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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

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 trendisyourfriend 
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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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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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 trendisyourfriend 
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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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 protrader77 
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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

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 trendisyourfriend 
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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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 srgtroy 
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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!

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 GFIs1 
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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 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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 srgtroy 
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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.

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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?

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 GFIs1 
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srgtroy View Post
@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?

Thanks @srgtroy

It is really difficult to find some good info HOW to use the spiral properly. I was testing back and forth and found
the combination of Ichimoku KUMO (as the first end point) with a spiral on top very handy.
I think you will not get a lot of spiral "how to" on the net - so feel free to ask here more.

Using RT/Investor of Linnsoft ( Investor/RT: The Trader's Ultimate Toolbox) gives me these results and charts shown in all my threads here.

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 srgtroy 
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@GFIs1

Thanks for the info and help offers! I currently have the Spiral on TOS and am eager to play with it, but as described in this thread, setting the proper scaling is perplexing me. I will have to take a look at how it works over at Investor RT. Nevertheless, I appreciate your advice and look forward to sharing anything new I find with the Spiral once I can get it to work for me. There is very little information on the net, which I think has to do with the fact that it is hard to apply the Spiral with computer monitors and so people may have stopped using it. The alternative conspiracy theory is that proper use of the spiral is powerful and those who know do not want to share the knowledge

if you post too much about it, you may get an anonymous Spiral in the mail, and that will be the sign to stop talking

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 GFIs1 
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To start with (but not complete)

https://www.linnsoft.com/techind/spirals-logarithmic-spirals

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 GFIs1 
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Hi @srgtroy again

A quicker method to set the spiral: (without any need of Ichimoku)

Point into the last HI - tear to where the price went the first time back down on VWAP line
and set spiral to counter clockwise

vice versa for the last LO:

Point into the last LO - tear to where the price went the first time back up on VWAP line
and set spiral to clockwise

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 srgtroy 
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Hi @GFIs1

Let me give you an example of the problem I am having. It is not how to draw the Spiral. It is how to set the scale of the chart. I have attached a picture of the same instrument with the same spiral high/low used on each. However, the chart windows are different size and scale and that creates a different result. Thus, I need to know how to set the proper size/scale of the chart.

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srgtroy View Post
Hi @GFIs1

Let me give you an example of the problem I am having. It is not how to draw the Spiral. It is how to set the scale of the chart. I have attached a picture of the same chart with the same spiral high/low used on each. However, the charts are different size and scale and that creates a different result. Thus, I need to know how to set the proper size/scale of the chart.

Yes - I see your problem.
As the spiral is also drawn BACKwards on the timeline - just have a look where a major turning point touched the
spiral in the PAST.
Adjusting then the scale to that special event (on the same INNER round turn line) - you are perfect to have the view into
the future.
Save the chart with this scale setting and you are done

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GFIs1 View Post
Yes - I see your problem.
As the spiral is also drawn BACKwards on the timeline - just have a look where a major turning point touched the
spiral in the PAST.
Adjusting then the scale to that special event (on the same INNER round turn line) - you are perfect to have the view into
the future.
Save the chart with this scale setting and you are done

GFIs1

That is an excellent idea, thanks! Still, I worry that that may literally be curve-fitting Do you not have this same problem with InvestorRT?

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srgtroy View Post
That is an excellent idea, thanks! Still, I worry that that may literally be curve-fitting Do you not have this same problem with InvestorRT?

The scaling problem is within every software - so I have the same.
This is not curve fitting in the words sense - if you want to draw a trend line
you need a minimum of 2 points. With the spiral you need in fact minimum 2
if the scaling is fixed - if not you nead at least 3.

The spiral is a powerful tool to get a good bigger picture. Just try.

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GFIs1 View Post
The scaling problem is within every software - so I have the same.
This is not curve fitting in the words sense - if you want to draw a trend line
you need a minimum of 2 points. With the spiral you need in fact minimum 2
if the scaling is fixed - if not you nead at least 3.

The spiral is a powerful tool to get a good bigger picture. Just try.

GFIs1

You're logic makes sense, although I do wonder what the proper "fixed" scaling is. How did they determine it back in the day of charts printed on paper. Anyway, from a practical point of view, you're 3-point rule is a good one.

Even the Fibonacci Vortex has to be properly fitted

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 protrader77 
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trendisyourfriend View Post
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:

Wow ! Thank you so much, trendisyourfriend ! You just gave me my customized Ninja Trader 8 It has everything I wanted and more.

Looking for this solution, I found this very nice indicator for people looking at angles and wanting to keep the y-axis fixed and their angle reference intact. Some nice options there.



Just a question : how do you determine your y-axis scale setting for looking at angles ?

I just set a value based on the angles looking "right". I want my explosive moves to be steep, say 60 to 70 degrees, and I go from there and set a fixed scale of for example 2000 points in my 5-min chart, which gives me these angles for the trade I'm looking at. This way I have a angle reference for that chart.

Maybe there's a more interesting way of doing this.

I see @srgtroy is maybe thinking about the same problem.

Regards,

Pedro

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 GFIs1 
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srgtroy View Post
You're logic makes sense, although I do wonder what the proper "fixed" scaling is. How did they determine it back in the day of charts printed on paper. Anyway, from a practical point of view, you're 3-point rule is a good one.


The spirals are found widely spread in nature and are described in math since a long time:



There are several interesting pages to the theme - a good one here:
Logarithmic Spiral -- from Wolfram MathWorld

GFIs1

PS: from my point of view - I am a practical guy

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srgtroy View Post
@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.

https://www.dnaspirals.com/shared/LogSpirals.zip

Wave59 Bulletin Board

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Hi @olobay

Interesting form of using the spiral - have not seen that both clockwise and counterclockwise
spirals are used in the same chart.

My approach is different (for the rotation rules see previous posts):
I am coloring the cycles different - cycle 1,5,9 have same color,
2,6,10 one other, 3,7,11 and 4,8,12 each of these cycles too.
So every color means a different behaviour of the price than other
colors.
It is too complicated to describe the behaviour rules here in 3 sentences on how
to trade that spiral touching so I will not deepen it here (maybe one example if there is interest).
That "behaviour" I filtered out of many occurences.



Feel free to make your own experiments.

GFIs1

NOTE
Might be interesting to start a special thread to deepen the spiral theme and to not interfere
with the main original angle tool question here.

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GFIs1 View Post
Hi @olobay

Interesting form of using the spiral - have not seen that both clockwise and counterclockwise
spirals are used in the same chart.

I have only been experimenting with the Spirals for a week or two, but I have been drawing both clockwise and counterclockwise, as the individual in the Wave 59 Bulletin Board, with interesting results. Perhaps a Spiral thread is a good idea.

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 srgtroy 
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Fantastic find! More information than any other source i have found on the internet. Even talks about the scaling issue! Thank you very much!

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 olobay 
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There's also this:

Untitled Document

Scroll down to Ken Churchill.

It's the last one here:

https://www.wave59.com/eshop/10Browse.asp

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 srgtroy 
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@olobay Thanks! Are you using the spiral? Has it made you fabulously rich?

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 olobay 
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No, I never got into the spiral. I was more of an ellipse guy. Wave59 is the software if you need to scale your charts and use geometry. I'm into price action now and it's a much better fit for me. When I was forecasting, I would trade my forecasts blindly, but I now prefer trading what I see, instead of what I think. Still, I can't recommend Wave59 highly enough. It's fantastic software.

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olobay View Post
No, I never got into the spiral. I was more of an ellipse guy. Wave59 is the software if you need to scale your charts and use geometry. I'm into price action now and it's a much better fit for me. When I was forecasting, I would trade my forecasts blindly, but I now prefer trading what I see, instead of what I think. Still, I can't recommend Wave59 highly enough. It's fantastic software.

Yeah, I'm intrigued by the simplicity and universality of the spiral, but I have to admit, the whole "fitting" process to me feels somewhat like applying a rorschach ink blot to the charts. For now it will remain a hobby, and not a trading tool. Perhaps if I get better at it that could change. Certainly, the Wave59 software seems perfect for pursuing the more esotertic trading methods. Thanks for the info!

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 PositiveDeviant 
United Kingdom
 
Experience: Intermediate
Platform: Multicharts
Trading: Dow
 
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Posts: 587 since Nov 2010
Thanks: 257 given, 254 received


trendisyourfriend View Post
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

Thanks for starting this thread, it's reminded me of some analysis I wanted to do.

PS You can get a fully functioning protractor that in my opinion is better from Sourceforge

OnScreenProtractor | Free software downloads at SourceForge.net

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Last Updated on November 17, 2013


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