This is a tool thats very useful for traders primarily a goal to provide all types of traders some confluence to price action trading. Using calculation of time and volume, the candles are created for the higher timeframe adjusted for buying and selling delta volume.
This tool is useful for determining an increase in buy or sell pressure as well as possibly to show trapped buyers and sellers when near points of extremes such as swing highs and lows. Auto tick size takes into account exisiting volatility and finding an average to generate a size that is likely applicable to the timeframe selected whilst also allowing the indicator to generate data accurately on all potential charts.
To generate the data it creates a candle profile essentially with an empty body to allow for a look into the general formation of a candle.
The logic is to provide a simpler version of volume metrics for tv charts without compramising.
TO DO: Consider a non delta variant setting. Look back period increase potential, perhaps allow for set periods to create candles on ignoring all other data points. Potetial intrabar state component to give a more accurate buy/sell delta
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Delta VPOC highlighting where the highest amound of bid/ask came in, easier to identify trapped traders or can be used to identify strength e.g. strong buying at the bottom.
Very cool, but this is more expensive than Exocharts, which is a fully fledged MP/orderflow service.
spacemanbtc
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@CryptoRossco, Thank you for your input, but the membership will include all indicators beyond orderflow based and its the first of its kind to TV so pricing is set accordingly for that. All the best.