Inverted charts

[sukhsinghin]

Is it possible to have inverted chart in MW or any work around?

 

[ScottyA]

Absolutely! I did it all the time as an overlay to set the price targets when I traded inverse ETF's.

When I sit down in front of my charts tomorrow morning (in Dallas, TX, USA), I'll get you some specific instructions and pics.

 

[sukhsinghin]

Absolutely! I did it all the time as an overlay to set the price target when I traded inverse ETF's.

When I sit down in front of my charts tomorrow morning (in Dallas, TX, USA), I'll get you some specific instructions and pics.

Thank you Scotty, will wait for the instructions(in NY,NY).

 

[ScottyA]

@sukhsinghin I admit the process to get an Inverted Chart is a bit clunky and could be solved with a simple one-click solution, but MW has not yet provided this (that I know of). So here's what I've got:

Step 1: Open up the chart. Right-click to select Add Study. Choose "Instrument Overlay."



Step 2: Choose your instrument. (I prefer using the same Instrument Chart that I add the Overlay.) Select Inverted. Be sure to select the correct bar type and color.



Step 3: The result should look like the chart below. Notice the inverted Price Axis on the Left of the chart.



Step 4: Make the main bars disappear. You do this by:

Right-click on the chart > Choose "Chart Settings" > Go to the Theme tab > Click on the "Custom" button beside "Bar Theme" > Click on the "+" sign to Create and Edit a new Bar Theme (Call the new theme, "Transparent") > On the Up Bar, select the color and then "More Colors..." > Set the Opacity to 0% > and then finally change every Bar color to this new transparent color.



Step 5: Change the current Bar Theme to the new one you selected.

 

[ScottyA]

Step 6: The end result should be a perfectly Inverted Chart.



If there's an easier way to accomplish this, let me know!

 

[sukhsinghin]

Thank you ScottyA, I am able to do all the steps but new bar theme is not showing in step #5."Step 5: Change the current Bar Theme to the new one you selected."
Am I missing anything

 

[ScottyA]

The one you created is a "Light Theme," while your chart is a "Twilight Theme." My guess is the "Light Theme" bars won't show up when you have "Twilight" selected.

Try matching up your Chart Themes by changing the new, created one to "Twilight" that matches the chart.

 

[sukhsinghin]

The one you created is a "Light Theme," while your chart is a "Twilight Theme." My guess is the "Light Theme" bars won't show up when you have "Twilight" selected.

Try matching up your Chart Themes by changing the new, created one to "Twilight" that matches the chart.

Thank you, it worked

 

[Pejman]

HI All

may i asked what is inverted studies used for? its application .

 

[sukhsinghin]

HI All

may i asked what is inverted studies used for? its application .

I use it to change my bias.

 

[ScottyA]

may i asked what is inverted studies used for? its application .

When I traded stocks and Bull/Bear 3x ETFs (like NUGT-DUST and GUSH-DRIP), I would overlay the inverse Bearish ETF to set a price target.

Like inverted DUST on top of GDX.