Three Drives Pattern
Overview
The three drives pattern is made up of a series of higher highs or lower lows that complete at a 127% or 161.8% Fibonacci extension / retracement.
This indicator allows you to manually draw this pattern onto your chart.
To add the tool to your chart, select the tool from the Harmonic Patterns tool group, and left-click on the first bar you want to calculate the tool from. Next, select the other six points to calculate the tool to. Optuma will then draw the tool using the default settings. The colour of the indicator will be set automatically based on the angle of the first line. If the angle is down, the colour will be red (Bearish) if the angle is up, the colour will be green (Bullish).
Actions & Properties
Actions
Add Line Alert: Selecting this action will set a Line Alert based on the selected line.
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple Three Drives Pattern 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 Three Drives Pattern 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 Three Drives Pattern to a chart, the tool will display using the new settings.
Delete: Deletes the tool from the chart.
Properties
Tool Name: Allows for the name of the tool to be changed, as displayed in the Structure Panel.
Show Background: Allows you to add a border / background around the text labels displayed on the tool.
Label Alignment: Allows you to change the position of the text labels displayed on the tool.
Font Size: Allows you to increase / decrease the size of the text labels displayed on the tool.
Font Colour: Allows you to adjust the colour of the text labels displayed on the tool.
Base Line Style: Expands to show options allowing you to modify the display style of the primary lines of the indicator (Colour, Thickness, etc). By default they are Green / Solid.
Ratio Label Styles: Expands to show options allowing you to modify the display style of the secondary lines of the indicator (Colour, Thickness, etc). By default they are Green / Dashed.
Tool Transparency: Use this slider bar to adjust the transparency of the tool. Moving the slider to the left will increase the transparency.
Visible: Un-tick this checkbox to hide the tool from the chart.