Abstract: Optical elements include an optical grating structure which exhibits novel pleochroic properties when rotated or viewed from changing observation locations. The optical grating structure is formed from a plurality of selectively arranged grating elements which are preferably, but not necessarily, formed from a plurality of lines or grooves having a closed-loop shape. The preferred closed-loop lines and grooves are disposed one inside another and preferably include at least one common axis of symmetry. A two-dimensional array of such elements is arranged to define an optically variable device. A method of creating elements, arrays and optically variable devices and articles employing the same are also disclosed.