Price Retracements are used to specify horizontal lines at price levels, which are determined to be probable values of support and resistance based on a market’s previous range. Common values are the Fibonacci sequence 38.2%, 50% & 61.8%. These are used as the default values in Optuma.
To add the tool to your chart, select the tool from the Levels 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. With both points selected, move your cursor to the left or right to extend the level lines, then left-click to place them on the chart. 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 Price 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 Price 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.
Price Flip: Allows you to create a duplicate of the tool along the price axis.
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 Price 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 Price 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 Fibonacci 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 Retracement lines.
- Visible - To hide a level, deselect the check box with the green tick.
Extend Left: Check this box to extend the Retracement lines to the left.
Extend Right: Check this box to extend the Retracement lines to the right.
Show Prices: This provides an option to show or hide the price value 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 price label 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, Centre Right.
Font Size: Allows you to adjust the size of the text displayed for each label used in the Price Retracements. Moving the slider bar to the right increases the font size.
Mirror: Selecting this check box will display a mirror image of the tool either above or below the drawn Price Retracement.
Reverse Percentages: This option only becomes available if the ‘Retracement Type’ is set to Price. Selecting this check box will reverse the Retracement levels.
Lock Log: When ticked, gives you the ability to maintain the line spacings of the Price Retracement lines, when moved from its original location on a Logarithmic chart.
Scale Mode: Can be set to either Price or Percent. The Percent mode calculates percentage retracements based on the Logarithmic Scale, not the linear scale. For example, a 50% retracement of a move from 300 to 500 using a linear scale (Price Mode) is 400.
The new scale mode allows for a logarithmic calculation to be used. Using the log scale the 50% retracement of a move from 300 to 500 is 387.30. The 50% level, when using the new scale method could also be referred to as the Geometric Mean between the two selected price levels. For the Percent mode to function, the chart must be set to Logarithmic Scale.
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.