Bid-Ask Tape Indicator - Traders Laboratory

Bid-Ask Tape Indicator

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bidask.jpg (57.3 KB, 1262 views)

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BIDASKINDICATOR.ELD (14.5 KB, 576 views)

Software Version: , by Soultrader (Founder of TL!) Soultrader is offline

Developer Last Online: May 2008

Trading Platform:	Rating:
Release Date: 01-31-2007	Last Update: n/a	Installs: 78

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 on a TICK chart and the indicator as a histogram. See attachment for screenshots.

Created by Insideday.
Please do not redistribute without the permission of Insideday.

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By TinGull on 01-31-2007, 11:14 AM

Re: Bid-Ask Tape Indicator

James, for what it's worth...look at my bars...looks very similar. Looks you hit a winner here

That big divergence coming into VAH on the ER2...money in the BANK!

Attached Images

ERDiv.png (35.9 KB, 672 views)

2 links from elsewhere to this Post. Click to view.

#1 (permalink)

By Blu-Ray on 01-31-2007, 01:00 PM

Re: Bid-Ask Tape Indicator

James

Thanks very much for this indicator, as you mention, I'm also really looking forward to see how it reacts on key pivot levels.

Cheers

Blu-Ray

#2 (permalink)

By slableak on 07-12-2007, 04:58 PM

Re: Bid-Ask Tape Indicator

When the bars start turning green for a long is that pretty much the entry signal? Or do you look at the red bars and see if they are getting smaller? Do you have any tick frames you like to use it on for the ER2?
thanks!

#3 (permalink)

By darthtrader on 07-12-2007, 08:57 PM

Re: Bid-Ask Tape Indicator

interesting, i missed this one.
Soultrader has that volume delta indicator you use replaced this in a way for you? One thing I notice with this vs volume delta is plotting the bars in the opposite direction looks easier to read. wouldn't that improve volume delta?

#4 (permalink)

By Nick1984 on 07-13-2007, 01:21 AM

Re: Bid-Ask Tape Indicator

Isn't this just the same as the voloume delta indicator you use but just shown in a different way?

#5 (permalink)

By dfarns on 08-16-2007, 04:22 AM

Re: Bid-Ask Tape Indicator

Could someone post the text of this .eld so I can try to make it into an .ela.

Thanks, Dan

#6 (permalink)

By cooter on 08-16-2007, 06:31 AM

Re: Bid-Ask Tape Indicator

	Quote:	Nick1984
	Isn't this just the same as the voloume delta indicator you use but just shown in a different way?

Yeah, I think it is. If you really want to get the most out of this one (or the volume/tick delta), you might want to look at aggregate volume over x number of periods, such as 7 or 14 bars.

All I can say is that looking at 1 bar delta volume just does not compare to seeing the 7 or 14 bar delta volume. Try it and see.

#7 (permalink)

By Tasuki on 09-16-2007, 02:50 AM

Re: Bid-Ask Tape Indicator

When I plot this indicator on a 233 tick chart of the @NQ, all I get is a straight line (Tradestation version 8.2 build 3896). I tried changing the settings so the "for volume use:" said "tick count" and then I put it back to "trade vol" but in both cases I got the same straight line. Now, I'm trying this late at night on a Saturday, so maybe it only works with a live chart?

#8 (permalink)

By walterw on 09-16-2007, 12:51 PM

Re: Bid-Ask Tape Indicator

	Quote:	Tasuki
	When I plot this indicator on a 233 tick chart of the @NQ, all I get is a straight line (Tradestation version 8.2 build 3896). I tried changing the settings so the "for volume use:" said "tick count" and then I put it back to "trade vol" but in both cases I got the same straight line. Now, I'm trying this late at night on a Saturday, so maybe it only works with a live chart?

Yeap.... he only works on live data..

try this one http://www.traderslaboratory.com/for...ator-1153.html he works on historical data.... cheers Walter.

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