Static Wheel of 24
The Static Wheel of 24 uses the same number series as used in the Wheel of 24 Chart, and plots these values in accordance with selected angles. This tool does not derive its calculation from a starting point on the chart, meaning that it does not matter where you click on the chart as the starting value will always be one. Consequently, you may need to adjust the Price Unit and/or number of Revolutions in the Properties panel for the levels to reach the price action on your chart.
For example, in this chart of the Dow Jones Industrial Average the Price Unit has been set to 100 with 8 revolutions around the Wheel of 24 chart:
To add the tool to your chart, select the tool from the Gann tool group, and left-click on the bar on the chart you wish to calculate the tool from. Next, extend the lines and left-click again where you want it to end. Optuma will then draw the tool using the default settings.
Actions & Properties
Add Price Alert: Selecting this action will set a Price Alert at the value the Horizontal Line is positioned.
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple Static Wheel of 24 tools have been applied to a chart, page or workbook, this action can be used to apply the settings of the one selected to other instances of the tool. This is a great time saver if an adjustment is made to the tool - such as line colour - as this allows all the other Static Wheel of 24 tools in the chart, page or entire workbook to be updated instantly.
Copy Tool: Allows you to copy the selected tool, which can then be pasted onto a different chart window.
Move to Back: If the tool is displaying in front of other tools or indicators clicking this action will move the tool view to the background.
Move to Front: If the tool is displaying behind other tools or indicators on the chart, clicking this action will bring the tool to the forefront.
Restore Default Settings: Click this action if you have adjusted the default settings of the tool, and wish to return to the standard properties originally installed with Optuma.
Save Settings as Default: If you have adjusted any of the tool’s properties (colour, for example) you can save the adjustments as your new default setting. Each time you apply a new Static Wheel of 24 to a chart, the tool will display using the new settings.
Delete: Deletes the tool from the chart.
Tool Name: Allows you to change the name of the tool, as displayed in the Structure Panel.
Wheel of 24 Angles: Click on this option to display the different degree levels.
To add a new level to the chart, left-click on the blue + button and enter the values as needed. To delete a level left-click on the red x.
- Value - Sets the levels in degrees (e.g. 90 is 90 degrees around the Wheel of 24 chart). To change the value amount, click in the field and enter the new value.
- Line Style - Sets the line colour, style, width and transparency of the levels.
- Visible - To hide a level, deselect the check box with the green tick.
Use Chart’s Price Unit: By default, the price unit of the chart is used in the tool calculation. Untick the box to manually adjust the value in the Price Unit property.
Price Unit: This option is available when the Use Chart’s Price Unit box is unticked (see above). Enter a new value to manually determine what one unit of price is equal to in the tool’s calculation (eg 0.1).
Revolutions: This allows you to increase the amount of 360-degree cycles around the Wheel of 24 Chart, enabling you to easily identify key future price targets.
Extend Left: Check this box to extend the degree levels to the left.
Extend Right: Check this box to extend the degree levels to the right.
Show Prices: This provides an option to show or hide the price and degree values for each level.
Label Alignment: You can elect to display the labels in different positions in relation to the levels. There are 8 options available: Top Left, Top Right, Centre Top, Bottom Left, Bottom Right, Centre Bottom, Centre Left and Centre Right.
Font Size: Allows you to adjust the size of the text displayed for each label used in the Static Wheel of 24. Moving the slider bar to the right increases the font size.
Tool Transparency: Use this slider bar to adjust the transparency of the tool. Moving the slider to the left will increase the transparency of the tool.
Visible: Un-tick this checkbox to hide the tool from the chart.