Hurst Dominancy Envelope
Overview
The complex price movement is divided into two parts by the Dominancy Envelope and its centre line. The Dominancy Envelope contains within its boundaries a composite price wave consisting of the sum of the most visually evident wave and all shorter waves. The primary application of the Dominancy Envelope is as an aid to Hurst Phasing Analysis.
Optuma will calculate the centre line by using a centred moving average and then automatically determine the right band size to capture the majority of the data. The length of the Dominancy Envelope (Bars) should be set to the length of the dominant cycle (set to 40 by default).
To add the tool to your chart, select the tool from the Hurst 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: DOMENV()
To find where a bar’s high price crosses above the upper band of the envelope, using a 66 bar period:
HIGH() CrossesAbove DOMENV(DEFAULT=UPPERBAND, BARS=66)<br></br>
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 Hurst Dominancy Envelope 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 Hurst Dominancy Envelope 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 Hurst Dominancy Envelope 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.
Bars: Sets the bars to be used in the tool’s calculation, the default value is 40.
Range %: Sets the range percentage value, the default value is 95.
Range Style: The Range style can be set to either Fixed or Dynamic.
Offset: Moves the tool forward or backwards in time. The offset is measured in bars, so a value of 2 will push the tool forward 2 bars and -2 will move the tool back 2 bars.
Average Plot Style: Expands to display the following properties:
- Plot Style - Allows you to change how the Hurst Dominancy Envelope is displayed on your chart. There are 6 options available: Line, Dot, Histogram, Step, Shaded, Shaded Step.
- Line Style - The Line Style property allows you to adjust the type of the line displayed. There are 8 options available: Solid, Dots, Dash, Dash Dots, Long Dash, Long Dash Dot, Long Dash Dot Dot, 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 line. Clicking on the drop down arrow will display a colour swatch. Locate the desired colour and left-click it once to select it.
- Fill Up / Down Barrier - When the Plot Style is set to Shaded you are able to adjust the barrier value, i.e. the margin between the two correlation plots. The default value is 0.00.
- Fill Up Colour - When the Plot Style is set to Shaded you are then able to alter the Fill Colour for the tool.
- Fill Down Colour - When the Plot Style is set to Shaded you are then able to alter the Fill Colour for the tool.
- Fill 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.
Band Plot Style: Expands to display the same properties as listed for the Average Plot Style.
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.
Show In Price Scale: When selected the current Hurst Dominancy Envelope value will be displayed in the Price Scale.