This is a bid-ask pressure indicator for tradestation trading platform. All credits go out to the author of this indicator from the tradestation forum alias lleibfarth.

Here is a description from his post:

Description: This indicator is a smoothed version of the TS indicator Bid & Ask Vol Ratio and works with real-time, intraday charts. The intent is to provide more usable information about the current ratio of bid/ask volume. This indicator will not work on historical data (it must be used during a live intraday market) and is relative to the chart interval on which it is used. I have found this indicator to be most useful in shorter charting intervals.

How it works: The data is smoothed using a double-smoothed exponential average that heavily weighs the most recent ratios. This provides a relatively predictable curve (or histogram) that tracks changes very quickly. In addition, a logarithmic ratio is used to provide a zero-line reference (and color change). "

Screenshot:

[TRADER1972]

Thanks for sharing this indicator. I just learned about it today. It seems like it has good potential to identify buy and sell points. Anyone here have experience with this indicator they would like to share?

[drvictorho]

This is a good indicator, but may be i am old and like things visual. Is it possible for someone to code it so that on the histogram and up bar is green and if it goes down the histogram bar is red?? Because if you look at the indicator, it can tell bottoms and tops of the wave form very well as compared to price action. A change in color of the histogram bar would be great.....thanks !!!

[Blu-Ray]

Originally Posted by drvictorho »

This is a good indicator, but may be i am old and like things visual. Is it possible for someone to code it so that on the histogram and up bar is green and if it goes down the histogram bar is red?? Because if you look at the indicator, it can tell bottoms and tops of the wave form very well as compared to price action. A change in color of the histogram bar would be great.....thanks !!!

errrrrrr..............isn 't it already coded with the color change you mentioned, it certainly looks like it as per the chart on the first post.

edit: after looking at the code, it should definately change color ( remember this code works on live data only )

Hope this helps

Blu-Ray

[drvictorho]

currently, the color changes when it crosses above the zero line and stays green when it is above the zero line and it becomes red when it is below the zero line. I was wondering if it can be coded not for zero line crossovers. I would like it to stay green when it keeps going up on the next bar, and go red on a next down bar of the histogram. The price action follows this very well.

thanks...my other favorite indicator is TWIGGS money flow oscillator modified by cosmic.

[Blu-Ray]

Originally Posted by drvictorho »

currently, the color changes when it crosses above the zero line and stays green when it is above the zero line and it becomes red when it is below the zero line. I was wondering if it can be coded not for zero line crossovers. I would like it to stay green when it keeps going up on the next bar, and go red on a next down bar of the histogram. The price action follows this very well.

thanks...my other favorite indicator is TWIGGS money flow oscillator modified by cosmic.

My apologies, I got the wrong end of the stick ( as usual )

Open up the ELD code and replace this line:

if SmoothedBA <= 0 then color = DownColor else color = UpColor;

with this one:

if SmoothedBA <= SmoothedBA[1] then color = DownColor else color = UpColor;

Hope this helps

Blu-Ray

[drvictorho]

BLU-RAY! You the man! Thanks, I am going to try it on Monday.
Thanks for the quick response.

dr ho.

[drvictorho]

BLU-RAY,

It works perfectly! The price action follows the B-A Pressure histogram very well. Green for up in price and red for down in price. This works most of the time.


Thank you so much.

dr ho.

[Blu-Ray]

Originally Posted by drvictorho »

BLU-RAY,

It works perfectly! The price action follows the B-A Pressure histogram very well. Green for up in price and red for down in price. This works most of the time.


Thank you so much.

dr ho.

No Probs, Glad to be of help.

Cheers

Blu-Ray