Similar to the Price or Time Clusters, the Analysis Cluster tool is designed to combine multiple criteria and tools, and highlight areas of convergence on the chart. In this example there are five criteria defined in the scripting language, including Close > 50MA, 13EMA is sloping up, and positive rate-of-change over the last 3 months (scroll down for scripting examples). Where these conditions are true they are highlighted on the chart by the coloured blocks. The green shaded area is the Analysis Cluster Result, which shows where each of the five conditions overlap:
In the above example, QAN currently has a value of 5 (so all the underlying conditions are true) whereas during the downtrend at the end of 2017 the values were either 0 or 1.
To add the Analysis Cluster tool to your chart, select the tool from the Levels tool group, and left-click on the chart to add the tool. To add the criteria click on Cluster Scripts in the Properties and the '+' to add each script, then the 3 dots to open the Script Editor window:
Actions & Properties
Add Item: When selected opens the Script Editor. This is where you can select from previously saved scripts or create a new script as required. The criteria in the script is what the Analyst Cluster will use to display the results.
Add to Toolbar: Click this action to add the selected Analysis Cluster to your custom toolbar.
Apply Settings to All: When multiple Analysis Cluster 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 Analysis Cluster 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 tool is displaying in front of other tools or indicators clicking this action will move the tool 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 tool to a chart, the tool will display using the new settings.
Delete: Delete the Analysis Cluster from the chart.
Tool Name: Allows you to adjust the name of the tool, as it's displayed in the Structure Panel.
Cluster Scripts: This expands to display the following.
- Script - From here you can click the ... button as highlighted above to access the Script Editor where you can select from existing scripts or create a new one.
- Label - Assigns the label name to use for the script item.
- Weight - Adjusts the width of the Analysis line to use for that script item.
- Colour - Adjusts the colour of the Analysis line to use for that script item.
- Smoothing - By default no Smoothing is applied, this can be set to use Linear or Sine smoothing
Merge All Scripts: When selected each plot of the Analysis Cluster will be merged into the one view.
Show Summary Plot: When selected the Summary plot will be displayed.
Below are a number of examples of scripts that can be used with the Analysis Cluster Tool:
CLOSE() > MA(BARS=150, STYLE=Exponential)
Results will be plotted when the Close is Greater than the value of a 150-period Exponential Moving Average.
CLOSE() > CLOSE(1) and CLOSE() > CLOSE(2) and CLOSE() > CLOSE(3)
Results will be plotted when the Closing Price is Higher than the previous 3-day's Closing Price.
MA(BARS=25, STYLE=Exponential) CrossesAbove MA(BARS=50)
Results will be plotted when a 25-period Exponential Moving Average crosses above a 50 period Simple Moving Average.