Collaboration to design a new indicator?

[Soultrader]

I am interested in building an indicator based off a time of sales and tick chart. The basic concept is this: I want an easier way to read the tape and to watch for supply vs demand.

What I want is an indicator that plots a histogram of the difference between the number of contracts at the ask vs the number of contracts at the bid. I want this difference taken from a tick chart of choice.

For example: If the tick chart settings were set to 233 tick chart, the histogram will plot the difference between the number of contracts at the ask minus the number of contracts at the bid off one 233 tick bar.

The parameters for the tick chart settings can be changed to whatever.

If anyone can help me with this it would be appreciated. I have no knowledge of EL or coding. Thanks

[TinGull]

Sounds like I know what you've got brewing..... If I knew easy language I'd be all about helping.

[Soultrader]

Ok heres the indicator... thanks for the chart Tin. Apparently its called the volume breakdown indicator. Does anyone know if this exits for TS? Thanks

[walterw]

Soul I know it is possible and I even have one, i will post it when I find it, but it will work only on real time data, it doesnt look on historical data... on the other side I believe it calculates on up/dn ticks and not real bid ask volume on TS... Linnsoft its about the only soft that has reliable performance on this type of data until now... and has the abilty to recalculate historical data and plot it... maybe the most near competitor its topgunsoftware thought their aproach is quite diferent... cheers Walter.

[Soultrader]

Thanks walterw. Please let me know when you find it.

[insideday]

Hi, you could try it realtime with

inputs: UpColor(green), DownColor(red); 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; plot1(BAVolDiff, "BAVolDiff", color); Plot2( 0, "ZeroLine" ) ;

Make sure that you use Trade Volume on Format Symbol.

Regards

[Soultrader]

Thank you insideday. This is going to sound retraded but how do I create a new EL file? Im assuming I need to cut and past the above coding into a new .eld file? Thanks

[insideday]

Yes, go to File->New->Window->Easy Language->Indicator and paste the above code. Then verify it with F3.

[Soultrader]

WOW! Works great insideday. Thank you very much for this. I almost had a EL specialist get this done for me. Do you mind if I go ahead and post this in the custom indicator forum? Thank you

[nicknextmove]

Thanks insideday. Learnt a lot from your code.

Attached is the ELD for people who don't want to go the copy/paste/verify mode.