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RJay's Level 2 Bid/Ask Supply Total (Bar Version) 5 *
This is a level 2 indicator. It measures market supply, not market volume.

This indicator can display all levels, a range of levels, or just a single level of supply in the level 2 book.

There are three variables with this indicator that can be set.

Beginning level, ending level, and smooth.

The first two sub panels are displaying all levels, raw data, then smoothed.

The last two sub panels are displaying just level 0, raw data, then smoothed.

( Note: Level 0 supply is the supply that current best price Market Orders transact with.)

Because of the spike nature of book levels, I have built in the optional smooth feature which takes an EMA of the last 5 bars, minus the highest and lowest values of the five.

In the smooth setting, this indicator begins plotting after the fifth bar.


Upload Date 4/10/2011

Category The Elite Circle 
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Details: RJay's Level 2 Bid/Ask Supply Total (Bar Version)
Category: The Elite Circle 

January 22nd, 2010
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