The Elite Circle - RJay's Level 2 Bid/Ask Supply Delta
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RJay's Level 2 Bid/Ask Supply Delta 5 *
This is a level 2 indicator. It measures market supply, not market volume.

This indicator can display all levels, a range of levels, or just a single level of supply in the level 2 book.

There are three variables with this indicator that can be set.

Beginning level, ending level, and smooth.

The first two sub panels are displaying all levels, raw data, then smoothed.

The last two sub panels are displaying just level 0, raw data, then smoothed.

( Note: Level 0 supply is the supply that current best price Market Orders transact with.)

Because of the spike nature of book levels, I have built in the optional smooth feature which takes an EMA of the last 5 bars, minus the highest and lowest values of the five.

Also, the bar colors reflect the raw data direction, even on the smoothed version. This accounts for some red bars above and green bars below the center line in the smoothed version.

In the smooth setting, this indicator begins plotting after the fifth bar.


THIS INDICATOR IS FOR NT7 ONLY !!!!

Upload Date 4/10/2011


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January 22nd, 2010
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