In the analysis menu are 5 new tools...
1. ConnorsRSI - Larry Conners known for his work in developing strategies around short term RSI, created this indicator which is a composite of three indicators.
2. The TTM Squeeze was originally developed by John Carter. It combines 3 other indicators (bollinger bands, keltner channels and momentum) into one easy to read oscillator.
3. Alligator - This tool was developed by Bill Williams and uses three offset moving averages. Bill spins a yarn about an alligator that grows hungry while he sleeps. The trick is to be on his good side when he wakes up!
4. Ichimoku Cloud - I think the most interesting of the new tools. It is based on a book published in 1969 (pre personal computers). The indicator defines support and resistance, identifies trend direction, gauges momentum and provides trading signals. There is a lot displayed in this indicator so I would suggest playing with it as the only indicator on the chart.
5. Fibonacci Extensions - Fibonacci has always been used to look for retracement opportunities. As Fibonacci analysis has become more popular, traders are now using it to predict where the market will go when it breaks out or breaks down. We now calculate 5 ratios for retracement, .236, .382, .5, .618 and .786. The original ratios, .382 and .618 are thicker lines. Selecting Extensions from the Fibonacci menu adds predictive levels above or below depending on whether fibonacci is forecasting a break out or break down. The extension ratios are 1.272 and 1.618.
6. Offset moving averages - new in the TA settings are fields to enter an offset for the different moving averages. When averages are initially drawn the offsets are ignored allowing the user to view non-offset averages without having to change preferences. To offset the averages, hold the control key and put your mouse down in the Y axis scale are of the chart. A contextual menu will popup. The last choice of that menu is Offset MA. Make that selection to toggle between averages that are offset and averages that are not.
Oscillators and other analytical studies that appear below the chart have a new triangular space in the upper right of the indicator display. Clicking in the triangle will dismiss the indicator making it fast to remove these indicators from a chart.
We've added additional one touch controls to the bottom of the List window making it faster and easier than ever to creat charts and manipulate your list.
Candle Patterns, when activated, change the color of candles that have patterns and display the meaning of the patterns when the mouse is down on the colored candle. Candle Patterns can be toggled on or off by clicking in the lower right corn of the chart just to the right of where the x and y axis meet. That toggle now goes from "off" to "on with meanings" to on "without meanings" and back to "off".
Basic operation is the same so you should be able to do those things that you did before as you learn the new tools. I would recommend checking color and TA preferences (both under the Edit menu) if you run in to any snags. Verify that the new tools have colors set for them and that TA smoothings appear normal. By all means, drop us an email if you need assistance.
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