Percent Swing Chart Overlay
Overview
The Percent Swing Chart Overlay is used to superimpose a Percent Swing Chart over a bar based chart (bar, candle, range or line). The swing lines are drawn as straight lines joining swing highs and lows, and change direction when the required percentage value has been met. For example, with a percentage swing value set to 10% on a $100 chart in an uptrend, the swing overlay will change direction if the price falls to $90, and will swing up again when the price reaches $99.
To add the tool to your chart, select the tool from the Swings 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: PERCENTSWING()
Actions & Properties
Actions
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple Percent Swing Chart Overlay 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 Percent Swing Chat Overlay 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 Percent Swing Chart Overlay 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: Sets how many time periods (bars) are used in the calculation of the Percent Swing.
Percent: Sets the percent value to be used in the swing calculation.
Calculate Using: This option allows you to select from either the ‘High/Low’ or ‘Close’ value for the calculation of the Percent Swing.
Show Labels: When this check box is selected, nominated Swing labels will be displayed on the swing chart.
Visible Labels: This expands to display a list of available labels that you can select from to display on the overlay:
- Price
- Bars
- Calendar Days
- Bar Date
- High/Low Date
- Range
- Price Retracement of previous swing (ie if previous swing down was $10 and current swing up is $5 then P/R will be 50%)
- Price Extension of previous swing direction (ie if previous swing up was $10 in length and current swing up is $15 then P/X will be 150%)
- Time Ratio: The Time Ratio label displays the time of the swing relative to the time of the previous swing as a percentage.
Time ratio = abs((enddate(T)/abs(enddate(T-1) - startdate(T-1)) * 100 -
Next Swing Price (target for change of swing direction)
Text Size: Use the slider bar to adjust the size of the text displayed in the expanded section of the Chart Annotation. Moving the slider bar to the right will increase the size of the text.
Text Colour: Allows you to adjust the colour of the label text.
Text Angle: Allows you to choose whether the label text appears on horizontally (0 degrees) or vertically (90 degrees).
Colour Style: Select from Up/Down, Trend, or Unconfirmed.
Up Colour: Sets the colour of the tool when the swing is moving up. Clicking on the drop down arrow will display a colour swatch. Locate the desired colour and left-click it once to select it.
Down Colour: Sets the colour of the tool when the swing is moving down. Clicking on the drop down arrow will display a colour swatch. Locate the desired colour and left-click it once to select it.
Unconfirmed Colour: When Colour Style is set to Unconfirmed, allows you to set the colour of the tool when the swing is unconfirmed. Clicking on the drop down arrow will display a colour swatch. Locate the desired colour and left-click it once to select it.
Line Width: Allows you to adjust the width of the Percent swing lines. Moving the slider bar to the right increases the thickness of the line.
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 Percent Swing value will be displayed in the Price Scale.