Bid-Ask Tape Indicator - Page 2 - Traders Laboratory

01-31-2007, 11:01 AM

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Bid-Ask Tape Indicator

Here's an indicator I requested and was created by Insideday. Its a simple indicator that calculates the number of contracts at the Ask minus Bid off the tape. Basically, I'm interested in seeing if there are more lots at the ask vs the bid at key price levels such as pivots. Im also interested in seeing the difference during a tight range in anticipation of a breakout.

I personally plot this...

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#10 (permalink)

By Tasuki on 09-16-2007, 09:02 PM

Re: Bid-Ask Tape Indicator

Thanks, Walter. Correct me (please) if I'm wrong, but the Volume Delta records actual trades, buys and sells, whereas the bid/ask tape indicator records bids and asks, namely people who SAY they're going to buy or sell, but they may or may not actually do so, if they pull their bids/offers before they're executed. Am I right about this?

#11 (permalink)

By walterw on 09-16-2007, 10:11 PM

Re: Bid-Ask Tape Indicator

	Quote:	Tasuki
	Thanks, Walter. Correct me (please) if I'm wrong, but the Volume Delta records actual trades, buys and sells, whereas the bid/ask tape indicator records bids and asks, namely people who SAY they're going to buy or sell, but they may or may not actually do so, if they pull their bids/offers before they're executed. Am I right about this?

NO... in this case Delta analisis is about the volume of trades that where executed on wich side (executed trades)... all trades are market from one side limit the other... the market side is considered the compulsive side (leading side) so you are basicly tracking which side the most market orders are being done... gauging the probable market bias... alias Delta... hope helps, cheers Walter.

#12 (permalink)

By DIAgeezer on 10-28-2007, 10:49 AM

Re: Bid-Ask Tape Indicator

For what its worth...TradeTheMarkets have just announced that they will soon be selling a Delta Divergence indicator that has been developed by MarketDelta.com for TradeStation. They've not said how much they will be charging , but it'll probably be between $550-$750. Its looks very much like this indicator...however it paints a magenta or blue bar when there is a divergence between the price bar direction and the bid/ask volume.

Cheers
alan

#13 (permalink)

By zdo on 12-14-2007, 05:50 PM

Re: Bid-Ask Tape Indicator

What is Delta Divergence? Thanks.

#14 (permalink)

By marketguy on 12-15-2007, 03:15 PM

Re: Bid-Ask Tape Indicator

It would be so fabulous if someone could add dots indicating divergence at new highs or lows. It is so easy to miss without them. The Market Delta version also allows an audible alarm to be set in addition to the dots.

Thanks

#15 (permalink)

By mishnas on 12-24-2007, 11:28 PM

Re: Bid-Ask Tape Indicator

I've been watching this indicator on a 5-min chart and it seems to work beautifully. What is the advantage of ploting it on a tick basis?

#16 (permalink)

By sean on 01-12-2008, 11:06 AM

Re: Bid-Ask Tape Indicator

Can any one help with Bid-Ask Tape Indicator?

Need help to plot different color for Divergence.

If bar price are green (up) and Bid-Ask Tape Indicator red(more down ticks ) plot different color (blue ) on Bid-Ask Tape Indicator

Or

If bar price are red (down) and Bid-Ask Tape Indicator green(more up ticks ) plot different color (blue) on Bid-Ask Tape Indicator

Thanks in advance

Sean

#17 (permalink)

By zdo on 01-12-2008, 12:19 PM

Re: Bid-Ask Tape Indicator

	Quote:	sean
	If bar price are green (up) and Bid-Ask Tape Indicator red(more down ticks ) plot different color (blue ) on Bid-Ask Tape Indicator Or If bar price are red (down) and Bid-Ask Tape Indicator green(more up ticks ) plot different color (blue) on Bid-Ask Tape Indicator

Sean,

Wasn't quite sure of your definition of up (or down) bar but here's a template. You can change the price logic to match candles or whatever you mean by green (and red).

Also, you might consider logic along the lines of
if green and (h[0] > h[1]) and (BAVolDiff[0] < (BAVolDiff[1] *x)) ?? etc

btw This verifies but has not been tested. Let me know if you have difficulties with it on Monday in real time.


	inputs: UpColor(green), DownColor(red), DivColor(Blue) // new code ; variables: MyVol(0), Color(yellow), intrabarpersist MyCurrentBar(0), intrabarpersist VolumeAtBid(0), intrabarpersist VolumeAtAsk(0), intrabarpersist BAVolDiff(0), intrabarpersist VolTmp(0); if LastBarOnChart then begin MyVol = Iff(BarType < 2, Ticks, Volume); if CurrentBar > MyCurrentBar then begin VolumeAtBid = 0; VolumeAtAsk = 0; BAVolDiff= 0; VolTmp = 0; MyCurrentBar = CurrentBar; end; if InsideBid < InsideAsk then begin if Close <= InsideBid then VolumeAtBid = VolumeAtBid + MyVol - VolTmp else if Close >= InsideAsk then VolumeAtAsk = VolumeAtAsk + MyVol - VolTmp ; end; if VolumeAtBid > 0 and VolumeAtAsk > 0 then BAVolDiff= VolumeAtAsk-VolumeAtBid ; VolTmp = MyVol ; end ; if BAVolDiff<= 0 then color = DownColor else color = UpColor; //new code if (c > c[0] and color = DownColor) or (c < c[0] and color = UpColor) then color = DivColor; plot1(BAVolDiff, "BAVolDiff", color); Plot2( 0, "ZeroLine" ) ;

hth

zdo

#18 (permalink)

By sean on 01-12-2008, 12:26 PM

Re: Bid-Ask Tape Indicator

I mean price up = green candle

#19 (permalink)

By sean on 01-12-2008, 12:32 PM

Re: Bid-Ask Tape Indicator

great Thanks

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