Oversold and Overbought
Overview
The Oversold and Overbought indicator paints the bars on the chart, by default the bars will either be displayed as blue or as red. The Oversold and Overbought indicator uses the Average True Range (with a multiplier of 2) in its calculation to determine the colour of the bars.
To add the tool to your chart, select the tool from the Berg 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.
Actions & Properties
Actions
Copy Data to Clipboard: Will copy the tool’s values to the clipboard which can then be inserted into a spreadsheet, for example, allowing for further analysis.
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple Oversold & Overbought 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 Oversold & Overbought 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 Oversold & Overbought 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.
High-Low Bars: Specifies the number of bars used in the calculation of the high and low price.
ATR Bars: Specifies the number of days used to calculate the Average True Range.
Standard Colour: Sets the colour of the bar when it is neither an overbought bar nor an oversold bar. Clicking on the drop down arrow will display a colour swatch. Locate the desired colour and left-click it once to select it.
Overbought Colour: Sets the colour of the bar when it is found to be an overbought bar. Clicking on the drop down arrow will display a colour swatch. Locate the desired colour and left-click it once to select it.
Oversold Colour: Sets the colour of the bar when it is found to be an oversold bar. Clicking on the drop down arrow will display a colour swatch. Locate the desired colour and left-click it once to select it.
Visible: Un-tick this checkbox to hide the indicator from the chart.