In his book, '45 Years in Wall Street', W.D. Gann talked about his use of identifying important price levels by calculating specific percentage levels, typically off market highs. The Price Division tool will divide the distance from zero to the selected point (by default at Fibonacci intervals).
To apply the Price Division to your chart, select the tool from the Gann tool group. With the tool selected, left-click once on the chart to choose a starting point and move your mouse cursor to the left or right to extend the level lines, then left-click to anchor them to the chart. The tool will then calculate the divisions between that level and zero.
Actions & Properties
Add New Level: Allows new angles to be added or existing angles to be edited. See Levels in the Properties section below for more information.
Add Price Alert: Creates an alert at the selected price level. Click here for more information on Price Alerts.
Add to Toolbar: Click this action to add the selected tool to your custom toolbar.
Apply Settings to All: When multiple Price Division 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 hiding or adding levels - as this allows all the other Price Division tools in the chart, page or entire workbook to be updated instantly.
Copy Tool: Allows the selected tool to be copied, which can then be pasted onto a different chart window.
Move to Back: If the lines of the tool are displaying in front of other tools or indicators clicking this action will move the lines view to the background.
Move to Front: If the lines of the tool are displaying behind other tools or indicators on the chart, clicking this action will bring the lines 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 (such as the colour) you can save the adjustments as your new default setting. Each time you subsequently apply the tool to a chart it will display using the new settings.
Delete: Deletes the tool from the chart.
Tool Name: Allows you to change the name of the tool, as displayed in the Structure Panel.
Levels: Click on this option to display the different levels.
To add a new level to the chart, left-click on the blue + button and enter the values as needed.
- Value - Sets the percentage value of the Price Division line (e.g. 38.2). 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 angle lines.
- Visible - To hide a level, deselect the check box with the green tick.
Show Prices: This provides an option to show or hide the price value for each division line.
Show %: This provides an option to show or hide the percentage value for each division line.
Label Alignment: You can elect to display the price label in different positions in relation to the division lines. There are 8 options available: Top Left, Top Right, Centre Top, Bottom Left, Bottom Right, Centre Bottom, Centre Left and Centre Right.
Font Size: Allows you to adjust the size of the text displayed for each label used in the Price Division. Moving the slider bar to the right increases the font size.
Show Base Divisions: Shows the divisions between the selected price and zero. For example, starting at $60 the 50% line will be at $30.
Show Repeated Divisions: Repeats the divisions above the start line. Following on from the above example at $60, the 50% line of the repeated division will be shown at $90.
Extend Left: Check this box to extend the division lines to the left.
Extend Right: Check this box to extend the division lines to the right.
Base Line Style: Allows you to adjust the style, width, and colour of the base 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.