How to Use Drawing Tools on Webull Desktop App

To follow along, watch our desktop tutorial on advanced charting:

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Accessing Drawing Tools

To get started with drawing tools, first, open the Webull desktop platform. Navigate to the chart of the stock you want to analyze. You’ll find the drawing tools pencil icon on the top-left corner of the chart.

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Click on the drawing tools pencil icon to open the drawing tools menu, where you’ll see a variety of options categorized into single line drawing tools, multi-line drawing tools, Fibonacci drawing tools, and miscellaneous drawing tools.

Single Line Drawing Tools

Single-line drawing tools are used to mark important price levels and trends on the chart. This category includes:

• Trendline: Draws a line between two points to identify the direction of the trend.
• Horizontal Line: Marks a horizontal level to indicate support or resistance.
• Vertical Line: Marks a specific time point on the chart.
• Extended Line: Draws a line that extends indefinitely in both directions.
• Ray: Draws a line that extends indefinitely in one direction from a starting point.
• Horizontal Ray: Draws a horizontal line that extends indefinitely in one direction from a starting point.

To draw a trend line:

1. Select the trend line tool from the menu.

2. Click on the chart where you want to start the line.

3. Drag the cursor to the endpoint and click again.

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Multi-Line Drawing Tools

Multi-line drawing tools are used for creating more complex shapes and range indicators. This category includes:

• Parallel: Draws two parallel lines for identifying channels.
• Polyline: Creates a series of connected lines.
• Rectangle: Draws a rectangular shape to highlight areas.
• Pitchfork: Uses three points to draw trend lines for identifying support and resistance.
• Trend Channel: Draws parallel lines to indicate the upper and lower boundaries of a trend.
• Data and Price Range: Measures the range of data points or prices over a specified period.
• Fixed Range Volume Profile: Displays the volume profile for a fixed range.
• Long Position: Illustrates a hypothetical long position on the chart.
• Short Position: Illustrates a hypothetical short position on the chart.

To use the rectangle tool:

1. Select the rectangle tool from the menu.

2. Click on the chart where you want to start the rectangle.

3. Drag to create the rectangle and click again.

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Fibonacci Drawing Tools

Fibonacci drawing tools help in identifying potential support and resistance levels using Fibonacci ratios. This category includes:

• Fibonacci Retracement: Identifies potential reversal levels by drawing horizontal lines at key Fibonacci levels.
• Fibonacci Extension: Projects potential price targets based on Fibonacci ratios.
• Fibonacci Time Zone: Marks vertical lines at Fibonacci intervals to predict potential time-based turning points.

To use Fibonacci retracement:

1. Select the Fibonacci retracement tool from the menu.

2. Click on the chart at the starting point of the retracement.

3. Drag to the endpoint and click again.

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Miscellaneous Drawing Tools

Miscellaneous tools include additional annotation and highlight options. This category includes:

• Text: Adds text annotations to the chart.
• Notes: Places notes on the chart for reminders or important points.
• Drawing Tool: Freeform drawing tool for custom shapes and annotations.
• Arrow: Adds an arrow to point out specific areas on the chart.

To add a text annotation:

1. Select the text tool from the menu.

2. Click on the chart where you want to place the text.

3. Enter your text and confirm.

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Customizing Drawing Tools

You can customize your drawing tools to suit your preferences. Change the color, thickness, and style of your lines and shapes by clicking on the drawing and selecting the customization options from the pop up menu on the screen.

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The Bottom Line

Now you know how to use, customize, and save drawing tools on the Webull Desktop platform. Practice these tools to enhance your technical analysis skills. Check out Webull Learn for more guides on using Webull’s features and for more knowledge on Stocks, Options, and ETFs, and make sure to check out the desktop platform!