Fibonacci Time Retracements
Fibonacci Time Retracements are used to specify vertical lines at date/time levels which are determined to be probable values of changes in trend based on the market’s previous date/time range. You have complete control over which percentages are used in the Time Retracements tool and the colours of each of the Time Retracements values. Common values are the Fibonacci sequence 38.2%, 50% and 61.8%. These are used as the default values in Optuma.
To add the tool to your chart, select the tool from the Fibonacci tool group, and left-click on the first bar you want to calculate the tool from. Next, left-click on the bar where you want to calculate the tool to. Optuma will then draw the tool using the default settings.
Actions & Properties
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple Fibonacci Time Retracements 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 Fibonacci Time Retracements 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 Fibonacci Time Retracements to a chart, the tool will display using the new settings.
Delete: Deletes the tool from the chart.
Tool Name: Allows you to adjust the name of the tool, as it’s displayed in the Structure Panel.
Levels: Click on this option to display the different Fibonacci Time Retracement levels.
To add a new level to the chart, left-click on the blue + button and enter the values as needed.
- Value - Sets the value for the retracement line. To change the value amount, click in the field and enter the new value.
- Line Style - Sets the line type, thickness, colour and transparency of the Extension lines.
- Visible - To hide a level, deselect the check box with the green tick.
Extend Lines: Check this box and the Fibonacci Time Retracement lines will automatically extend from the top to the bottom of the chart. Uncheck this box to manually define the length of the retracement lines. Click on one of the small squares that appear on the tool when selected, and then drag that square up or down in order to set the line length.
Line Over All Views: Check this box and the Fibonacci Time Retracement lines will extend to display over any tools that are displayed in a separate indicator window, for example, Volume.
Show Dates: This provides an option to show or hide the date for each retracement line.
Show %: This provides an option to show or hide the percentage value for each retracement line.
Label Alignment: Can elect to display the Retracement labels in different positions in relation to the Retracement lines, 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 for the Retracement lines. Moving the slider bar to the right increases the font size.
Style: Select from Bars or Calendar Days to use in the calculation.
Line Style: The Line Style property allows you to adjust the type of the retracement lines displayed. There are 8 options available: Solid, Dots, Dash, Dash Dots, Long Dash, Long Dash Dot, Long Dash Dot Dot, Stippled.
Line Width: Allows you to adjust the width of the retracement lines. Moving the slider bar to the right increases the thickness of the line.
Line Colour: Allows you to select the colour of the retracement lines. Clicking on the drop down arrow will display a colour swatch. Locate the desired colour and left-click it once to select it.
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.
For additional information on editing the levels of this tool, click here.