http://www.bullcharts.com.au/forum/ This is an XML content feed of; BullCharts : Tips and Tricks : Custom retracements and fans Copyright (c) 2006-2009 Web Wiz Forums - All Rights Reserved. Wed, 15 Apr 2026 09:15:00 +0000 Mon, 20 Dec 2004 11:46:07 +0000 http://blogs.law.harvard.edu/tech/rss Web Wiz Forums 9.69 360 www.bullcharts.com.au/forum/RSS_post_feed.asp?TID=79 http://www.bullcharts.com.au/forum/http://www.bullcharts.com.au/images/bull_logo.gif http://www.bullcharts.com.au/forum/ http://www.bullcharts.com.au/forum/forum_posts.asp?TID=79&PID=287#287 Author: Peter
Subject: 79
Posted: 20 Dec 2004 at 11:46am

The Fibonacci retracement tool calculates retracement levels atpredefined steps, based on the Fibonacci series. First you draw out aline along a trend, then horizontal retracement lines are drawn atfixed percentages between the end points of your line. These levels areat well known percentages such as 38.2%, 61.8% and 161.8%. But it'spossible to build your own retracement tools that work at differentlevels.

Editing retracement levels

1. Start by drawing a Fibonacci retracement, or price retracement.
2. Right click it and select properties.
3. Select the retracements tab
4. You will see a list of all of the current retracements. You can edit the retracements here.
   
• To add a new level, press the Add button, then type a number into the retracement % box.
• To edit an existing level, select that level, then overtype the value in the retracement % box.
• To delete an existing level, select it and press delete.
5. You can also modify the style, colour and thickness of eachindividual retracement line. This can help you to quickly identify theimportant levels.
6. Press OK to apply the changes.

Saving a Retracement Level Template

Being able to customise the retracement is handy, butit'd be very time consuming if you needed to do it every time. So it'spossible to save the levels as what's called a level template. (not tobe confused with a chart template).

Notice that the dialog above shows that the Fibonacci template is inuse at the moment. If you change the levels, close the properties, thenreopen them, you will notice that this changes to "Custom". If youselect another template from that dropdown then the levels willimmediately update in the properties.

Make some changes to the template. You can then either press Save tosave over the top of the current template, or Save As to save yourchanges as a new template.

Setting the default template, and restoring factory settings

You may have noticed that it's possible to save over the built-intemplates. The manager button gives you an option to restore thebuilt-in templates. It also lets you select which template gets used bydefault when you select the retracement tool.

Other tool types

There are a number of line studies that provide this customisation.These include all of the fan tools, retracement tools, the time seriestool, and the fibonacci arcs and circles tool.

Each of these tools falls into one of three level types:

• Levels specified by percentage (eg retracements, arcs, some fans)
• Levels specified as fixed values (eg time series, fib time zones)
• Levels specified by rise/run ratio (eg Gann fan)

Templates that are created in one tool are also available in other tools of the same type.







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