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Found 6 results

  1. EL Delta Code Works, but ?

    I'm trying my darnedest to learn EL and apply it to the OEC trader platform. I'm at the point where I understand a lot of this Klingon dialect but I can't quite speak it yet. This simple code works well and posts the proper Delta text value at the close of each bar. It also posts the text, only on the most recent 6 bars. Variable: Delta(Upticks-DownTicks ), {Holds Delta values} DeltaTxt(0); {Holds Text Values} If Delta <> 0 Then DeltaTxt = Text_New( D, time[1], (h+1.25), NumToStr( Delta, 0 ) ); {Above expression puts text 5 ticks above Hi of each bar} Text_Delete(DeltaTxT[6]); {Gets rid of all DeltaTxt objects beyond the 6th barback} Here's my delema. I wish to update the text intrabar so I have a running tally while building the last bar on the chart. If I enable "Tick by Tick update", I get new text objects piling up on each other so it quickly becomes unreadable.(See Image) Is there some code or coding technique that gets rid of the old text object as the new one is generated until the bar closes? I have played for several hours trying to get Text_Delete () to work but have received no joy. Any help,code or explanation greatly appreciated.
  2. What Are the Option Greeks

    If you’re somewhat new to Options, you must have heard about the Option Greeks. In fact, a common rookie mistake with Options traders is that they ignore the importance of the Option Greeks (Truth be told, I’m guilty – I ignored them for almost 6 months). This is easily one of the biggest mistakes a newbie Options trader can do. Let me give you a simple analogy, and perhaps the importance of Option Greeks may hit home.
  3. Hi, This is a new thread to discuss all things Delta - referring to the difference in trades placed at the bid compared with the offer. So for example if 10000 contracts trade at one price over a 5 minute period in the E-Mini S&P 500 contract, 6000 bought at the offer and 4000 sold at the bid, the delta of that price would be +2000. The premise is that the traders who do their business at market are the more aggressive participant. Another example would be in the same 5 minute period, regardless of price, 50000 contracts are traded. Let's say 20000 were bought at the offer and 30000 were sold at the bid. That 5 minutes would be said to have a delta of -10000. For me, delta is a great visualisation of one way action that may lead to a decent move during the day. You can see if you are watching say a 15 or 30 minute chart the imbalance of trade building up and it can be a great indication of continuation in a particular direction. Another way in which I have more recently found delta useful is by watching cumulative delta compared to price movement. Cumulative delta is just like a price chart but with delta. So let's say you have 5 minute bars and you have deltas over the course of 15 minutes of +7500, -1500 and + 4000. You would get a delta plot of +7500, +6000 and finally +10000. So I have found that for example when the cumulative delta is pushing down and overall price is drifting up, there is an implication that there is an underlying bid in the market which is strong enough to absorb that aggressive trade and as such often the market can then break in the direction of price. This is divergence. I also know that with tools from certain vendors, it is possible to look at delta action in much greater detail. Traders might look at say delta at extreme prices when the market is retesting these extremes to judge better the effort of the market than simply looking at volume. There are many ways in which delta can be applied and interpreted and I feel it could be useful to discuss them here. I am happy to answer any questions on the subject, although there will be many who know more than I do! TheNegotiator.
  4. I am not surprised by this move at all. TT does understand the power behind the proper use of Cumulative Delta Volume. I just posted my comments about this news on my blog for our Delta based traders to see this important news....now I will watch how marketdelta.com/linnsoft.com/CQG.com respond to another technology grab by TT. Here is the news link...... http://www.patentstorm.us/patents/7565318/fulltext.html
  5. Before I go off about this or that concept or idea, let's make clear first that none of this is representative of my own trading, let alone my own personal view about the market. This thread is intended to discuss two fundamentally opposing views: (1) The market is completely predictable and all you need to do is find the right key to decipher its language. But basically the market will do whatever it plans to do, regardless of any 'external influence' or manipulation. In other words, the path of price is laid out in advance. (2) The other one is that the market is unpredictable, but not random. Randomness and unpredictability are not the same, but that's topic for another discussion. The second view is what I think most people would adhere to, and it's also what Douglas says in his "5 fundamental truths": on the one hand "anything can happen" and on the other hand "you don't need to know what's going to happen next, in order to make money of it". Throughout history however, a lot of people have tried to determine what is going to happen next (rather than trade in the moment). Whether or not they were successful and to what extent, is another matter. Everybody knows that from time to time a new method or guru comes along, claiming he has found the secret to the markets. Some people probably have not given the above much thought. Perhaps because they need not have to, and their trading is doing just fine. The more time I studied charts, the more I observed that price moved in a very "orderly" fashion... although there are times where I have no idea what the market is going to do, I still make money by following my plan. On other times, the market acts like if it was destined to this or that. But let's not get into anything too esoteric Thoughts, views, opinions,... all welcome in this thread!
  6. I want to dedicate this thread to a study of Volume Delta. Delta is still a relatively new study to me so please add your input freely. Quick Intro to Volume Indicators Below is a list of TS indicators created by the members of the forum: 1. Volume Delta created by Walterw 2. Volume Delta Oscillator created by Walterw 3. Up/Down Volume Indicator created by Blu-Ray 4. Market Delta Footprint created by Ant 5. Bid-Ask Tape Indicator created by Insideday The indicators above show an interesting way of viewing bid vs ask per price bar. Instead of just a simple volume histogram, it shows whether the buyers or sellers are in control and can be very useful in analyzing supply vs demand as price approaches a key pivot or support and resistance level. I am currently using the Volume Delta created by Walterw, so I will be referring to it for my charts. What I want to accomplish is to design new strategies based on delta. Perhaps combining other tools to help decide turning points in the market and to create filter/rules for each delta based setup. I will be looking forward to various inputs from traders. My setups and strategies are still in the beta phase where I am still testing out different methods. But I would like to go over one observation I found interesting. It is a combination of the TTM Heikin-Ashi Indicator and the Volume Delta. I am interested in price behavior as it reaches a key pivot such as daily pivots, previous day low/high, 50% fib retracement, VAL, VAH, and POC. Let's take a look at the first example. The chart below uses a 50-61.8% fibonacci retracement clustered up with a daily pivot (PP). In combination with the fibs and PP, I am interested in using delta to further help me enter a position. The example shows a color divergence between the TTM Heikin-Ashi and Volume Delta. Notice the blue TTM vs a red on top Volume Delta. This shows price advancement but with seller dominance. The second example below from Jan. 31st, 2007 requires further analysis. Its a fairly interesting chart with a combination of delta and volume analysis. Notice the first group of arrows. This shows the first half hour of choppy trading using the Value high pivot as support. Notice the several TTM and Volume Delta color divergence. Next, notice the increase in volume with the uptrend showing confirmation. The pullback occurs on less volume. Also notice the TTM and Volume Delta color divergence as price pulls back. Then an increase in volume again for a continuation of the rally. Very interesting examples of Volume Delta in action. I understand that some of you use Oscillators for Delta to look for divergences. Please add your input on this. My aim here is to really dig deeper into Delta and how we can all design trading setups that will put the odds in our favor. Thanks
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