Projection lines are based on the measurement of chart patterns such as triangles and rounding tops. This technique measures previous price action, such as the height of the base of the triangle. This measurement is then used to project future targets. This is also called a measured move.
It is most effective when used in conjunction with chart patterns, which have a high probability of developing in a consistent way. The tool allows the user to plot a line to measure the height of the pattern. This is then projected exactly upwards or downwards from the point of the pattern breakout.
To add the tool to your chart, select the tool from the Guppy tool group, and left-click on the chart to draw the initial Projection Line between two points. Next, select Add Projection Line from the Actions menu to create the projected target based on the initial range. Optuma will then draw the tool using the default settings.
Actions & Properties
Add Projection Line: Select this option to add a Projection Line based off the initial line.
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple Projection Line 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 Projection Line 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 Projection Line to a chart, the tool will display using the new settings.
Delete: Deletes the tool from the chart.
Line Style: The Line Style allows you to adjust the type of projection lines displayed and applies to all projection lines. 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 Projection lines. Moving the slider bar to the right increases the thickness of the line.
Line Colour: Allows you to select the colour of the Projection 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 Name: Allows you to adjust the name of the tool, as it’s displayed in the Structure Panel.
Projections: This option allows you to show/hide the base and projection lines.
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 further information relating to the application of this tool, visit Guppy Traders.