Optex Bands
Overview
The Optex Bands is a proprietary tool used to show or identify when a security has reached a potential price extreme. It is looking to find price exhaustion.
The Balance Quotient (BQ) line in conjunction with the bands that run along the top and bottom of the study pane is used to show when price reaches those potential extreme areas.
When the BQ line breaches the red level 1 or is near level 2, price is potentially topping.
When the BQ line breaches the blue level 2 or is near level 1, price is potentially bottoming.
Note: A minimum of 300 bars of data is needed to apply this tool.
To add the tool to your chart, select the tool from the Optuma Extreme Tools tool group, and left-click on the chart to add the tool. Optuma will then draw the tool in a window below the chart using the default settings.
Scripting Function: OPTEX()
More information
Optex Bands were designed by Optuma CEO Mathew Verdouw, CMT, CFTe. See his blog posts here for more information on how they are calculated, and how to set up scans:
Optex Bands Blog Post - Part 1
Optex Bands Blog Post - Part 2
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 Optex Bands 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 Optex Bands 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 Optex Bands 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 Structures Panel.
Ratio Line Style: Expands to display the following properties:
- Line Style - Allows you to adjust the style of the BQ line. 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 edit the width of the BQ line. Moving the slider to the right will increase the width of the line.
- Line Colour - Allows you to edit the colour of the BQ line.
- Transparency - Use this slider bar to adjust the transparency of the BQ line. Moving the slider to the left will increase the transparency of the line.
Lower Band Style: Expands to display the following properties:
- Line Style - Allows you to adjust the style of the Lower Band lines. 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 edit the width of the Lower Band lines. Moving the slider to the right will increase the width of the lines.
- Line Colour - Allows you to edit the colour of the Lower Band lines.
- Transparency - Use this slider bar to adjust the transparency of the Lower Band lines. Moving the slider to the left will increase the transparency of the lines.
- Fill Transparency - Use this slider bar to adjust the transparency of the shaded part of the band. Moving the slider to the left will increase the transparency of the band.
- Visible - Un-tick this checkbox to hide the Lower Band from the chart.
Upper Band Style: Expands to display the same properties as those for the Lower Band Style.
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.
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 values for the BQ Line and the Lower and Upper Band lines will be displayed in the Price Scale.