The Circle tool can be used to draw a Circle, Ellipse, Rectangle, Pentagon, or Angle Lines at specified Degrees. To draw a circle on a chart click the Circle button on the Drawing Toolbar. The cursor will change to a pencil while in the draw mode. A center point, and a radius point, are necessary to draw a circle on a chart. Move the cursor to a desired center point and then drag the mouse to the radius point. Circles are placed on charts to mark chart formations.
The distance between the center and outer edge of the circle can be divided to include more circles, including Fibonacci levels. Two vector lines can also be drawn from the middle of the circle. Many traders like these lines to be drawn at forty-five degree angles (upward and downward). The interior area of the circle can be filled-in with color.
Adjusting a Circle: Re-selecting the circle will activate the ability to move and adjust it to a different location. Click the mouse on the center of the circle to activate it. You can always re-select a circle by clicking on the right edge of the Circle (at the midpoint of the circle). The cursor will change to a pencil and square bullets will mark the center and radius points. Drag the square bullets to a new location to adjust the circle.
Properties: After drawing a circle, click the Chart Objects button, select Circles, and then click Properties to view the properties window. The properties window can also be displayed by re-selecting the circle and then right-clicking the mouse. Enter a degrees value in the 'Deg' Level entry box to specify the angle of the 2 optional vector lines. Example, an entry of 60 will plot 60 degree angle lines from the middle of the circle. Place a check mark in the 'Show' box to display the lines.
- Degree Fan - Place a check mark in the 'Degree Fan' check box to plot Angle Lines on the chart that draw from the center point. You can specify the desired degrees of each line in the 'Level' entry boxes. Place a check mark next to each entry row that you want to display an Angle Line. The 360 degree radius starts at the right edge of the circle. 90 degrees is straight up. 180 degrees points leftward. 270 degrees points down, etc. The Angle of the Lines will not change if the chart is rescaled.
- Default - Place a check mark next to 'Default', 'Ellipse', 'Rectangle', 'Pentagon', or 'Angle Lines' to change the shape of the circle. Place a check mark next to 'Fill Interior' if you would like the inside of the shape to be filled, as in the example above.
read more » Integration of Gann, Elliott, and Fibonacci Techniques
read more » Ellipses
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Last modified 8/4/11 3:21 PM