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Version 1.3 - See Changelog below
What it does: This priceline allows for limiting the size of the priceline, and includes the Bid/Ask spread above and below its plot. It updates using the MarketData for Bid/Ask when available. It has been adjusted to work with non-market data charts such as Indexes.
- Allows you to set the width in bars you want the priceline to show so you can limit the line to only showing in recent activity and not when you are reviewing historical data.
- Can set the period to zero to make the priceline infinite (like most price lines)
- Bid/Ask data is shown above and below, its width is dependent on both the spread and the last traded price, ie if Last Price is also the bid price, the bid bar will have the priceline running through it and the ask price smaller. It also handles when the spread increases, giving you a heads up on a market slowing down or speeding up!
Setup: Add the indicator, choose the width of your line (or leave the default 0 for infinite). You may also choose the colors of your Bid, Ask Areas and Price Line color.
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Moved the plot of the Priceline to the onBarUpdate section to allow the indicator to work on Index charts.
Added an Param setting for the width of the Bid/Ask areas.
Added Params for setting the color of the plots.
Fixed several bugs with missing data that caused the line to not show.
-Version 1.3 - 10/10/15 - Fixed a bug for when there is no Bid/Ask info so it will still plot the line. Changed the max bid/ask width to 255 bars (chart speed issues)
December 5th, 2014
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Version 1.2 - See Changelog below
What it does: This is an overlay indicator that takes the Logarithm of the TICK, TICKQ and TICKDJ, applying a weight and then taking the average of the 3 to plot a single line. The range is determined by the weight you choose to give each tick index. See the discussion thread for ideas on best weights, expiramenting is highly encouranged,
Setup: The data source and its usefulness depends on the chart time frame you choose. While it was designed for Second based charts, others have discovered its usefull on tick based charts.
You can make this its own indepentent chart by setting the data series to Transparent and no-AutoScale. Then the TICKlog plot will have full use of the chart. You can also set it as a panel.
You may refer to this thread for a pre-made template that sets up how I use the indicator, but you should adapt to your own needs and see if it gives the trade results you are looking for.
How to read it: When the TICKlog plot makes a parabolic rise up or down, get into a trade in any of the 4 index futures in the direction of the plot, or wait for a cross of the zeroline. depending on your aggressiveness.
Its best when a swing goes up/down hard and then trades within a range of its new comfort zone. The longer it remains there, the stronger the trend in the futures makets becomes.
If a tick swing goes hard but only remains 1 or 2 periods, and then reverses, you will see smaller intra-bar swings (good for easy scalps), but also an indication of market chop.
You must subscribe to NYSE and NASDAQ index data in order to take full advantage of this indicator! Check with your data feed provider.
Your feedback in the discussion thread is very important, the more you contribute to help us find what works and what doesnt, the more the indicator can benefit the BMT community.
Fixes the disappearing act the plot line did when incoming data is missing on Bar Update (It just uses the last available data) and checks for bad calculations (NaN's) and removes those results from the plot.
Added the ability to change Indicators and set their respective weights.
- Version 1.2 - 10/29/14
Removed the beta code that somehow got added between v1.1's completion and its export for the forums... This one works, really!
Thread notes indicated that Unirenko 2 4 2 also provided good trade signals, see discussion post #41
April 10th, 2017 02:45 PM SavosRU Thanks and regards!
November 14th, 2015 10:15 PM phasganon Thanks ,I will give it shot . I was wondering, the price action swing pro already has a volume per swing function.Do you
think you could add a volume profile per swing? Just the basic stuff , point of control, volume weighted average price,
value area high and low per swing? I think it would be a great addition for trade management for both Targets and Stops
! Thank you again and have a great week end.
November 14th, 2015 05:01 PM tcwairoa Very nice indi, many thanks.