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Any know an orderflow based momentum/strength indicator?
I am looking for any developments or already finished products for an indicator that measures the stengh of delta (or bid and ask separately) over price.
I have not reached to a formula to attempt building an indicator, but thinking on 3 ways of measuring this:
By period: Last negative delta/last change in price on the last period where last delta was negatiive
and: Last positive delta/last change in price on the last period where last delta was positiive
or by price range measuring: needed delta or bid volume needed to move price up 1 range (and oposite for range down)
or by tick (measuring by ticks/trades how effective fid and ask volumes were to move price up or down)
I have not been able to finalize the math/logic for the indicator. I do not have the programming skils nor the trading knowledge to come up with something like this on my own.
The theory I am chasing is that delta becomes more or less efective in moving price up or down (which is the same as saying that price moves has a changing sensitivity to bid and ask volumes). Then hopofuley that measure can help predict future delta or absortion period.
If any of you have seen an indicator following a similar path, please let me know where I can find it. Or we can start a thread discussion about this matter.
Regards,
Can you help answer these questions from other members on NexusFi?
The developer is a member here, and his footprint chart has a couple indicators where you can program different ideas to be displayed, like this:
It's very similar to Excel language, and I've found it quite flexible and powerful. Without looking to deeply at what you are trying to do, I think you could manage it.
Try this link to read more about the latest version, or try the website - they have a free trial with extensive documentation.
Really? You don't think there is ANY other way to successfully trade? I've read all the Market Wizzards book and I don't recall any of them mentioning trading the DOM only and I thought they were pretty successful. But according to you, they are not?
I know one such indicator that I tested some time ago. It's quite interesting, but in the end I didn't buy it. I only used that momentum, the rest of what the indicator can do is useless in my opinion. I had the impression that it was slowing down my PC a bit in wilder markets. I would love to figure out the logic behind it and make something similar myself. Open source is always better. But for now, I'm a bit stumped... So if anyone has any ideas, here they come.
I have a great use of this indicator , developed here on futures IO . Velocity showes great turning points when one side become more aggressive. I wonder if some one can add a Sound option to this indicator . One for UP move and one for down move . …
Might also look at Jigsaw youtube videos, perhaps their features are what you're looking for.
Thank you. But this is not what I´m looking for. It is for volume bars, I need it for time based bars. And I need it for NT8, so Jigsaw is out of the game, too.