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The data series base chart is a 1 Second chart of ^TICKQ data, the data plot is hidden by setting it to Transparent and AutoScale is turned off so that you only see the plot from the indicator. The ConstantLines indicator was added for easier spotting of how far the plot has moved and to what extent.
No if we look for the great source called Wikipedia that serves unlettered(LOL),we`ll see what the TRIN index is:
So,it`s sort of a ratio,it turnes out.I have a similar volume ratio study,but in the download section where you study is,it`s said that the more it ''hangs'' in one direction - the stronger the trend.It`s not the case with my volume ratio study,which is constantly changes.The TRIN or Arms index is mostly for trading stocks,and i`m not sure how it`s calculated(over what period?),so i wonder if there`s any similar ratio type of study for trading commodities.
I selected trin for the data chart only because its an instrument with decimal places and is cpu friendly to second based charts. You could just have easily used NQ or TF as the chart data, doesnt matter, the Indicator doesnt use the data at all, it grabs the TICK, TICKQ & tickdj data directly by itself, the chart price data is hidden and ignored if setup according to instruction.
While I wouldnt say that better tick is the futures equiv of Trin, I would say that if used with any of the 4 major index futures, you basically have a 10 second oracle into what they will do Price wise over the following seconds or even minutes.
I realize,that the TICK,TICKQ,TICKDJ indicies are good for trading stocks and stock indicies.What i`m trying to ask is,is there a similar index for commodities?
Ahh I gotcha now, ok, so no, I dont know of any tick data for commodities like oil, beans and metals, we only have use of the stock tick data which is really only good for the index futures. If anyone knows of one Id love to hear more about that myself :-)