Advanced GET Drawing Tools - TJ's Ellipse
Overview
TJ's Ellipse is a tool to anticipate when a retracement of an upswing or downswing swing will end and the original trend will resume. TJ's Ellipse is based upon both time and price and updates as the market changes until it intercepts the market and "closes".
Please note that you must purchase Advanced GET to access this study.
How do I apply TJ's Ellipse?
To apply TJ's Ellipse on a chart, left-click on the Drawing Tools icon, then left-click on the icon labeled TJ on the Advanced Line toolbar.
Alternatively, you can also right-click on the chart, when the menu appears, highlight Insert Drawing Tools, left-click on TJ's Ellipse. A keyboard shortcut (Alt + J) is also available.
If the Shadow feature is enabled, the Ellipse and Shadow show the projected range of TJ's Ellipse until it closes, in other words, they will draw to together as the chart updates and will eventually merge. The Center Point displays the midpoint of the range between the Shadow and TJ's Ellipse.
Properties
To edit the TJ's Ellipse parameters, either right-click on the chart and select Edit Chart or right-click on any of the lines of the study and select Edit.
Short Ellipse: Will display a TJ's Ellipse based on a short term swing. Enables the display of the Shadow and Center Point.
Normal Ellipse: Will display a TJ's Ellipse based on a "normal" swing. Enables the display of the Shadow and Center Point.
Long Ellipse: Will display a TJ's Ellipse based on a short term swing. Enables the display of the Shadow and Center Point.
Open Ellipse Border: Indicates that TJ's Ellipse is still updating.
Closed Ellipse Border: Changes the color of the boundary line of TJ's Ellipse to indicate that it has "closed" (in other words, the Ellipse has intercepted the market) and has stopped updating.
Show Marker: When checked, leaves a mark at the starting and ending points used to draw TJ's Ellipse.
Alerts
Select the Alerts tab to set an alert for when price reaches the TJ's Ellipse.
Enable Alert: When checked, an alert is triggered when price reaches the TJ's Ellipse.
Auto Reactivate: When checked, the alert will reactivate so it can be triggered again.
Once per Bar: When checked, the alert will not trigger again until the price bar forms.
Alert Action: Select for when an alert triggers, to get a pop up alert, an audio alert, and if configured, an e-mail alert message.
Once per Bar: When checked, the alert will not trigger again until the price bar forms.
Alert Action: Select for when an alert triggers, to get a pop up alert, an audio alert, and if configured, an e-mail alert message.
Removing TJ's Ellipse
(1) Right-click on the TJ's Ellipse you want to remove. When the TJ's Ellipse menu appears, left-click on Remove TJ's Ellipse.
(1) Right-click on the TJ's Ellipse you want to remove. When the TJ's Ellipse menu appears, left-click on Remove TJ's Ellipse.
(2) Left-click on the TJ's Ellipse and press the Delete key.
(3) Right-click on the chart and left click on Edit Chart. Highlight the TJ's Ellipse to be removed and click on the X icon.