Charting Tools - Wedge or Triangle: Triangles

 

Symmetrical Triangle

Drawing a Triangle Formation:
  1. Select the Wedge Tool from the Toolbox.
  2. Left click your mouse at the top of the triangle.
  3. Drag the mouse pointer to the bottom of the triangle and left click to place.
  4. Next drag the mouse pointer to form a triangle and left click the mouse to place the final point.

Resizing the Triangle Formation:
  1. Select the drawing by clicking on it. 
    Note: The formation is selected when boxes appear on the corners of the drawing.
  2. Click on one of the boxes to drag the select point and release the mouse button.

Moving the Triangle Formation:
  1. Select the drawing by clicking on it, drag to the new location and release the mouse button.

Deleting the Formation:

  1. Select the drawing by clicking on it and press the delete key on your keyboard.

Changing the Properties of the Triangle Formation:

  1. Right-Click on the drawing to view the properties menu. (see below)
  2. Properties that can be changed are:
    1. Foreground: Changes the line color of the Triangle drawing.
    2. Background: Changes the inside color of the Triangle drawing.
    3. Line Thickness: Changes the thickness of the Triangle line.
      Choose values from 1-6.
    4. Line Style: Changes the line style of the Triangle line.  Choose from solid, dashed, dotted and more.
    5. Send to back: Changes the layer of the tool.  This option is used when more than one tool is in the same area of the chart. Click on Send to back when you need to access a tool under the Triangle drawing.
Symmetrical Triangle

A Symmetrical Triangle Formation occurs when there is a pause in the  current trend, after which the previous trend is resumed.

 

To trade this formation, place a BUY order on a break up and out of the triangle or a SELL order on break down and out of the triangle.

CHART EXAMPLE

Non-Symmetrical Triangle
A Non-Symmetrical Formation occurs in exactly the same situation as a symmetrical triangle, only the pattern lacks symmetry.  This formation resumes the previous trend as well when a break out occurs.

 

To trade this formation, place a BUY order on a break up and out of the triangle or an order to SELL on a break down and out of the triangle.