TradeLocker’s parallel channel tool is a useful tool that helps users detect price channels by drawing parallel lines on the chart.
This function is excellent at illustrating the state of the market as it is trending, giving a visual picture of the levels of support and resistance within a particular trend. Consequently, it makes it easier to find possible trade entry and exit opportunities.
This feature improves precision and is especially useful for swing traders who profit from price changes inside predefined channels.
Additionally, by identifying the divergence between price and indications, the parallel channel tool functions as a helpful confirmation tool. This feature gives trading decisions an additional level of validation.
For a thorough examination of the market, don’t forget to combine this tool with other technical analysis tools and indicators.
The video below is a guide to how to use the Parallel Channel tool on TradeLocker: