Price Target tool

Optuma Forums Optuma Feature Requests Price Target tool

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  • #66723
    Thomas
    • Topics: 110
    • Replies: 139
    • Posts: 249

    Hi Optuma team,

    I have a new tool recommendation. It is a manual placed price target tool similar to the “Reward Risk Measure” tool.

    The user should be able to manually input the “Minimum Price Target” and the “Maximum Price Target”.

    The tool should then draw a simple rectangle on the chart that shows the “Minimum Target”, “Maximum Target”, “absolut price difference” between the the two targets, and the “relative price difference” between the the two targets in percentage.

    The tool should have the standard properties to change font size, colour, fill transparency, line style, and line width.

    I have created a “modified” “Reward Risk Measure” tool, see my screenshot. All the properties that are crossed with red lines are not necessary in the new “Price Target” tool.

    If my description is not clear please let me know.

    Best wishes,
    Thomas
    screenshot - 001

    #66729
    Thomas
    • Topics: 110
    • Replies: 139
    • Posts: 249

    ADDENDUM

    It should be possible to HIDE (not show on the chart) ALL text and number properties. Sometimes the space on the chart is too small or there are other tools on the chart, so it is necessary or even sufficient to show only the rectangle and nothing else.

    Thanks,
    Thomas

    #66738
    Matthew
    • Topics: 5
    • Replies: 487
    • Posts: 492

    Hi,

    I’ll keep an eye on this post to see how much demand there is for a feature like this.  In the meantime you maybe able to achieve a similar result using scripting.  In the following example you would add the script as a custom toolbar button then apply it to the chart…

    This would plot a black dashed line at the selected price, then plot a shaded zone 5% (1.05) and 10% (1.10) above that price as your targets.  In the tools properties you can adjust the % of both target levels (don’t need to edit the script each time).

    Ex9

    1 user thanked author for this post.
    #66743
    Thomas
    • Topics: 110
    • Replies: 139
    • Posts: 249

    Hi Matthew,

    thanks for the very interesting script. I am so far satisfied with the script BUT unfortunately the rectangle is always extended to the left of the screen/chart.

    Is it possible to control the width of the rectangle?

    Thanks,
    Thomas

    #66745
    Thomas
    • Topics: 110
    • Replies: 139
    • Posts: 249

    ADDENDUM

    When I define the script as “Use as an Indicator” I can see in the properties panel on the left side of the screen the property “Use Start Date” but it doesn’t work.

    Is it possible to implement in the script a start and end date where the rectangle should start and end?

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