From the menu bar, select Options>User Preferences. Under the General tab, ensure the Lock units of measure by default box is unchecked. If the box is checked, uncheck the box, then exit and restart MIMIC for the change to take place.

Creating a new worksheet will also make any changes take effect.

Open the Search Database window by selecting the Search Database button. Then, select the front continuous Heating Oil futures contract under the Tree View tab by selecting Futures>NYMEX>HO. Double-click the Close column to add the symbol information to the Worksheet. Select the Configuration button to return to the Configuration window.

The Data Builder is now populated with the symbol HO and all of the default settings associated with that symbol. Look at the Units field and note that the unit of measure is USC/GAL.

Select the Add Row button. Then, open the Search Database window by selecting the Search Database button. Under the Tree View tab, select the front continuous Crude Oil futures contract by selecting Futures>NYMEX>CL. Double-click on Close to add the symbol information to the Worksheet, then select the Configuration button to go back to the Configuration window.

The unit of measure is set to USC/GAL for the Heating Oil futures contract and USD/BBL for the Crude Oil futures contract.

Select Axis Config at the bottom of the Configuration window. Axis Config allows you to change how the axis and labels will appear on the chart. The axis and labels can be moved to different areas on the chart by changing the axis positions.

Set the label so that Label A “Heating Oil” futures displays on the right side of the chart, and Label B “Crude Oil” futures displays on the left side of the chart.

Select the Configuration button to return to the Configuration window. Select the Chart button and notice how each futures contract displays with its own axis and units of measurement.

From the menu bar, select Options>User Preferences, then select the General tab. Check Lock Units of Measure and select OK. Select the New button to create a new worksheet. When prompted, do not save the old worksheet.

Enter the symbol CL in the Symbol field, then press Enter. Select the Add Row button and enter the symbol HO in the Symbol field, then press Enter. Change the units of measure for the symbol HO to USD/BBL to match the units for the previously entered Crude Oil, Light Sweet futures.

When the Lock units of measure by default box is checked under the General tab in Options>User Preferences, the units for all symbols will automatically convert to the same units of measure. If the box is not checked, the units of measure will keep their default settings.

The last formula required to create a table for this lesson is the Heat-Crack or the difference between the closing price for the front continuous Heating Oil futures contract and the front continuous Crude Oil futures contract. To add this formula, select the Add Row button.

Within the Data Builder, select the Formula tab.

Each series or formula added to a worksheet is automatically labeled with letter codes: A-Z, AA-ZZ, etc. These labels may be used to create formulas. a formula is written in algebra using the basic operators: +, -, *, and /. In this lesson, you want to subtract row B from row A (or A – B).

You must enter a space between a symbol identifier and an operator, otherwise MIMIC confuses the identifier and the operator.

In the Formula field, enter A – B. Notice that the Formula column in the worksheet is automatically populated with the input. In the Description field, enter Heat Crack.

Before we display a table, you must change the default date options in the Data Builder from 1 year to 2 years. In the Date Options pane of the Data Builder, pull down the Change Period settings and select 2 years.

To view a table of the data, select the Table button from the toolbar.

Upon selection, a table will appear with the corresponding dates for the last two years in the left-most column, then the closing price for the front continuous Crude Oil futures contract converted to dollars per barrel, then the front continuous Heating Oil futures contract, and the Heat Crack.

The following shows a portion of the results:

Perhaps you want to look at five years of analysis instead of two years. Select the Configuration button to return to the Configuration window. Change the date options in the Date Options pane of the Data Builder from 2 years to 5 years.

Select the Chart button from the toolbar to create a chart of the Worksheet data.

Select the New button to clear off the exiting worksheet and start the "Problem Solvers" section. Do not save the worksheet.