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Charting Tools - Wedge or Triangle: Wedges

Drawing a Wedge Formation:

Select the Wedge Tool from the Toolbox.

Left click your mouse at the top of the Wedge.

Drag the mouse pointer to the bottom of the wedge and left click to place.

Next drag the mouse pointer to form the wedge and left click the mouse to place the final point.

Resizing the Wedge Formation:

Select the drawing by clicking on it.
Note: The formation is selected when boxes appear on the corners of the drawing.

Click on one of the boxes to drag the select point and release the mouse button.

Moving the Wedge Formation:

Select the drawing by clicking on it, drag to the new location and release the mouse button.

Deleting the Formation:

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

Changing the Properties of the Wedge Formation:

Right-Click on the drawing to view the properties menu. (see below)

Properties that can be changed are:

Foreground: Changes the line color of the Wedge drawing.

Background: Changes the inside color of the Wedge drawing.

Line Thickness: Changes the thickness of the Wedge line.
Choose values from 1-6.

Line Style: Changes the line style of the Wedge line. Choose from solid, dashed, dotted and more.

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 Wedge drawing.

Rising or Inclining Wedges:

This formation occurs when the slope of price bar highs and lows join at a point forming an inclining triangle/wedge formation. The slope of both lines is up with the lower line being steeper than the higher one.

To trade this formation place a BUY order on a break up and out of the wedge or a SELL order on a break down and out of the wedge. Rising Wedges with a prior downtrend are anticipated to break down and out rather than up and out.

Falling or Declining Wedges:

A Falling Formation occurs when the slope of price bar highs and lows join at a point forming a declining wedge/triangle. The slope of both lines is down, the top line being steeper than the lower one.

To trade this formation, place an order to buy on a break up and out of the wedge or an order to sell on a break down and out of the wedge. Falling wedges, with a prior up trend, are anticipated to break up and out, rather than down and out.