Horizontal percentage ruler tool

Optuma Forums Optuma Feature Requests Horizontal percentage ruler tool

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  • #66739
    Jeffrey A.
    • Topics: 48
    • Replies: 71
    • Posts: 119

    Hi,

    I have an idea for a useful tool. The benefit will visually estimate when a breakout is likely to occur using past performance data to input into the tool once a particular chart pattern has been identified and confirmed. For instance, Bulkowski has quantified likely percentage zones of patterns where a breakout may occur based on his study of the pattern history (this was covered in CMT curriculum). This zone data can be utilized as well as the start and end (4 total data points). To illustrate what I am describing, please see below:

    pennant date region breakout

    The green trend lines are outlining a pennant pattern that I manually drew, this is not part of the tool just personal observation. Now, the red line would be the horizontal percentage measure tool that will show 1) a starting point (which represents 0%) and 2) an ending point (which represent 100%); showing 0% and 100% on the screen is just for example, they dont need to be seen. Lets say this type of pennant has a tendency to breakout once the pattern is 65 – 80% complete (I don’t have the actual data in front of me , just a guess), there would be two further data points manually added to the tool: 3) start of zone/percentage and 4) end of zone/percentage. The tool would calculate and know where to display the percentages based on bars or calendar settings once start and end percentage zone is entered and the 0% and 100% range has been determined by two mouse clicks. Showing a shaded zone for a prediction of a breakout is handy and also having the dates (and/or time if intraday) of the zones is good too.

    Jeff

     

    #66751
    Darren
    • Topics: 67
    • Replies: 697
    • Posts: 764

    Thanks Jeff. We have a Fibonacci Time Retracement tool that will do that – just change the levels to those required (eg 65% and 80% in your example).

    https://help.optuma.com/kb/faq.php?id=356

    1 user thanked author for this post.
    #66753
    Jeffrey A.
    • Topics: 48
    • Replies: 71
    • Posts: 119

    Darren,

    Thank you!  I’m not suprised there is a tool that solved this. Cheers

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