The DRAWARROWDOWN function in ProBuilder language is used to visually represent a downward movement or signal directly on a trading chart. This function is particularly useful in technical analysis, where visual cues can help identify potential sell signals or other significant events based on the chart’s data.

Syntax:

DRAWARROWDOWN(x1, y1) COLOURED(R, G, B, a)

The DRAWARROWDOWN function requires two parameters for positioning:

• x1: The x-coordinate (typically the bar index) where the arrow should be drawn.
• y1: The y-coordinate (typically a price or value) where the arrow should point.

The COLOURED function is optional and allows the user to specify the color of the arrow using RGBA values:

• R (Red): An integer between 0 and 255 indicating the red component of the color.
• G (Green): An integer between 0 and 255 indicating the green component of the color.
• B (Blue): An integer between 0 and 255 indicating the blue component of the color.
• a (Alpha): An integer between 0 and 255 indicating the transparency of the color.

Example:

sto = Stochastic[10,3](close)
signal = average[5](sto)
rge = averagetruerange[10](close)
if sto[1] > 80 and sto crosses under signal then
    DRAWARROWDOWN(barindex[1], high[1] + rge/2) COLOURED(255, 10, 10)
endif

In this example, a downward arrow is drawn when the stochastic indicator crosses under its signal line, suggesting a potential sell signal. The arrow is placed at a position slightly above the high of the previous bar, adjusted by half the average true range, which helps in avoiding overlap with the price bars. The arrow is colored red for visibility.

Additional Information:

• The Stochastic indicator is a momentum oscillator that compares a particular closing price of an asset to a range of its prices over a certain period of time.
• The Average True Range (ATR) is a technical analysis indicator that measures market volatility by decomposing the entire range of an asset price for that period.

Understanding these indicators can help in effectively utilizing the DRAWARROWDOWN function for technical analysis in trading strategies.