moving average assigns weight equally to all price data in the specified period. An exponential moving average, on the other hand, assigns more weight to the more recent price data. Exponential and weighted moving averages tend to combat somewhat the lagging effect of moving averages.
Q: How can I draw a Fibonacci Retracement?
A:
Fibonacci Retracements are generally drawn by dragging a line from a high extreme to a low extreme, or vice versa, from left to right
Q: What do Fibonacci Retracements do?
A:
Fibonacci Retracements reflect the likelihood that the price will retrace a large segment of an original move, and will find support or resistance at the key Fibonacci levels before continuing in the original direction. These key levels are created by drawing a trendline between two extreme points, then dividing the vertical distance by the key Fibonacci ratios: 23.6%, 38.2%, 50%, 61.8% and 100%.
Q: How can I get Fibonacci Projections (some may call them extensions)?
A:
Fibonacci Projections are negative retracements (below 0%) used for projection purposes. To add these negative retracement levels, draw on the chart a standard Fibonacci retracement line, right-click on it, and on the menu left-click Properties. On the list in the resulting window, under the Fibonacci Retracement tree, click Levels. Then check all the levels desired, including the negative levels for the projections.
Q: How can I draw a trendline?
A:
An upward trendline is customarily drawn by connecting successive lows - at least two, but preferably more. Each successive point must of necessity be higher then the previous point. Conversely, downward trendlines are customarily drawn by connecting at least two successive highs, each one lower than the previous one.
Q: How do trendlines work?
A:
A trendline is a simple but helpful tool for identifying and confirming the direction of a market trend. The continuation of the line helps determine the path on which the market is heading. Drawing trendlines is a concrete method of identifying support lines and levels. A trendline's validity is partly related to the number of connection points, and also to the length of time the trendline remains intact.
Q: How can I draw a horizontal support/resistance line?
A:
To draw a horizontal support/resistance line, click on the down arrow to the right of the diagonal trendline button on the FX AccuCharts toolbar. Click on the horizontal line button. Finally, click on the chart in order to place and move the horizontal line.
Q: How can I draw a parallel trend channel?
A:
To draw a parallel trend channel, click the down arrow to the right of the diagonal trendline button on the FX AccuCharts toolbar. Then click the parallel trend channel button. Third, click and drag on the chart in order to draw the first trend line in the channel. Upon releasing the mouse button after you have drawn the first trendline, the parallel line will be displayed. Move it to where you want it, then click the mouse button to place this second line.
Q: How can I calculate Pivot Points?
A:
Click the Pivot Point button on the FX AccuCharts toolbar. This is a multi-colored button which you will see to the left of the ABC button. This places pivot points on the chart automatically. To customize time parameters, fonts, colors, and levels, right-click on any pivot point, then left-click on Properties on the resulting menu. All the parameters can be customized under the Pivot Points tree.
Q: What is the Gann Fan?
A:
Developed by W.D. Gann, the Gann Fan is a way to predict price movements via the relation of geometric angles in charts that depict time and price. The Gann Fan is drawn in the same way Fibonacci Retracements are drawn - by dragging a line from a high to a low extreme or vice versa from left to right.
Q: What is Andrew's Pitchfork?
A:
Andrew's Pitchfork is a technical indicator that employs three parallel trendlines in order to identify possible levels of support and resistance. The trendlines are created by siting three points at the end of identified trends. This is usually done by placing the three points in three consecutive peaks or troughs. Once they have been placed, a straight line is drawn from the first point that intersects the midpoint between the other two. Andrew's Pitchfork may also be referred to as "median line studies."
Q: What are Speed Resistance Lines?
A:
Speed Resistance Lines are a technical analysis tools used for determining potential areas of support and resistance. This tool consists of three trendlines, and is created by drawing the first trendline as follows: from the most recent low to the most recent high when the asset is in an uptrend, and from the most recent high to the most recent low when the asset is in a downtrend. The other two trendlines are drawn with smaller angles in an effort to predict areas that will act as possible barriers in the event of a retracement.
Q: What are the most common indicators?
A:
FX AccuCharts includes over 150 indicators and oscillators. The most common include moving averages, MACD, RSI, Bollinger Bands, Stochastics, CCI, ADX, Momentum, Parabolic SAR, ROC, etc.
Q: What is RSI/Stochastics/Momentum/CCI (or any similar oscillator)?
A:
An oscillator such as RSI/Stochastics/Momentum/CCI/etc. is generally a technical tool that is banded between two extreme values and is built with the results from a trend indicator in order to discover short-term overbought or oversold conditions. As the value of the oscillator approaches the upper extreme value the asset is considered to be overbought, and as it approaches the lower extreme it is considered oversold.
Q: What do oversold and overbought mean?
A:
The term "overbought" describes a situation where the price has risen to such a degree that the upper bound of an oscillator has been reached. It is usually interpreted as a sign that the price is becoming overvalued and might experience a downward correction. "Oversold" refers to a situation where a price has fallen to such a degree that the lower bound of an oscillator has been reached. This is usually interpreted as a sign that the price is becoming undervalued and might experience an upward correction.
Q: What is MACD, and how do I find it on AccuCharts (as opposed to MACD Forest)?
A:
The MACD is a trend-following momentum indicator. It shows the relationship between two moving averages of prices, and is determined by subtracting the 26-day exponential moving average (EMA) from the 12-day EMA. A nine-day EMA of the MACD, which is called the "signal line," is then plotted on top of the MACD, and functions as a trigger for buy and sell signals. On the FX AccuCharts, the MACD is found on the list of Analysis Tools under the spelled-out name "Moving Average Convergence Divergence." Note: do not confuse this with the MACD Forest.
Q: What are Bollinger Bands?
A:
Bollinger Bands are bands which are plotted two standard deviations away from a simple moving average (normally 20 periods). Bollinger Bands are typically used to measure volatility, and technical traders can use them to generate trading signals.
Q: What is the Parabolic SAR?
A:
The Parabolic SAR is a technical analysis strategy which uses a trailing stop and reverse method known as "SAR," or stop-and-reversal dots, in order to determine exit and entry points.
Q: How can I customize indicators?
A:
All indicators and oscillators in FX AccuCharts can be customized. First, you can change the periods and other values found in the Insert Analysis Tools window. Additionally, you can further customize any indicator or oscillator by clicking the Tools menu at the top of the FX AccuCharts platform, then clicking Analysis Tools Editor. To edit the source code for any specific indicator, simply select the indicator on the list and click Edit. To create a new indicator, click the New button. Note: in order to edit or create source code, you must have knowledge of the source code language.
Q: I'm looking for the XYZ indicator - do you have it?
A:
The Analysis Tools list shows all FX AccuCharts indicators and oscillators. There you will find over 150 studies listed. Periodically we add new studies to FX AccuCharts based on customer requests. If you would like to use a study that cannot find on the FX AccuCharts, please contact us and request it.
Q: How do I open a chart?
A:
To open an FX AccuCharts chart, click the Quick Bar on the Navigation Pane column. There you will see a list of currencies with their corresponding national flags. Click the flag of your choice, or click the All button on the top. This will open a price page. On the price page, double-click the currency pair of your choice. This will open the chart, which defaults to a daily timeframe.
Q: How can I change the currency pair on a chart while keeping all of the indicator settings?
A:
The fastest way to change the currency pair on a chart, without changing any indicator settings, is as follows: Right-click on the chart, then click Change Symbol. In the "To:" field, type in the base currency (e.g., EUR) of the currency pair you wish to change to. Then click Find. On the resulting list, double-click the currency pair of your choice, then click OK. Your chart will now reflect the new currency pair you have chosen.
Q: How can I change chart timeframes?
A:
To change the timeframe on a chart, use the six toolbar buttons that correspond to Tick by Tick, Multiple Ticks, Intraday, Daily, Weekly, and Monthly. Among these six, you can specify a total of 30 different timeframes.
Q: How can I make a space between the last price bar and the vertical price axis?
A:
To create such a space, you must extend the timeline. Right-click on the chart, select Extend Time Line, then select Set Extend Time. You will see a field next to Number of Bars. Change the value in this field to reflect how many bars of space you wish.
Q: How can I get all of the historical price data available?
A:
To display all the available price data for a given currency pair, right-click on the chart, then click Properties. On the resulting window, click Time Region under the General tree. Then check the radio-button for "All." Click OK, and all the data available for the chart will be displayed.
Q: Can I export price charts into raw data form that I can input into a spreadsheet?
A:
Presently, chart data cannot be exported in the form of raw data.
Q: How can I set-up multiple charts on multiple monitors?
A:
To set up charts to display on more than one monitor, open a chart and click the Window menu located at the top of the FX AccuCharts platform. Select Detach Window, and the chart will detach and become a separate entity. You can drag the separated chart onto a different monitor. Repeat this process for as many charts as you need to view on separate monitors.
Q: What is a Workspace/Virtual Page/Window/Sheet, and how do I set them up?
A:
A workspace is the entire file, which you can save on your computer or send to other people via email. Within a given workspace, there can be 20 different virtual pages. Essentially, these are blank spaces on which you can place charts. You can scroll through these virtual pages using the Virtual Page button found on the FX AccuCharts toolbar. On each separate virtual page, you can open multiple windows. Usually such windows are charts, but they can be price pages as well. Within each window, you can create different sheets, similar to the tabbed sheets in Microsoft Excel. So, for example, in a chart window that shows a daily EUR/USD chart, you can create a second tabbed sheet that shows a EUR/USD Hourly chart, a third sheet with a EUR/USD 1-Minute chart, etc.
Q: How can I change the colors on my lines/moving averages/indicators?
A:
The quickest way to change the colors on lines, moving average, and indicators is as follows: select the element by clicking on it, then choose its color by clicking the color picker button on the toolbar. A more comprehensive method of changing colors is to select the element you wish to change, then right-click and select Properties. You can change colors under Style or Line Style.
Q: How can I make notations on my charts?
A:
Type a notation on any chart by simply clicking the ABC button, found on the FX AccuCharts toolbar. Once you have clicked this button, click on the point on the chart where you want the notation to appear, and a cursor will show. Type your notation, remembering to hit the "Enter" button on your keyboard when finished typing. Your notation will now appear on the chart. You can click and drag it to another location if you wish. To change the notation's font or text size, select the notation, right-click on it and select Properties. Here, under the Font option, you can modify the font and size.
Q: What is an intersection alert, and how can I set one?
A:
A convenient feature of the FX AccuCharts is the availability of intersection alerts. These notify you when a specified chart intersection occurs - for example, if moving averages cross, or price crosses a moving average, or price breaks a trendline, or an oscillator goes to overbought or oversold, etc. There are many potential uses for intersection alerts. To set one, right-click on the chart, place your mouse pointer on Insert, and click Intersection Alert. On the resulting window, select the two elements for the intersection on which you would like to be alerted. You can also choose the alert's Type and Evaluation. Once you click OK, you will be taken to another window on which you can view and edit your new intersection alert. Here, you may choose to be alerted via a sound, a pop-up window, and/or an email or text message.
Q: How can I set a price alert?
A:
A price alert is another convenient feature of the FX AccuCharts which alerts the user when a certain price is reached. To set a price alert, right-click on the chart, place your mouse pointer on Insert, and click Price Alert. This will open a window on which you can view your price alerts. The alert is set at the price level at which you right-clicked on the chart. To change this price, just double-click the displayed price and enter a new price.