The Bands tool is designed to work with other tools within Optuma. For example, if you apply a Rate of Change tool to your chart, the Bands tool can be applied to the ROC, and set up to display levels above / below the main ROC line using either Percentages, Standard Deviations, or Average True Range.
In the above example, the Bands tool is set to shows 50% Levels above and below the central ROC line.
To apply the Bands tool, firstly apply a plot-based tool (Moving Average, ROC, ATR, etc), it will not work with static tools like Trend Lines. With the underlying tool applied, go to Tools - Price - Bands and left-click on the tool the bands will calculate from.
Actions & Properties
<div>Copy Data to Clipboard: Will copy the tool’s values to the clipboard which can then be inserted into a spreadsheet, for example, allowing for further analysis.</div><div>Add to Toolbar: Adds the selected tool to your custom toolbar.
</div><div>Apply Settings to All: When multiple Bands 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 Bands tools in the chart, page or entire workbook to be updated instantly.
</div><div>Copy Tool: This allows you to copy the selected tool, which can then be pasted onto a different chart window.
</div><div>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.
</div><div>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.
</div><div>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.
</div><div>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 Bands tool to a chart, the tool will display using the new settings.
</div><div>Delete: Deletes the tool from the chart.
Tool Name:** This allows you to adjust the name of the tool, as it’s displayed in the Structures Panel.
Source: When multiple plots exist on the chart, this dropdown will allow you to select the specific plot you are wanting the bands to calculate from.
Bands: This section expands to show the levels editor. From here you can add / remove bands to the underlying plot and select between Percentage, Standard Deviation and Average True Range, as well as setting display style.
Click the + icon to add a new set of bands. Click the x icon to delete an existing level.
- Band Calculation - Select how the bands are calculated (Percentage, Standard Deviations or Average True Range).
- Value - Enter the value you want to bands to use in their calculation (50 for 50% as an example).
- Multiplier - Available from Optuma 2.1 the ATR Band levels support a Multiplier value.
- Direction - This allows you to select the direction of the bands (Both by default), Up or Down.
- Line Style - This allows you to adjust the line type and colour of the bands.
Offset: Moves the tool forward or backwards in time. The offset is measured in bars, so a value of 2 will push the tool forward 2 bars and -2 will move the tool back 2 bars.
Lock Tool: Ticking this checkbox will lock the tool so that no other properties can be modified.