The cTrader Pattern Drawing Tool allows traders to visually draw the most popular Forex patterns onto the chart with ease, these patterns help identify possible trend reversals or breakouts, used together with your existing strategy can help your trade entry and exits. two of the most common patterns used are the Head and shoulders (H&S) and the Triangle.
How to Use the Drawing Tool
The cTrader Drawing Tool has many patterns to draw on the chart, we advise that you start with the ones you know and do some research for the others to see if they suit your trading system, some of the most popular are shown below.
- Triangle
- Cypher
- Cycles
- Head and Shoulders
- ABCD
- Three Drives
- Elliott Impulse Waves
- Fibonacci Tools
- Pitchfork Tools
- Gann Tools
Head & Shoulders (H&S)
This popular pattern can be drawn by identifying the topping formation of the uptrend and the bottoming formation of the downtrend, this will show the highest price followed by the retracement to the lowest price of a symbol. The top pattern is known as the Head and the bottom pattern is the shoulder, when a second shoulder forms and there is a trendline that connects the 2 highs or 2 lows the pattern is complete as shown below.
Indicator Settings
You can use the drawing tools on any timeframe, unfortunately, Spotware did not create a comprehensive user guide on how to use the tool, we hope that the user settings are self-explanatory, but if you need help then post your question on our support group.
* We are unsure of the Others options and which news events they show, please contact Spotware regarding this.
Watch a Video Demonstration
The video has been uploaded to 1080p High Quality, so do not forget to set your YouTube video quality to 1080p HD.
Duration: 9 minutes - Watch full screen on YouTube
How To Install & Remove
First, make sure you have the cTrader trading platform installed and then unzip the file and double-click on it to automatically install it onto the platform.
Any Questions?
If you have any questions or if there are any bugs, please first search our product help forum for the answer, if you cannot find it, post a new question.
Need a Broker
If you are still looking for a broker you can trust, take a look at our best cTrader broker site.
Our Harmonic Pattern Trading Software
You may be interested in the automated trading tools that we have built for chart patterns, you can find them below.
