Gartley Trading Method Pattern Recognizer
Overview
The Gartley Trading Method Pattern Recognizer is a tool developed by Ross Beck and described in his book “The Gartley Trading Method” published by Wiley Trading. Ross uses the tool to find the end of corrective Elliott Wave phases to trade wave one, three or five.
To add the tool to your chart, select the tool from the Beck tool group, and left-click on the chart or indicator on which you wish to add the tool. Optuma will then draw the tool using the default settings.
Scripting Function: GPS()
Actions & Properties
Actions
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple Gartley Trading Method Pattern Recognizer 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 line colour - as this allows all the other Gartley Trading Method Pattern Recognizer tools in the chart, page or entire workbook to be updated instantly.
Copy Tool: Allows you to copy the selected tool, 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 view 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.
Restore Default Settings: Click this action if you have adjusted the default settings of the tool, and wish to return to the standard properties originally installed with Optuma.
Save Settings as Default: If you have adjusted any of the tool’s properties (colour, for example) you can save the adjustments as your new default setting. Each time you apply a new Gartley Trading Method Pattern Recognizer to a chart, the tool will display using the new settings.
Delete: Deletes the tool from the chart.
Properties
Tool Name: Allows you to adjust the name of the tool, as it’s displayed in the Structure Panel.
Bar: Allows you to nominate the number of bars that are used in the calculation for the tool.
Percent Swing: Sets the minimum price movement (%) before a valid swing is registered. Two settings are available. Primary Swing % defines the swing percentage of the AB,BC,CD legs. Reference Swing % defines the swing percentage of the XA leg. Default settings are 5% for the Reference Swing % and 3% for the Primary Swing %.
Range: Choices are High/Low or Closes. This setting gives the user the ability to search for Gartley Patterns on a line chart.
Pattern: Lets you display only Bullish Boxes, Bearish Boxes or both.
Pattern Calc: Lets you choose between High / Low values, or an Exact value which needs to be inputted manually.
Show TRG Setup: Select this check box to incorporate the TRG setup for the Gartley Trading Method Pattern Recognizer.
Label Alignment: Can elect to display the tool’s label in different positions. There are 8 options available: Top Left, Top Right, Centre Top, Bottom Left, Bottom Right, Centre Bottom, Centre Left and Centre Right.
Font Size: Allows you to adjust the size of the text displayed for the labels. Moving the slider bar to the right increases the font size.
Bullish Pattern Style: This option expands to show the following:
- Line Style - The Line Style property allows you to adjust the type of line displayed. There are 8 options available: Solid, Dots, Dash, Dash Dots, Long Dash, Long Dash Dot, Long Dash Dot Dot and Stippled.
- Line Width - Allows you to adjust the width of the line. Moving the slider bar to the right increases the thickness of the line.
- Line Colour - Allows you to select the colour of the Bullish Pattern line. Clicking on the drop down arrow will display a colour swatch. Locate the desired colour and left-click it once to select it.
- Transparency - Use this slider bar to adjust the transparency of the Bullish Pattern lines. Moving the slider to the left will increase the transparency of the tool.
- Box Colour - Allows you to select the colour of the Bullish Pattern box. Clicking on the drop down arrow will display a colour swatch. Locate the desired colour and left-click it once to select it.
- Box Transparency - Use this slider bar to adjust the transparency of the Bullish Pattern boxes. Moving the slider to the left will increase the transparency of the tool.
- Visible - Un-tick this checkbox to hide the Bullish Patterns from the chart.
Bearish Pattern Style: Expands to display the properties of the Bearish Patterns. The properties are identical to those listed for the Bullish Pattern Style.
Fibonacci Style: Expands to display the properties of the Fibonacci Patterns. The properties are identical to those listed for the Bearish Pattern Style.
Show Boxes: Un-tick this checkbox to hide any of the Pattern boxes from the chart.
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.
More Information
For more information about the Gartley Pattern and Ross Beck, FCSI, click here.