Indicator plotting time in the volume based charts or volume delta charts.
Indicator plotting time in the volume based charts or volume delta charts. Does anybody know if there is a way to plot time under the chart in chart where each bar is plotted by volume or delta volume? For example each bar is created when 1000 contract traded or 500 delta volume traded...but I want to know how long it took for this bar to get created.
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I am not sure if anybody thought about this before, so if it was discussed in different thread, excuse me. The concept I have in mind goes like this. If I look at the chart with the timeframe controlled by delta volume ( in Sierra chart it is called delta volume by bar), it becomes obvious that it will take different time for each bar to get created. Since the delta volume reflects the market driven orderflow, I assume that bars that got created faster are the ones that reflect urgency....therefore it can be beginning of momentum. And the bars that needed more time to be created lack this urgency. So I am interested in those bars and go in the same direction that were created quickly.
Another thing is volatility of these bars. If there is a bar that was formed quickly and has rather large volatility, it means that there is also no resistance in the orderbook (limit orders) which would absorb the market driven orderflow (volume delta).
I would like to hear from anybody interested in developing this idea. Iam sure this is just the small step.
Dont know how to post a pic
Last edited by Czechmade; November 8th, 2012 at 10:03 PM.