Being able to see large orders on the chart helps me enormously and can also be used to give bias.
My indicator looks for three types of events:
Large individual buys or sells (Pro orders)
Large groups of orders at any price (Block orders)
Bars with a high proportion of low size orders (Amateur orders)
In order to create a threshold above which to print the markers I use some stats functions from the Math.NET library so if you want to use my indicator you will need to add the DLL and a reference to it of course. I'm not a stats guy so I guessed at a mix of standard deviations and percentile for the thresholds and I've left these internal to the code. Different instruments respond very differently to these settings. Personally I just looked for settings that didn't flood the screen with markers yet gave enough to be of use - very subjective.
[For minute bar users (I use BetterRenko) this does NOT print the markers at the actual price level - it prints in the middle of the bar (OnBarClose) - not something relevant to me so I probably wouldn't be that keen to change it.]
[Apologies to the expert coders here - I have used the Draw function for these markers - in most of my other stuff I use plots, but I just couldn't get a good look with the standard plots.]
My own experience is I couldn't make any sense of the Amateur orders and so I switch them off. The Pro orders really work for me and I add in the Block orders for good measure.
I use these in various ways which I intend to expand on, but generally use them to establish levels that the pros are working at. Bottom line - when you see a load of these markers together - something is brewing!
Oh and I have exposed series for both Pro bars (0, 1, 2, 3 [+/-] for various types) and an overall bias (+1/-1) which is based either off the sign of the order or the price movement - for me I use the price movement e.g. a large sell that causes price to go up is often a better clue than a buy that does the same.
Stats
Displays the historical probability over time for that specific stat. Open up the ninjascript output window to see the numbers as they are calculated. The default indicator currently shows the historical probability over the overnight range being broken.
Range Histogram
A histogram showing the distribution of ranges for each bar. The graph shows the value area in blue which is 70% of all samples. Keep in mind that the graph uses a logarithmic scale so differences between values are actually greater than they appear on the graph.
I'm new here and want to contribute. This is a spreader algo I had coded for the Rithmic API. Check it out. If you do expand on it, please post the code here. It's coded in C# but not by me. Hope its useful guys.
Simple indicator for NT8 that draws a horizontal line at current price and shows a tick counter next to the forming bar. Tick counter only works with Tick bars.
July 8th, 2024 03:19 AM fishtrade Thanks Woody, this indicator settings, what does "Period", currently set at "1" denotes & how this should be used?
July 8th, 2024 03:16 AM fishtrade Thanks Woody. In this indicator, what does "Period" , currently set at "1" denotes? how this should be used?
November 24th, 2019 09:15 PM romus Great indi!
October 2nd, 2018 09:07 AM brettji
March 15th, 2018 01:37 PM breezer Peeked my interest, going to put it to the test. Thnx
March 2nd, 2018 11:43 AM traderx4 Nice One..Thanks
February 27th, 2018 06:51 AM dshay Very useful indicator thank you. It looks like the period smoothing is not working with Unirenko, any chance we can get
it to work?
November 4th, 2017 04:45 PM serano This is a very useful Indicator, thnak U for sharing
October 27th, 2017 07:19 AM taichitrader Exellent! thank you good Sir!