Moving Retracement
Overview
The Moving Retracement tool is particularly useful to easily find price retracements within a time period, for example, a year, month, or week, or from the start of a major range, where the high and low prices of a range change.
The Moving Retracement is closely related to the Price Retracement tool, the main difference being that:
- The Price Retracement tool finds price retracement levels between 2 fixed price points.
- The Moving Retracement tool finds price retracement levels between 2 time points.
If a trader were using the Price Retracement tool throughout a developing trend, they would have to be continually moving the end price, then they would be unable to see how the stock had been reacting to that price level throughout the run. The Moving Retracements tool allows you to see these retracements as the trend is developing.
*Note: This tool requires at least the Gann Lite edition of Optuma, or the Gann tools add-on.*
To add the tool to your chart, select the tool from the Levels tool group, and left-click on the bar on the chart you wish to calculate the tool from. Optuma will then draw the tool using the default settings.
Scripting Function: MOVR()
Actions & Properties
Actions
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.
Add Technical Alert: When selected, a Technical Alert will be created for the selected security.
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple Moving Retracement 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 Moving Retracement 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 Moving Retracement to a chart, the tool will display using the new settings.
Delete: Deletes the tool from the chart.
Properties
Tool Name: Allows you to adjust the name of the tool, as it’s displayed in the Structures Panel.
Level 1: Sets the percentage used by the Level 1 retracement line.
Level 2: Sets the percentage used by the Level 2 retracement line.
Level 3: Sets the percentage used by the Level 3 retracement line.
Show Level 1: Displays / Hides the Level 1 retracement line.
Show Level 2: Displays / Hides the Level 2 retracement line.
Show Level 3: Displays / Hides the Level 3 retracement line.
Level 1 Style: This option expands to show the following:
- Plot Style - Allows you to change how the Moving Retracement is displayed on your chart. There are 6 options available: Line, Dot, Histogram, Step, Shaded, Shaded Step.
- Line Style - The Line Style property allows you to adjust the type of the start/anchor line displayed. 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 start/anchor lines. Moving the slider bar to the right increases the thickness of the line.
- Line Colour - Allows you to select the colour of the start/anchor line. Clicking on the drop down arrow will display a colour swatch. Locate the desired colour and left-click it once to select it.
- Visible - Un-tick this checkbox to hide the Level 1 Retracement from the chart.
Level 2 Style: This option expands to show the properties of the Level 2 retracement. The properties are identical to those listed for the Level 1 Style.
Level 3 Style: This option expands to show the properties of the Level 3 retracement. The properties are identical to those listed for the Level 1 Style.
Offset: This provides the option to offset the moving retracement from the anchor point, to adjust the offset value use the blue up and down arrows.
Tool Transparency: Use this slider bar to adjust the transparency of the tool. Moving the slider to the left will decrease the transparency of the tool.
Visible: Un-tick this checkbox to hide the tool from the chart.
Show in Price Scale: When selected the current Moving Retracement value will be displayed in the Price Scale.