Measured Move Tool

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.