What is PVLine?

In the stage of PVPRO, Peak Valley Line is the main actor in the show. It's the heart of the tool where most of the other tools and functions rely heavily on it.

Peak Valley Line or also known as PVLine, is a speed drawing tool for support and resistance trader to draw with deadly accuracy! All levels will snap to the market's own level - the OHLC automatically. So it's always accurate on every level you draw.

Also, all drawn lines will automatically adhere to a specific predefined style and properties. Such as, the drawn level will only show in the current timeframe, or it will be hidden instantly after drawing.

Overview

In PVLine, SHIFT button plays the most important role and it can't work without it.

To draw a line or S/R level, all you have to do is press and hold the SHIFT button and then move your mouse pointer inside the area of your MT4 chart.

You'll see a dotted preview line appeared in your chart and it will follow your pointer all day long until you either release the SHIFT button or click on the chart to draw the level.

The dotted line can be customized to your liking using MT4 default line styles. It can be solid, dotted, dashed, etc.

In the preview line mode, you'll see a cursor/candle identifier appear above or below the candle (depend on where your mouse is) to let you know that you are going to draw a level from that candle.

At the end of the level, you'll see a timeframe and R/S info text which will let you know what TF you are drawing at and it's going to be a resistance (R) or a support (S) level.

When you click on the chart while holding SHIFT, the preview line will turn into a solid level and a PVAlerter dot will appear at the tip of the level. This indicated you've successfully drawn the level.

[Read more: Click this link if you want to know more about PVAlerter.]

Drawing Mode

PVLine have 3 drawing modes:

• Snap-to OHLC
• Body/Wick
• Free Draw

To cycle between modes, press the "TAB" key in your keyboard. You'll see a message box in the middle of your chart to let you know what mode you are using right now.

Snap-to OHLC Mode

This mode allows you to draw at the OHLC mode easily without the need to really move your mouse pointer into the exact level in a candlestick or bar. Once your mouse gets into the "hotspot", the PVLine preview line will automatically snap to the OHLC.

[##play## Click here for OHLC Hotspot demo]

Here are details of the hotspots in a candle - for both bearish and bullish candlestick/bar:

Body Wick Mode

In body wick mode, you can choose to draw on the body, or on wick level. You don't need to move your mouse close to the candle at all. The entire vertical (or Y axis) becomes the hotspot. If you are above the candle, it will snap to the body level on the upper side of the candles. If it's below, then the preview line will snap to the lower part of the candles.

[##play## Click here for demo]

[##play## Click here for Body Wick Hotkey demo]

Free Draw Mode

Free Draw is freedom mode. The preview line won't be fixed to the candle anymore, but it will stay with your mouse pointer. Any level drawn from this mode is going to be at the mouse pointer location.

[##play## Click here for Free Draw demo]

Properties

Every drawn PVLine levels will automatically color-coded to the timeframe and you can set them in the properties:

Set the colors to your liking, if you dislike multi-color, set them all white or black. It's your choice! 👍

Now, in the following, I'll explore and explain all the properties for you:

Level Type

There are two types available for you to choose from:

• /\ & \/
• S & R

I personally use the type (/\ & \/). The "/\" is the peak, and "\/" is the valley (that's why this tool is called Peak Valley! 😁), but I also include the classic S & R (Support & Resistance) to support the wider audience.

• [message]
• What is /\ & \/ ?
• /\ & \/ is designed exclusively for the traders who use the methodology of buying at A and selling at V. Or my own version of "Buy Peak & Sell Valley".

Offset For PVLine & Info Text

By default, the value is 8 for PVLine and 10 for Info Text. The minimum difference between them is 2. If you set them with the same number, you will see the PVAlerter dot overlapping with the Info text.

It's recommended to use a minimum of 2 in PVLine offset, and 4 in PVLine Info Text, to make sure you can still see the current candle when the price is moving into the PVLine level.

Text Color, Size & Font Family

Text color is the color of the info text. Change with anything you want, as long as it's contrast enough to tell the difference between the background color and the text color. If you set it the same, you'll see nothing (or meaning you've disabled the info text).

Note: New color will be applied to newly drawn levels only. All old PVLine levels in your chart will use the old one, so you'll have to delete them and redraw it again.

For text size, if you can't see the default size (The default is 7), you are welcome to change with the one you are comfortable with. As for the font family, I'm using the websafe font "Tahoma" to make sure it's available on all computers in the world. But you can customize it to yours if you have any cool font family. Just replace the default "Tahoma" into the font name of your choice and it's good to go.

PVLine Style, Width & Preview Style

You can style PVLine levels and "preview line" using MT4 default line styles:

• SOLID
• DASH
• DOT
• DASH DOT
• DASH DOT DOT

These styles are only available for the line width of 1 (the slimmest). If you set it to "2" or more, the style will be reset back to SOLID style. That is a limitation in MT4 platform, so we can't do anything about that. 😑

PVLine Left-Ray

This is a handy function in case you want to treat PVLine like a normal Horizontal line. Activate it by pressing on the hotkey (default: X key) on your keyboard when you are previewing the PVLine level on your chart.

[Click here for Left Ray demo ##eye##]