Support Board
Date/Time: Sat, 30 Nov 2024 07:38:44 +0000
Post From: Large Volume Trade Indicator
| [2017-02-13 09:00:03] |
| User19165 - Posts: 346 |
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Hi Sierra, I did some exploration on this new circle drawing marker over the weekend. I think its a pretty good improvement over the previous marker. It does need some more improvements though as it needs to be consistent across charts of any timeframe given the same settings. As I touched on before when I wrote a similar indicator for a different charting package some years ago, establishing a baseline for "normal" and then adjusting the circle size based on total volume relative to normal does this well. To be more specific, I would hold all the bid volume above my threshold in an array of the 20 most recent large volume trades at the bid and then take an average of that. If the next large volume trade was twice that of the average, then the circle would be twice the size of what the user specified in the indicator settings. Doing this makes it nicely adaptive to those days when you are getting a lot of volume above your threshold and keeps the dot sizes from ballooning too much. The way I did it above is just one way to achieve consistency across charts of any timeframe. You guys are pretty clever and maybe can think of a better way, but the current visual implementation needs some work to become more useful as a discretionary trading tool. Please consider making improvements to this. With kind regards, MK |