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.
Last edited by protrader77; November 15th, 2013 at 06:13 PM.
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!
Last edited by srgtroy; November 16th, 2013 at 01:37 AM.
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).
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?