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The best resource for drawing technical indicators on charts

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Technical analysis is built on the assumption that that the movement of stock prices have a basis in reality. There are many principles and approaches to analyse and forecast the future of the stock market. Our trading platform is loaded with features. So with the lack of such features in the Indian share market, Fyers One can work to your advantage if used well. We’ll explain how to use the drawing tools in detail. It’s time to pay attention.

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As shown in the highlighted section above, the drawing tools are divided into two main sections. The first section is related to Chart types & levels and the second one is dedicated for chart drawings and other technical tools. The features in this section will be explained with screenshots and highlights. Let’s begin!

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Line Chart– It shows the closing prices of the stock over a period of time. Line charts are good to view the basic direction of the prices. If you want to avoid getting into too many details, then this one is ideal for you. I reiterate, that you cannot view opening, high and the low prices using this chart type.

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HLC Chart – HLC stands for High, Low and Close. This chart presents the data in a sequence of bars. It is a line that connects the low and high prices. The small handle indicates the closing prices. It does not record the opening price. Although not very popular among Indian traders, it adds to the rich list of features on our superior technical analysis software.

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OHLC Chart – OHLC stands for Open, High, Low & Close. The green coloured bars denote the days that the stock has gone up and the red ones denote the down days. OHLC charts are also known as Bar Charts. It delivers almost the same information as candlestick charts. In a way, OHLC charts have an advantage of Japanese candlesticks charts because they do not require colour to show the closing price of the stock. Although we have used the green and red colour code to denote up and down days.

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Candlestick Chart– It is the most widely used chart type in India and around the world. It was first used to measure prices by rice traders in Japan back in the 17th century. Now, whether it is Nifty, stocks or any commodidites around the world, candlestick patterns analysis on the stock charts is the way to go for most traders. It records the same details as the OHLC chart but is more popular. The visual appeal of candlestick charts are much better.

Support & Resistance Levels – This is among the most widely used tools in the technical analysis of stocks, Indices and commodities. This indicator is extremely useful for short-term traders who are looking for peaks and troughs that might hold during the day or in the near future. Many professional traders use this a tool identify potential turning points in the market. It is useful to determine the demand and supply of the situation. For example, a break above the the resistance levels shows that there is high demand and consequently a break below the support levels shows the lack of demand.

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Previous session levels – Just click on the highlighted button to see horizontal lines of the previous session levels. You can see:
• Previous High
• Previous Low
• Previous Low

This can serve as a visual reminder of the approaching levels. The screenshot above of the Nifty Futures shows this in detail.

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Drawing Tools – You can draw on a Nifty Chart as shown above or any other scrip of your choice. Drawing trend lines, ranges and pivots can help you study technical analysis on a deeper level. You can operate it very easily without any explaination. In the example used above, the long-term Nifty chart is used to show how these tools can be used effectively to study the trend and make forecasts.

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Gann Studies – This was pioneered in the early 20th century. The predictions are based on these factors:
• Price, time and range are the only three factors to consider.
• The markets are cyclical in nature.
• The markets are geometric in design and in function.

The way to use the Gann fan is by determining which low or high to start from. This is similar to Fibonacci retracements. The direction of drawing will either be downward and to the right from a high point or upward and to the right from a low point.

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Gann Angles are used in a similar way to support and resistance lines. The only difference is that Gann angles are diagonal. The image above is an example of how to use it. The Gann angles drawn on the Tata Steel chart at the peak of the Modi rally in June 2014, shows that on the way down, it met with many lines. These lines act as resistances. The system is simple to use.

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Fibonacci Studies – This is one of the most widely used tool in technical analysis. There are 3 levels that matter most in the Fibonacci sequence. They are:
• 61.8%
• 50%
• 38.2%
• 23.6%

The magical number sequence is used in several ways to decipher the uncertainty in the stock markets. The above example only shows the retracements drawn on the weekly Nifty chart. It is drawn using the low made in 2013 to the high in March 2015. On Fyers One, you can use all of them:
• Fibonacci Retracements
• Fibonacci Arcs
• Fibonacci Time zones

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Tirone Levels – It is quite similar to Fibonacci retracement since both are used and understood in the same way. It is used to identify support and resistance, but in a different way. The line in the centre represents the difference between the highest price point and the lowest price point for the scrip in the given time frame divided into 2. Although not very widely used for technical analysis in India, it could an extra dimension to your analysis when needed.
possible look at turning points in prices. This indicator uses both end of day data and intraday data to determine highs and lows. This could be an effective tool in technical chart analysis.

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Raff Regression Channel – is a regression line with trend lines on either side of it. The distance of the trend lines are based on the highest high and the lowest low away from the linear regression line. The way to understand it is that as long as the prices are moving along the linear regression line, the trend is intact. The line can be drawn to cover the existing trend. It is used to gauge the trend and
possible look at turning points in prices. This indicator uses both end of day data and intraday data to determine highs and lows. This could be an effective tool in technical chart analysis.

Quadrant Lines – Is a visual reference tool to look at prices and how much they have moved within a price range. These lines allow traders to identify the following levels with ease:
• 25%
• 50%
• 75%

It is useful to measure advances and declines of stocks with relative ease further making technical analysis less mathematical and more visual. Once you select this option and drag your mouse across the point where you want to start, the range is automatically calculated by this technical tool. The width of the range depends upon your selection and hence is very efficient in tracking price movements.

Tejas Khoday

Tejas Khoday

Tejas is the Co-Founder & CEO at FYERS, the youngest team to get NSE’s broker license. He has a specialization in finance and has over 10 years of work experience spanning across proprietary trading, risk management, and broking. Tejas & his team started FYERS, a technology-focused brokerage as a mission to transform the trading/investment landscape in India.

26 Comments

  • Avatar Nancy D'souza says:

    I believe that now FYERS Web is having better drawing tools options in comparison with FYERS One? Correct me if I am wrong.

  • Avatar Santosh Nair says:

    I was asking for Fyers web version for long time and promptly they took my feedback and delivered. Happy to see such young blood in such an old-school industry. Regards from Traderji and other members who are your fans over there.

  • Avatar Dhruvesh says:

    Sir eagerly waiting for your new web trader. I am hearing that it will be better than Fyers One.

    • Tejas Khoday Tejas Khoday says:

      Fyers Web is launched Dhruvesh. You can access it here: https://trade.fyers.in. Btw, the initial focus is to keep it very simple and introduce features based on popular demand. Fyers One is, on the other hand, is packed with features and meant for those who are comfortable using them.

  • Avatar Ashwin Gulhati says:

    Sir, when is Fyers Web launching? I heard the charting is way better than this platform Fyers One. Is it true?? I have been waiting for the launch date since 1 month. Please give a date.

    • Tejas Khoday Tejas Khoday says:

      Hello Ashwin, we’re due to launch in July. It is currently in beta testing and will be out for all clients to use in a few weeks. The charts are more interactive. You will be pleasantly surprised!

  • Avatar Shivkumar says:

    thanks for introducing cross hairs now I am happy with your support.

  • Avatar AMIT KUMAR PANDEY says:

    i saw when they are live demonstrating the kite platform and fyersone was there in there desktop instead of pi.

  • Avatar Kamal says:

    Very good charts and features on FyersOne and much better than Zerodha Pi. Good demo given to me today.

  • Avatar AMIT KUMAR PANDEY says:

    sir, i m very surprised when i saw employee(who has conducted a live demo of their kite platform) of zerodha are also using your FYERSONE platfrom.
    fyers team has succeeded in creating a revolutionary platform. features in fyersone are lot more and advanced than any other terminal provided by brokers in india.
    The only thing which i m missing and keeping me away from fyers is the BO and CO. and Pls upgrade your web platfom also.
    Hoping you will soon launch BO and CO .

    Best of luck for your future.
    Regards;
    Amit

    • Tejas Khoday Tejas Khoday says:

      Hi Amit, I don’t know how you saw that but thanks for your compliments. We will upgrade our web trading platform soon and then focus on CO & BO. Stay tuned, you’re mostly in for a pleasant surprise soon.

  • Avatar AMIT KUMAR PANDEY says:

    thanks sir, “indicators parameters editing” problem has been solved in the recent update.

  • Avatar AMIT KUMAR PANDEY says:

    sir it works fine. BUT editing parameters is not easy.
    i want you to make some improvements in Graphics .
    as i also have a/c with zerodha , i found that graphics in PI are better specially in terms of indicators.
    And secondly, as fyers regularly releases patches and updates for fyersone, i request you to add changelog also so that we can easily know what are the changes you have made.
    => i found FyersOneX as “Rajasthani Thali” which has everything a traders need BUT requires some improvments rather than adding more dishes.
    hope you not mind my review and suggestion.

    • Tejas Khoday Tejas Khoday says:

      Nice analogy Amit. :-). Well Fyers One is more focused on the breadth of features. But point noted, there will be more depth in the future development.

  • Avatar AMIT KUMAR PANDEY says:

    sir how can i put MACD CROSSOVER line over MACD histogram in fyersonex?
    can you pls make some graphical improvement on indicators specially on MACD histogram, it does’nt look that great.
    i found that editing parameters function on indicators doesn’t works correctly, i usually have to delete the indicators and reapply to change its parametrs.

    • Tejas Khoday Tejas Khoday says:

      Request you to call support team during market hours so they can fix the issue. It doesn’t work properly? We’d like to know more. Please send us a mail to support@fyers.in as well so we can take a closer look at what you’re facing.

  • Avatar Karthik says:

    After using Amibroker, i feel your platform is more good. But sometimes there is an issue I face, it ask me to change my password now and then. Please make permanent password policy.

  • Avatar Trinadh says:

    @Sagar Jeethani: Thanks for showing interest. Yes you can link your existing demat account to your FYERS trading account. Just submit your CMR copy of your demat account to our account opening team.

    Note: By linking other demat account to FYERS trading account, you cannot do Equity delivery sell transactions.

  • Avatar Sagar Jeethani says:

    Very impressed after taking demo. Have sent account details.. can I just link my other demat account instead of opening new one?

  • Avatar phantom 4 says:

    Hello, all the time i used to check blog posts here in the early hours in the
    break of day, for the reason that i like to learn more and more.

  • Avatar Vardhaman reddy says:

    How can I add R&S tool to my chart?

    • Tejas Khoday Tejas Khoday says:

      Hi, observe it in the image provided under Support & resistances. I have highlighted the icon in black.

  • Avatar Alex Joseph says:

    I tried to use Fibonacci retracement tool on the chart. I am using it for the first time. Is it a useful tool? If so, how?

    • Tejas Khoday Tejas Khoday says:

      Fibonacci retracements are generally useful to identify potential support levels in stocks.
      A retracement of 61.8% would be considered to be a more reliable measure of support/trough
      than 23.6%.

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