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Price Retracements are an indicator of likely support or resistance levels. These support levels may either conform to the Elliott model of Fibonacci related relationships or the Gann model of divisions of 8.
Referring to the graphic, we can take either a major or minor market movement and connect a line between the low and the high of the wave (This applies to both bull and bear market moves). This gives us a price range over a specific time period. As can be seen on the graphic, the price retracement tool will divide this range into the user specified percentages ( see properties ). The greater the time frame and price range of a specific move the greater significance can be applied to each support/resistance level. |
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Version 5 introduces the concept of Highlights. This allows the user to define translucent colored regions between user defined regions as can be seen in the image below. The highlights are independent of the Retracements levels, allowing the display to show both retracement levels and highlights simultaneously, or just the highlighted regions as shown in this display. |
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- Select the button for drawing Price Retracements from the Toolbar.
- Move the mouse pointer over the starting position for the Line. This may be either a high or a low price.
- Press the left mouse button, and keeping it pressed down, drag the mouse pointer to the desired end point and release the left mouse button.
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 The property editor as well as other functions may be accessed by holding the mouse pointer over the Rectangle and Clicking the Right Mouse button. A popup menu will appear (see picture).
The user may then open the Indicator Property Editor, Duplicate the Price Retracement, move the Price Retracement above or below other indicators or delete the Price Retracement from the Chart. |
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The property editor as well as other functions may be accessed by holding the mouse pointer over the indicator line and Clicking the Right Mouse button. You can also access the Property Editor directly by 'Double Clicking' on the line. All the drawing tools share the same property editor allowing the user to alter the following properties:
- Start/End Line Color
- Line Width
- Label Font
- Translucent Visibility
- Translucent Strength
After alteration, the user has the ability to set these settings as default for all future lines drawn on the page.
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Page 2
- Add, Edit and Delete entries
- Toggle visibility of Retracements
After alteration, the user has the ability to set these settings as default for all future lines drawn on the page. |
Page 3
- Add, Edit and Delete entries
- Toggle visibility of Highlights
After alteration, the user has the ability to set these settings as default for all future lines drawn on the page. |
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