Price Axis Settings

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Video Transcript:

Hello, traders. Welcome to the Think or Swim tutorial and third module, Charting. In this lesson, we’re going to talk about the price access button. The price access button is this button right here at the top of the price access on the top right of your chart. Now, you can see this Euro/US-Dollars is off center. If you click on the access button, you can automatically center your chart by clicking on auto. Now, this is not all of the features that the price access button has for you. If you click again on the price access button and go to price access expansion, you can choose an expansion percentage from the up and down of your chart so it doesn’t feel off center. Let’s choose a 5% up and 5% down. If you apply it, you can see now that we have 5% free space at the bottom of the chart and 5% free space at that top of the chart.

Changing time axis

Now, let’s click okay and I am going to show you the coolest feature of this button. If you click again on the button, you can choose to see the price structure as a percentage. And, as you can see right here, the price access is now a percentage moved from the first candle of the chart. This means that the zero point of this chart is the closing price of this candle right here. Let me zoom in on the chart for you, and I am going to show you the point zero of this chart. I am going to grab a crosshair, too and the point zero of this chart is the closing price of the first candle of your chart. Now, this is actually not very useful because when you are calculating or when you want to see price movements in percentage, you want to see them from one low to one high or from one high to one low.

Time series on ThinkorSwim platform

Let me just zoom out on this part of the chart. And, right now, I am going to show you how to change the point zero of your chart to any given point…well, in price action. Now, let me zoom in on this part of the chart right now. Let’s say then I want to know how much price has moved on this strong move to the downside, okay? What you do you while you have the show prices of the percentage clicked is go to the last candle that you want your zero level to be set at. Right click on the candle and set the bar as zero. Now, when you chose a bar as a zero level, the zero level will be the closing price of the bar. This means that, in this bullish bar, the zero level will be the closing price, which is this one right here.

If we had chosen, for example, the zero level at this low, you would have to choose the closing price of this bearish candle, which is this one right here. Let’s set it to see how much price has moved from this low to this high. And to do so you grab, again, the crosshair tool and go to this high right here. And you can see that we had a 6.76% move from this low to this high. The zero level line color is the same as the grid color so if you got to change it, you have to go to style, settings, and then go to appearance and just change the grid color to whatever color you want for your zero level line. Let’s go with black and apply it and, as you can see, the color of the line changed. If you want to delete the zero level and you want to continue the zero level to be the first bar on your chart, you just have to change time frames. Now, the cool thing about the zero level is that if you only use today’s data, you are going to see how much price has moved since the market opened. And, in this case, on today’s three-minute chart, the zero level is the closing price of this candle. And we are up right now, as you can see, 0.25% on the day with a low of -0.21%. And this is how you use…

Adam

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