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A tool to measure angles and distance on your chart
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A tool to measure angles and distance on your chart

  #1 (permalink)
Market Wizard
Quebec
 
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A tool to measure angles and distance on your chart

Ever wanted to measure the precise angle between two pivots ? Here is a floating tool to do it:

Screen Protractor - Easily Measure any Angle on the Screen with this onscreen protractor tool

Or measure the exact distance of a swing in the units of your choice:
Screen Calipers, The Unique On-Screen Measurement Tool

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  #2 (permalink)
Quick Summary
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Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
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Viewing charts from a different angle all the time


If your chart autoscales, the angles will change with every bar.

In my opinion angles are absolutely useless for computer screens, unless

- you never ever change the horizontal compression of your bars
- you never ever use Autoscale and alway are in fixed mode keeping your vertical compression constant, LOL

30 years ago, when people were drawing charts by hand, neither horizontal nor vertical compression could be changed. Under these circumstances angles were a useful concept.

If you think about angles, they are used as a visual proxy for momentum. Use a momentum indicator instead, even if it feels like flying a plane by wire.

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  #4 (permalink)
Market Wizard
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Fat Tails View Post

In my opinion angles are absolutely useless for computer screens, unless

- you never ever change the horizontal compression of your bars
- you never ever use Autoscale and alway are in fixed mode keeping your vertical compression constant, LOL

30 years ago, when people were drawing charts by hand, neither horizontal nor vertical compression could be changed. Under these circumstances angles were a useful concept.

If you think about angles, they are used as a visual proxy for momentum. Use a momentum indicator instead, even if it feels like flying a plane by wire.

Maybe it's time to think outside the box.

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  #5 (permalink)
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Looks good outside the box

Hi @trendisyourfriend, I've been interested in Screen Protractor also. I wonder where you got your insight into angles and how you use it.

What I've done is set my y-axis to a fixed value that makes big bars look big and small bars look small , approx. 2% in my market on a 5-min chart (Ibovespa futures). I like that my 100-point bars always look like 100-point bars. To me, it simply makes no sense to have a chart where a 100-point bar is sometimes small and sometimes very big. I use the MousePan indicator to move around the chart. I find it amazing how the angles work much better than RSI, etc. because they give you average momentum, yes, but from the exact start of the move you're looking at and not from x bars ago. I'm working to build a strategy to trade using Al Brooks price action and angles to manage scaling in and exits. My strategy is to enter after a failed channel breakout in a higher timeframe and trade the new spike. I find 60 degrees from the start of a move contains strong moves pretty well and as Al points out, projecting the angles of the last correction gives interesting results. Like projecting the angle of the next downmove and also 45 and 90 degree upward projections from ends of corrections (in uptrends) in the channel phase. I hope to be the one to code the first Screen Protractor indicator, but if someone else gets inspired, please let me know . I only recently discovered Ninja Trader, so I'm working on my C# skills. If anyone else is also interested in similar thinking, please share your thoughts.

Pedro


Last edited by protrader77; November 15th, 2013 at 06:13 PM.
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  #6 (permalink)
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protrader77 View Post
Hi @trendisyourfriend, I've been interested in Screen Protractor also. I wonder where you got your insight into angles and how you use it.

What I've done is set my y-axis to a fixed value that makes big bars look big and small bars look small , approx. 2% in my market on a 5-min chart (Ibovespa futures). I like that my 100-point bars always look like 100-point bars. To me, it simply makes no sense to have a chart where a 100-point bar is sometimes small and sometimes very big. I use the MousePan indicator to move around the chart. I find it amazing how the angles work much better than RSI, etc. because they give you average momentum, yes, but from the exact start of the move you're looking at and not from x bars ago. I'm working to build a strategy to trade using Al Brooks price action and angles to manage scaling in and exits. My strategy is to enter after a failed channel breakout in a higher timeframe and trade the new spike. I find 60 degrees from the start of a move contains strong moves pretty well and as Al points out, projecting the angles of the last correction gives interesting results. Like projecting the angle of the next downmove and also 45 and 90 degree upward projections from ends of corrections (in uptrends) in the channel phase. I hope to be the one to code the first Screen Protractor indicator, but if someone else gets inspired, please let me know . I only recently discovered Ninja Trader, so I'm working on my C# skills. If anyone else is also interested in similar thinking, please share your thoughts.

Pedro

If you plan to find the degree slope of a line in Ninja then there is tool that can do this but it is not free. It's known as the Ultimate Draw Bar and is sold at this web site:
High Tech Trading Analysis, LLC | Draw Bar ? Ultimate

Demo on Youtube:

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  #7 (permalink)
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I recently discovered a Fibonacci Spiral tool on my ThinkOrSwim platform. After playing with it a bit, I noticed that its results kept changing and realized it was due to differences in the scaling of the chart axes each time.

That made me realize this tool could only be used if, as @Fat Tails notes above, you do not use AutoScale or change the compression of the time or price axes. But even that assumes that the chart first generated when I pull it up is "squared". How do I know that it is? Is there any way to check it? I am thinking this might have to do with setting the appropriate pixel ratio, but I'm not sure. Of course, parameters for chart pixel ratio are not usually offered, not in TOS, and not in NT7, either, I think. So one might have to find a way to do it manually. Any advice or suggestions appreciated!

Know The Rules Well So You Can Break Them Effectively

Last edited by srgtroy; November 16th, 2013 at 01:37 AM.
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  #8 (permalink)
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srgtroy View Post
I recently discovered a Fibonacci Spiral tool on my ThinkOrSwim platform. After playing with it a bit, I noticed that its results kept changing and realized it was due to differences in the scaling of the chart axes each time.

...

Hi @srgtroy

I am using spirals for bigger pictures to get some insight of development over time. There are many discussions of
the spiral here on futures.io (formerly BMT).
In my thread here https://futures.io/trading-journals/17862-gfis1-1-dax-trade-per-day-journal-60.html#post298649 you only have to do a search within the thread with "spiral".
Have a look at post 596 - there is a chart with the development over time.

Important:
There are TWO kind of spirals: the counter clockwise one is used when you draw the spiral from last HI to a certain
point (in my case always a bar in the middle of the Kumo). This results in lines that are lower supports for price.
The other is the clockwise spiral that is used to draw a spiral from last low to a certain point (here again the center
of the Kumo). Result is giving higher resistances for price over time).

Hope this helps
GFIs1

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  #9 (permalink)
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@GFIs1

Great! I am very intrigued by the spiral so I'm glad to find info on it as there is not much that I kind find on the Internet. I will definitely visit your thread.

That said, my first issue is to be able to draw it properly Hopefully i will find the right answers in your thread or here.

Know The Rules Well So You Can Break Them Effectively
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  #10 (permalink)
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@GFIs1

I took a look at your thread and searched it using the term 'spiral'. Very interesting. Could you tell me what software you are using that has a spiral tool, and also, how does it deal with the issue discussed on this thread in terms of scaling?

Know The Rules Well So You Can Break Them Effectively
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