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Chart Tips are conceived, tested and written by Mary Toepfer.
We need to put it into our custom indicators folder. Whichever broker you have, that is where you'll need to place the file. Mine for example back when I used MT4 was C: If it isn't there in the tree, then you may have to restart MT4.
If that doesn't work then you probably have the file in the wrong folder. There are 2 different indicator folders for a stock install of MT4 - make sure your period converter file is in the indicators folder that is a sub-folder of "experts". Okay, now you just have to drag and drop the indicator onto an appropriate chart. How this thing works is that it takes a multiple of the root chart and creates an 'offline' chart of the new time period.
I had my MT4 set up so that it automatically brought up the configuration box for any indicator that I applied to my charts. This is an indicator based method so you have to configure the indicator before you create your new chart. Picture attached [Editor's note: In this case I would be making an 8 hr chart 4hr x 2.
Your new file will be in the offline charts section. Your new chart is in this section but you have to look for it and select it. It is all alphabetically listed. As long as you keep the chart that you applied the indicator to open and on the original timeframe, your new chart will update automatically just like any other chart.
You can load the converter more then once and set the multiplier different each time so that you don't have to open too many charts. You will create a 20 min, a 40 min, a 3hr, and a 6 hr - if you were so inclined. Keep the original 1 min open and the others will be fine. If you switch the 1 min to a 5 min the others will stop updating until you bring the original back to 1 min. One last thing hopefully , this indicator needs you to have. That should be good. Play around with it.
Make templates and profiles and all that. Thanks to Paul C for doing all the work on this tip. Here's how to alter the style for the symbol you are charting. This is done easily by one of several methods: Double click any price bar.
Right click any price bar and select Format XXX Right click anywhere in the chart window other than on a price bar and select Format Symbol Once you have brought up the Format Symbol window select the Style tab.
Looking at the bars on the chart you will see the default configuration displays the Open, High, Low and Close. To emphasize the Close: This will display only the High, Low and Close. This will allow you to use a different color and weight for the Close. Select Close in the Bar Components window and change the color and weight to your choice. To change the default configuration for all new charts select the Set as Default checkbox. Here are Paul's settings. You can see the difference on his chart shown in the background: Look at how easy it is to see the downside separation on both the initial test and subsequent retest: The only difference is that in Ensign you are able to have the 'current bar' in any part of the screen depending on the right margin setting.
With TradeStation the current bar will always be to the right of the screen, immediately before the right axis. You are then able to step through the chart bar by bar using one of two methods: Use the right and left arrow keys on your keyboard to move the chart left or right, one bar at a time.
Use the scroll wheel on your mouse to move the chart left and right, one bar at a time. Combine this tip with the previous tip Highlighting Separation to increase visibility of the bar close and you will learn a lot about the contract you are trading and get a better feel for the action.
Place Drawing Elements to the Right of the Current Bar TradeStation has an issue in that it is impossible to place drawing elements labels, lines, circles, etc much to the right of the current bar unless the Space to the Right setting is changed. In the picture below you can see that when attempting to place the circle on the Energy Point it is far to the left of where it should be.
It will not move any further right than the current bar. Note on the horizontal axis the last value is This denotes the farthest right on the chart a drawing item can be placed. Solution to this problem is to change the Space to the Right setting on the Format Window dialog box under the General tab. Enter a value representing number of bars. In this example, 50 represents 50 minute bars in the minute chart. Select Set as Default to ensure all future charts allow 50 bars of space to the right of the current bar.
Display a Bar Counter Did you know you can display how much time or how many ticks are left on a price bar before the next bar is formed. First, make sure the Bar Data Panel is displayed on your chart. Two ways to do this: Now, define what data items you want displayed.
Right-click anywhere inside the Bar Data Panel to display a drop down list of items you can select to show or hide. It displays using shortlabels 'H' instead of 'High' and a watch icon next to Time Left counter. Volume and tick count is also displayed but not useful to me since I use 20 minute price bars.
Drawing Vertical Lines Select the Line drawing tool and hold down the Shift key and drag your mouse to draw the vertical line. Important to note - If your Default setting for lines has the Horizontal option checked this will not work. To show, use the same keystroke combination. To hide the ticker follow these steps: Changing colors When changing colors for drawing tools lines, forks, etc try double clicking the color instead for clicking the color and clicking the OK button.
Scale controls the price and date interval settings defined in the Chart Properties. Making the Close Element of a Bar Stand Out We hear Tim talk about price bars with 'good separation' as one of the many indicators we can use to make decisions about trade entries.
Bar Fat Close will emphasize the close element of a price bar. Here's what it looks like: Ellipses Have you ever wanted to illustrate your chart with an ellipse? Ellipses are properties of Circles and Parallel lines.
An ellipse created from parallel lines is more flexible in terms of changing it's position on the chart and tilting it on it's side but both are tricky to work with. Let's step through it: Select the Parallel lines button and draw the two lines. To create an ellipse open the Parallel Lines Properties Window by selecting one of the lines and hitting Ctrl-P or right mouse click.
The ellipse appears as a part one of the parallel lines. You can remove the parallel lines by unchecking the Horz boxes but wait until you after you've adjusted the ellipse to suite your purpose. For those of you that have Premium subscriptions you're familiar with Tim's on-line trading lessons.
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The use of geometry to forecast the financial markets has been applied by a handful of traders including W.D. Gann and H.M. Gartley, two of the most successful traders of all time. Geometric Trading is a trading method that utilizes the science of geometry to forecast market reversals in price and time.
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Then, for kicks, we can also throw in a couple other ratios common in Sacred Geometry: x = (root 3) x = (root 5) Now, using our high as our initial starting point, we count forward to find areas on the chart where the market should react. I counted forward using degrees of movement of the Sun, the true timekeeper. Trading this system is very simply, you will see a green channel on the one hour time frame, it is the four hour channel, when you go to the four hour chart you will see the gold/yellow channel, it is the daily channel, and if you are on the daily channel, you will see the red channel which is the weekly channel.