Price Retracements are used to specify horizontal lines at price levels, which are determined to be probable values of support and resistance based on a market's previous range. Common values are the Fibonacci sequence 38.2%, 50% & 61.8%. These are used as the default values in Optuma.
To apply the Price Retracements to your chart, select the tool from the Levels tool group. With the tool selected, left-click once on the chart to choose a starting point. Left-click on the chart again to select the end point. With the start and end points selected, move your mouse cursor to the left or right to extend the level lines, then left-click to anchor them to the chart.
Actions & Properties
Add New Level: Allows you to add a new Price Retracement level or edit an existing level in the tool. See Levels in the Properties section below for more information.
Add Price Alert: Selecting this action will set a Price Alert at the value the Price Retracements Line is positioned. For information on Price Alerts, please click here.
Add to Toolbar: Click this action to add the selected Price Retracements to your custom toolbar.
Apply Settings to All: When multiple Price Retracements 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 Retracements tools in the chart, page or entire workbook to be updated instantly.
Copy Tool: Allows you to copy the selected Price Retracements, 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.
Price Flip: This will display a duplicate copy of the existing Retracements that you have applied above or below the original.
RestoreDefault Settings: Click this action if you have adjusted the default settings of the Price Retracements, and wish to return to the standard properties originally installed with Optuma.
Save Settings as Default: If you have adjusted any of the Price Retracements Properties (colour, for example) you can save the adjustments as your new default setting. Each time you apply a new Price Retracements to a chart, the tool will display using the new settings.
Delete: Delete the Price Retracements from the chart.
Tool Name: Allows you to adjust the name of the tool, as it's displayed in the Structure Panel.
Levels: Click on this option to display the different Price Retracement levels.
To add a new level to the chart, left-click on the blue + button and enter the values as needed.
- Value - Sets the Fibonacci value for the Retracement line. 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 Retracement lines.
- Visible - To hide a level, deselect the check box with the green tick.
Extend Left: Check this box to extend the Retracement lines to the left.
Extend Right: Check this box to extend the Retracement lines to the right.
Show Prices: This provides an option to show or hide the price value for each Retracement line.
Show %: This provides an option to show or hide the percentage value for each Retracement line.
Label Alignment: Can elect to display the price label in different positions in relation to the Retracement lines, there are 8 options available: Top Left, Top Right, Centre Top, Bottom Left, Bottom Right, Centre Bottom, Centre Left, Centre Right.
Font Size: Allows you to adjust the size of the text displayed for each label used in the Price Retracements. Moving the slider bar to the right increases the font size.
Mirror: Selecting this check box will display a mirror image of the tool either above or below the drawn Price Retracement.
Reverse Percentages: This option only becomes available if the 'Retracement Type' is set to Price. Selecting this check box will reverse the Retracement levels.
Lock Log: When ticked, gives you the ability to maintain the line spacings of the Price Retracement lines, when moved from its original location on a Logarithmic chart.
Scale Mode: Can be set to either Price or Percent. The Percent mode calculates percentage retracements based on the Logarithmic Scale, not the linear scale. For example, a 50% retracement of a move from 300 to 500 using a linear scale (Price Mode) is 400.
The new scale mode allows for a logarithmic calculation to be used. Using the log scale the 50% retracement of a move from 300 to 500 is 387.30. The 50% level, when using the new scale method could also be referred to as the Geometric Mean between the two selected price levels. For the Percent mode to function, the chart must be set to Logarithmic Scale.
Line Style: The Line Style property allows you to adjust the type of the Retracement lines 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 Retracement lines. Moving the slider bar to the right increases the thickness of the line.
Line Colour: Allows you to select the colour of the Retracement lines. Clicking on the drop down arrow will display a colour swatch. Locate the desired colour and left-click it once to select it.
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.
For additional information on editing the levels of this tool, click here.
For more information on how to use the Retracement tool, click here.