MagnusTradingGroup
Education

How to properly scale your charts

BITSTAMP:BTCUSD   Bitcoin / Dollar
Many charting tools require a proper scaling of price / time.
This is the method I'm using to scale my charts if needed.

1) Draw a rectangle somewhere on your chart

2) Set it's coordinates to 1:1
So if the price coordinates are 300/350 , set the bar (time)
coordinates to have the same difference of 50 in this case

3) Draw a "Fib Speed Resistance Arc". You can find it in the
second tool bar menu where you also find the Fib Retracement

4) Set it's PRICE coordinates to the same you have set for the rectangle .
For both BAR coordinates you use the smaller number from the rectangle bar coordinates.

Now after you have done that drag one axis (price or time) and move it around.
Watch the upper right corner of the rectangle cross with the fib arcs.
If it crosses with the 1 fib arc, you have a 1:1 scaling.
On the chart example you can see it cross the 3 fib arc so the scaling is 3:1
If you found a nice scaling, right-click the price axis and select "Lock Scale"
so you can zoom in and out of the chart without changing the scaling.

You can try the following scaling ratios:
0.5 / 1 / 1.272 / 1.414 / 1 / 2 / 3 / 4 / ...
also all the X.618 ratios could be usefull. (0.618 / 1.618 / 2.618 / 3.618 / ... )

Let me know how this works out for you and feel
free to leave a comment if something is unclear.
Cheerz : ]
Good tutorial, thanks
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Magnus is growing on me a bit -- would like a more depth analysis though
+2 Reply
I, alste, fully endorse this chart
+3 Reply
looks neat! will try it and drop you a line
+2 Reply
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