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Market Internals Vs Price Action, what can be seen from them?
As far as the TICK...I don't use it as a leading/lagging indicator or a scalping tool. I use it to measure buying/selling exhaustion. Say I want to get long on a pullback in an uptrend. I'll have a rough idea of where I'd like to see the market pullback to. When price reaches my area of interest I'll wait to see the TICK dip to -500 or lower. Once I get that -500 reading I start looking to buy.
However, like most things trading related, it's not as simple as I stated above. Sometime you get that extreme reading in the TICK, but the market doesn't bottom/top for another 30 minutes or whatever.
So @rickey, would it be correct to say that you use it more like a Trade Execution Tool. In other words, the trade has been decided by other factors, but you use TICK to Pin Point / Target your trade entry at the best possible point.
2. Useful when choosing your entry , exit
Yes, I have also noticed that the short term custom tick "could be made in neoticker easily, I am not aware if other platforms supports that yet" is quite helpful as an execution tool for making the entries and exits better.
And a very special thanks for providing excellent links in your post number 9
You seem to have spent quite some time on Market Internals related topic.
Is the tick reading based off the NYSE? I follow market internals on Shadow Trader, which is a video show on the ToS platform. The ST uses the symbol $tick which is for the NYSE tick. Are thethere other tick symbols? I trade the ES.
@shots fired Yes, there are many different symbols available which do the same calculations as tick, but they are based on different symbol lists. Just to get an ideas about more such symbols, please checkout the list provided by IQFEED - Calculated Stats & Indicators