This is just a quick tip on creating a measured move tool. If you're like me (having to work things out alone the slow way by trial and error) then you probably messed around with trend lines making a mess of the chart and it always being a faff to work out measured moves, which I use pretty religiously in setting profit targets and goals.
However, no more faffing needed. The Fib Retracement Tool can be re-appropriated as a measured move tool. Simply double click the tool settings and change all of the nonsense measures that come in the pre-sets (I don't use Fib Retracement in my trading). In my adapted Fib Tool I simply change the settings to 0, 0.33, 0.5, 0.66, 1, 2, 3, 4. I also grey out slightly the 0.33 and 0.66. I find 0.33, 0.5 and 0.66 are great for measuring pullbacks.
And that's it. Measured move tool hack complete. Enjoy.
However, no more faffing needed. The Fib Retracement Tool can be re-appropriated as a measured move tool. Simply double click the tool settings and change all of the nonsense measures that come in the pre-sets (I don't use Fib Retracement in my trading). In my adapted Fib Tool I simply change the settings to 0, 0.33, 0.5, 0.66, 1, 2, 3, 4. I also grey out slightly the 0.33 and 0.66. I find 0.33, 0.5 and 0.66 are great for measuring pullbacks.
And that's it. Measured move tool hack complete. Enjoy.