xStation 5: Technical analysis

INTERMEDIATE - Lesson 15

For technical analysts, the chart is one of the most important tools when making trading decisions. This is why it is crucial you customise your trading platform to suit your style and preferences.

It will takes about: 20 minutes

In this lesson you’ll learn:

  • The most popular technical indicators
  • Which technical indicators are available on xStation5
  • How to analyse the market with our most advanced platform

Technical analysis tools / toolbar customisation

xStation 5 has a wide range of chart analysis tools to give you the ability to build advanced trading strategy. The following tools are available:

  • More than 34 indicators
  • Trend lines and others
  • Equidistant channel
  • Shapes
  • Fibonacci tools
  • Andrew’s Pitchfork
  • Speedline
  • Gann fan
  • Labels
  • Elliott Waves tools
  • Harmonic Formation (XABCD)
  • Compare charts

You can find these tools on the left-hand side toolbar on the chart.

In addition, you have ability to customise the toolbar to your needs, by setting it to display only the analytical tools that you actually use. To adjust the toolbar simply right-click on it and choose ‘Customise toolbar’.

The customise window will appear. Here you are able to mark/unmark the tools which you want to have quick access to.

To find all available tools, simply scroll down the ‘Customise’ window and mark what you’re interested in and confirm by clicking Apply. Your customised toolbar is ready.

Let’s have a quick look at the most popular.

Cross 

The cross allows you to watch your chosen chart more precisely, and analyse elements like the open, close, maximum, minimum price at a given time interval. The cross will allow you also to measure the length of the movement in pips or time and see how many candles the price move lasted. Simply hold left-click and move the cross.

Lines and channel

These allow you to draw your analysis and what you think may happen next in terms of trend lines and channels. It is one of the most basic technical analysis tools but also one of the most popular.

It allows us to highlight upward or downward trends by applying them to tops and price bottoms respectively.

Andrew’s Pitchfork

For more advanced traders, Andrew’s Pitchfork is a popular tool for indicating possible support and resistance levels.

Regression line

This is a simple line that best approximates all the individual data points. Regression is often used to determine how many specific factors influence the price movement of an asset.

Fibonacci retracement

This is a powerful, popular tool that highlights the potential retracement levels of a market’s original price move. Fibonacci retracements use horizontal lines to indicate areas of support or resistance at key levels.

Elliott Waves

A key principle with this indicator is that every action is followed by a reaction. Five waves move in the direction of the main trend followed by three corrective waves (a 5-3 move). A 5-3 move completes a cycle – this helps traders to understand the behaviour of certain markets within specified timeframes.

You can also use simple graphics to analyse charts: employ arrows, rectangles, ellipses and triangles.

At the bottom of the toolbar, you have the option to set a text label or visible layer to highlight what you want to see on a chart or to compare it with other markets. You can view correlations between instruments, but remember to keep your charts clean and understandable so that you can interpret opportunities easily.

Now we’ve covered the analysis tools available on the xStation 5 platform, you can begin to use it in your daily market analysis.

 

 

 

INTERMEDIATE lessons:

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