E*Trade Pro charts allows traders to view information about a security's trading activity, including the high, low, opening and closing prices for a specified charting interval. Traders can add technical studies to charts, draw trends lines and Fibonacci drawings, save custom charts and link charts to other E*Trade Pro windows for quick access.
SEE: Taking The Magic Out Of Fibonacci Numbers
Creating a Chart
To open a standard price chart:
- Click the Chart icon in the Tools ribbon on the Navigation Console (see Figure 13) or right-click the row for the security from a watch list or positions list and select "Send Symbol To," and then "Charts" from that window's right-click menu, as shown in Figure 14.
Figure 13: The Chart icon in the Tools ribbon of the Navigation Console.
Figure 14: Right-click the symbol, select "Send Symbol to" and then "Charts" to open a price chart.
- Enter the security's ticker symbol in the Symbol field; click the magnifying glass to the left of the field to look up the symbol if necessary.
- Select a chart type from the pull-down menu. By default, the chart will be a candlestick type; other types include Bar, Percentage, Line-Open, Line-Close, Line-High, Line-Low; and Put/Call Ratio, Implied Volatility and Skew for options contracts.
- Specify the charting period in the Period pull-down menu, as shown in Figure 15. The default setting is Daily.
Figure 15: Select a chart interval from the Period pull-down menu.
- Select the chart span in the adjacent Span pull-down menu. The available spans will depend on the period selected. The span determines the chart's start and end points. A chart with a period of 60 minutes and a span of three days, for example, will plot price activity every 60 minutes (during regular market hours) and will go back three trading days.
- Add technical studies, if desired, using the chart's Studies menu. The volume panel, which appears by default beneath the price chart, can be removed by unchecking "Volume" (Shares/Contracts) in the Volume sub-menu.
- Use the chart's Tools menu to add trend lines or other drawings.
- Two symbols can be shown on the chart by entering in the appropriate information in the "Symbol 2" field on the top of the window.
To change a symbol on a price chart, type in the new symbol in the Symbol 1 or Symbol 2 field and then click Tab or Enter on the computer keyboard. Use the drop-down menu to select a previously used symbol.
Customizing a Chart
Many chart settings can be defined and customized by opening the Chart Setup window. To open this window, right-click on a chart and select "Chart Settings" from the drop-down menu, as shown in Figure 16.
Figure 16: Right-click on a chart and select "Chart Settings" to open the Chart Setup window.
In the Settings tab, which appears by default, users can select the Chart Type, Chart Range, Symbol and Studies that will be applied to the chart. Each of these can also be defined when opening a chart (discussed in the "Creating a Chart" section of this tutorial).
The Settings tab also allows users to customize the appearance of the chart. For example, the Chart, Axis, Grid and Gradient colors can be selected under the Chart Color section of the Settings tab. To change a color, click on the color box next to the item to be customized (such as the Chart background color; shown in Figure 17), and make a selection from the available colors. Recently selected colors will appear in the right-hand side of the window under "Recent."
Figure 17: Click on a color tab to open the Swatches color grid. Select a color, and then click "OK" to close the window.
The colors for the specified Chart Type can be selected (under the Chart Type section). If the Chart Type Candlestick has been selected, for example, users can make color selections for the Bar Color (the outline of the candlestick), Up bars (where price closes above the open) and Down bars (where price closes below the open).
Once a Study has been added to a chart, both its colors and any inputs, such as a Moving Average's Period (see Figure 18), can be customized in the Chart Setup window. Highlight the Study to reveal options on the right-hand side of the window for adjusting the Study's inputs and appearance. The options that appear on are relevant to the highlighted Study.
Figure 18: The appearance and inputs for Studies can be customized in the Chart Setup window under Studies.
Once all settings have been made, click "OK" to apply the changes and close the Chart Setup window.
SEE: Candlestick Charting: What Is It?
Saving a Chart
To save a chart view, select Save from the My charts menu in the upper right-hand corner of the chart window, name the view and then click "OK" (see Figure 19). This chart view will now be accessible by clicking the My Charts menu, and selecting "My Charts" and the applicable saved chart.
Figure 19: Saving a chart in E*Trade Pro.
Beginner's Guide To E*Trade Pro: Trading
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