I put together this indicator to show where the inside bid and inside ask is on a chart. The idea came from a couple of different indicators found on the TS forum. This indicator will plot lines for the inside bid and inside ask on the "space to the right" of the chart. The difference (spread) is also plotted below the low (and slightly to the right, however, the exact position of the text is a work in progress, but I realize that some may prefer a different location). See the screen shots for examples. I've tested this on 5 minute and 6 range charts. However, this indicator may not be useful for big time frame charts where it's not easy to see the small range of the spread.

I don't have multicharts, so I have no idea if this works on that platform.

Regards,
-C

 

Code

Vars: intrabarpersist spread(0), intrabarpersist spacing(-1), intrabarpersist plotsize(0), loop(maxbarsforward), k(0); if Value1 = 0 then Value1 = Text_New(date, time, Close * 2, " "); Plot3(c, "Text"); Text_SetStyle(Value1, 2, 0); Text_SetColor(Value1, getPlotColor(3)); If LastBarOnChart then begin Spread = DecConvPip(insideAsk - insideBid); if Value1 > 0 THEN BEGIN Text_SetString(Value1,"" + Numtostr(Spread,1)); Text_SetLocation(Value1, Date, Calctime(time,2.5), Low - 2*(minmove/pricescale)); end; for k = 0 to loop begin Plot1[-k](insideBid, "Bid"); Plot2[-k](insideAsk, "Ask"); end; noplot(1); noplot(2); end; noplot(3);

Had been trying to do this on my own as a rookie and could not quite get there. This is exactly what i was looking for and is educational at same time.

I am getting an error compiling it, because I don't seem to have the function DecConvPip in Tradestation.
What does it do? Can you please share the code of DecConvPip? Thanks a lot!

philmg,

you can take a look at the modified study here it doesn't work DecConvPip:

Bid/Ask line I don't have the function "DecConvPip" cbritton uses within his code, but here is a version modified to work within MC. The only changes are that DecConvPip is exchanged with dividing the spread by one tick. This works fine for futures, we …

Regards,
ABCTG

thanks, but I guess this one doesnt work for forex so far. the onetick word is also not recognized. what can i do?

philmg,

you will need to copy and paste the whole code from my post. OneTick is a variable declared further up in the code it will be reconized when you use the full code.

Regards,
ABCTG

Hi folks

does anyone know if there is an indi that will plot the bid/ask on a NT chart for futures and fx?

Cheers...

Bosch777 

Hi folks does anyone know if there is an indi that will plot the bid/ask on a NT chart for futures and fx? Cheers...

This is the TradeStation section you posted in. Post in the Ninja section.

Mike