We may measure angles, distances, and other parameters on the chart with the Ruler Tool, which will be useful for technical analyses.
The Ruler Tool can be used to calculate the difference in price between two points in time in the context of financial trading. This makes it possible for traders to estimate possible gains or losses. This is especially helpful in figuring out take-profit and stop-loss levels.
One further use for this tool is to calculate the intervals between particular market events. Based on historical data, traders can estimate future price actions by knowing the interval between critical events. For methods that depend on seasonal or cyclical trends, this is essential.
The Ruler Tool can measure angles in addition to time and distance, which is essential for traders who use trendline-based techniques.
To learn how you can use the Ruler Tool, please check out the video below: