The DRAWELLIPSE function in ProBuilder language is used to draw an ellipse on a chart. This function is particularly useful for highlighting specific areas on a chart, such as ranges of interest or potential patterns. The ellipse is defined by two sets of x and y coordinates, which specify the bounding rectangle of the ellipse.

Syntax:

DRAWELLIPSE(x1, y1, x2, y2) COLOURED(R, G, B, a)

The COLOURED part of the syntax is optional and allows you to specify the color and transparency of the ellipse. Here, R, G, and B stand for the red, green, and blue components of the color, respectively, and a represents the alpha channel (transparency).

Example:

DRAWELLIPSE(10, 20, 50, 60) COLOURED(255, 0, 0, 128)

This example draws an ellipse with the bounding rectangle corners at (10, 20) and (50, 60). The ellipse is colored red with 50% transparency.

Additional Information:

• The coordinates (x1, y1) and (x2, y2) define the top-left and bottom-right corners of the rectangle that bounds the ellipse.
• If the COLOURED option is omitted, the ellipse will be drawn in the default color set by the charting environment or application.
• The alpha channel value a can range from 0 (completely transparent) to 255 (completely opaque).

This function is useful for visual analysis and can help in identifying patterns or specific areas on financial charts without altering the underlying data.