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Pace of Tape
This indicator will show the # of ticks in the last x seconds. At key turning points, professionals will start scaling in and/or reversing. This will cause an increase in the activity in terms of the number of ticks.
When you get a peak, the reversal has probably already occurred, so this is used more to tell you to expect a reversal then it is to time the reversal itself.
Also keep in mind that in a strong move, professionals will scale out of their positions and may have to reverse two or more times (in effect averaging down). This is normal so keep in mind that the signals can be early. If price doesn't react to a signal, expect a another attempt by the pro's. If price doesn't react to the second attempt then the move is very strong.
It only works with tick charts.
The lower the tick size the more accurate.
See
this blog post
for more information including a short video & annotated chart.
History:
20100318 1.0.3
Added paintbar
20100317 1.0.2
Added audio alert
Uses Richard's algorithm which is much more efficient
20100315 1.0.1
Added threshold
Fixed bug where period was hard coded
20100314 1.0
Initial version
Category
NinjaTrader 6.5 Indicators
Details:
Pace of Tape
Category:
NinjaTrader 6.5 Indicators
March 15th, 2010
Size: 2.64 KB
Downloaded: 3661 times
376
cunparis
Comments/ratings
JPKCap
December 23rd, 2015 07:59 AM
No Comment
gentech
March 9th, 2016 11:09 PM
Thanks for your willingness to share this indicator.
Tengoku
July 4th, 2016 05:52 AM
Hi,
this is awesome, but better for NT7 or NT8... if anybody have or know how to recode for those platforms, please let me know... Thanks
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All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.