Support Board
Date/Time: Sat, 23 Nov 2024 18:11:45 +0000
Post From: Absorption Alert *Footprint Chart*
| [2024-07-14 02:04:16] |
| shajee08 - Posts: 10 |
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After using footprint charts with John’s recommended formula I am reaching out to the community/or John to see if I can get some assistance in modifying it to show me accurate levels of absorption. I am currently using a 5000T footprint chart and since switching over to Denali data feed over the IBKR data I am getting more accurate data which I can finally rely on. My question is how would I go about modifying the formula or where can I understand where and what each part of the formula means(I am currently not using an OR function as I don’t know how to.) I’ve attached a screenshot, in specific 9:16:22, 9:30 and 9:34:50 candles seem to be red candles with buying pressure creating wicks pushing price back up even though delta is negative price is holding firm. I would like to get a trigger a symbol/alert on the chart which I have currently but not sure under what conditions it is currently being trigger, this week it showed up once where a large order on the ask side appeared 15:44:01 on the second screenshot. This was a helpful trigger as price quickly ran up I’m assuming because this was someone hitting the ask with a large order, I activated the trigger symbol on the absorption v2 study and this showed up but I don’t see where I can meddle with the settings for this to trigger more often. What I am ultimately looking to have/replicate is what this trader is using on ninja trader which he has told me is possible and probably even better on Sierracharts He is saying that a computer churns a massive amount of tick data and outputs the absorption levels. (I’m guessing DOM or footprint data?) These levels can be exported to a platform and be presented in the form of an indicator that draws these lines. (I am okay with this being displayed right on the footprint chart) He uses strong orderflow absorption level that is detected by an algo and is timeframe independent (as it is based on volume and not time) If anyone uses something like this in their own trading can you please help a fellow trader out with this issue I’ve been racking my brain over? John’s formula: 1. You would need to use the "Volume at Price Threshold Alert V2" to get the information when there is a delta over a certain value. You would then combine that with a check of the price to see if it within the range you want. For example, you would use a formula like the following to test if the price is within 2 ticks of the first alert from the Volume at Price Threshold Alert V2: =AND(ID1.SG1, C > ID1.SG1 - TICKSIZE * 2, C < ID1.SG1 + TICKSIZE * 2) You would then need to add an OR function and test additional Volume at Price Threshold Alert V2 triggers. Thank you so much for your time in helping me on this, and I apologize in advance if my understanding on this and formulas is elementary. Date Time Of Last Edit: 2024-07-14 02:07:00
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