Charting tools allow traders to quickly evaluate chart data and make decisions depending on which methods and schools of technical analysis they prefer. Unlike indicators, drawn chart elements are immutable and are used to create points of reference and comparison rather than to dynamically interpret data.
Fibonacci Lines. This tool is used to overlay potential support and resistance lines on the chart, which is extremely useful for making decisions on entering a market position and determining the best take profit and stop loss parameters.
Patterns are used to identify certain sequences on the chart that indicate trend changes or price fluctuations. TradingView offers a wide range of patterns, including the popular ABCD, Gann projections, projections for market positions and trends, and other forms of chart overlays.
Annotations, icons, and other forms of charting tools can be used for margin notes, chart design, and just for fun during long analysis sessions.