How to draw parallel channels

1. Select the parallel channel tool from the drawing tools panel.

2. To draw an upward-trending channel, identify a significant low on the chart and press it to set your first point.

3. Find a subsequent significant low and press it to set the line and angle of the channel's lower boundary.

4. Identify a significant high located between your first two points and press it to set the channel's width. The tool will automatically draw a parallel upper line, completing the channel.

For a downward-trending channel, you would generally do the opposite, setting the channel based on two significant highs and one significant low.