Tools: Formations

To draw Formations on a chart, click the Formations button on the Drawing Toolbar.  The cursor will change to a pencil while in the draw mode.  The tool can be used to draw a variety of patterns, including Elliott Wave ABC corrections, Elliott Wave 12345 thrust moves, 3 Point Fibonacci Levels, Butterfly Patterns, Gartley Patterns, Triangles, and Trapezoids. 

The tool's properties were configured as shown below to create the Fibonacci Extension formation.  Enter Fibonacci percent levels in the 'Level' entry boxes for any Fib levels that you want to plot. Increase the 'Width Multiplier' to extend the Fibonacci lines horizontally into the future.

Adjusting the Lines: Re-selecting the lines will activate the ability to move the lines. Click the mouse on either of the first two points (or the Lines between the points) to activate the lines. Square Bullet marks will highlight the three original points. Place the mouse on any of the square bullet marks and drag the lines to a new location.

Properties: Click the Chart Objects button, select Formations Tool, then click the Properties button to open the Properties window for the tool. On the right side of the window is a list of patterns the tool can draw. Place a check mark next to the desired pattern. The pattern options are:

• Gartley - Plots a Gartley Pattern based on the 3 draw points.
• Butterfly - Plots a Butterfly Pattern based on the 3 draw points.
• Triangle - Plots a Triangle based on the 3 draw points.
• Trapezoid - Plots a Trapezoid based on the 3 draw points.
• Fibonacci - Plots a Fibonacci Extension using 3 draw points.    
  • read more » Fibonacci Extensions
  • read more » AB=CD Pattern
  • read more » Lightning Bolt (Elliot Wave Patterns)
• Risk | Reward - Displays a tool to measure the price of vertical movement and retracements.
• Vertical Ruler - Plots a vertical line from the start point, as a reference line.
  • read more » Vertical Ruler
• Price - You can manually enter the price for the first draw point if necessary. 

There are 15 Tabs at the bottom of the Properties window.  Each Tab can save a unique set of parameter settings.  This allows you to have 15 different line settings.  The Tab currently being used will have dashes next to the Tab number.  In the example below, Tab 1 is the current Tab being used.  Click on a Tab to switch to a different setting, or to make changes to the Tab setting.  You must click on a Tab in order to make and save changes to the Tab settings.  You are encouraged to set up a different tab for each of the possible formations.