The Ellipse tool is used to draw freehand ellipses on any chart. The width is calculated as a user-defined percentage of the length, so in this example the yellow ellipse is set to 50% width of the distance from A to B, and the green to 100% width to create a circle:
To add the tool to your chart, select the tool from the Line Studies 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.
*Note: Remember to lock the price/time ratio in the bottom right-hand corner to keep the scaling geometrically consistent when changing the chart view.*
Actions & Properties
Scale:** When selected you can nominate the Scale value to use. For example, if you use a scale of 2 then the tool will double in size.
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple Ellipse 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 Ellipse 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 Ellipse 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.
Width %: Sets the size of the Ellipse as a percentage of the length. A width of 100% will draw a circle as it is as wide as it is long.
Angle: Sets the angle position of the Ellipse. Click in this setting in order to change the value.
Show Width Axis: When selected a horizontal line will be plotted across the width of the Ellipse.
Line Style: The Line Style property allows you to adjust the type of lines used in the Ellipse. 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 lines. Moving the slider bar to the right increases the thickness of the line.
Line Colour: Allows you to select the colour of the lines. Clicking on the drop down arrow will display a colour swatch. Locate the desired colour and left-click it once to select it.
Fill Colour: Sets the fill colour of the Ellipse tool.
Fill Transparency: Allows you to adjust the shading transparency of the Ellipse tool. Moving the slider to the left will increase the transparency of the tool.
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.