As published on my twitter I added a study to the Orderflow Study Bundle right before my small vacation break. I take some time here to briefly explain what this study does.
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Bid & Ask volume as SubGraph
This study is a support study that can be a very powerful aid when setting up certain alert conditions. The power of the subgraph makes Sierra Chart so good. Let me show you.
This study fills fixed SG's with bid and ask volume data. Look at the following picture. The bid and ask volumes at the top and bottom three price levels of each bar are available as SG's.
Bid and Ask Volume numbers at top and bottom three price levels available as SG
Why is this useful? You can do all kinds of calculations with these numbers to create your own indicator. Use the power of these subgraphs to detect unfinished auctions, calculate a certain ratio or imbalance at the edge of a bar as well as run these numbers through spreadsheets or other SC studies. With this study you can use these SG numbers with other built-in SC studies to produce alert conditions or visual signals.
If these conditions are part of a signal study you can use it to initiate trades with the SST Autotrader as well.
Unfinished auction example
Let's set up an indicator to see unfinished auctions in SC until intercepted. All we need is the "Bid Ask Data to Study Subgraph" which is part of the SST Orderflow Study Bundle and the "Color bar based on Alert condition" Study (CBBOAC) which is a standard but very powerful study available in SC.
Follow the pictures below to set up this indicator. This is the example for setting up the Bid side.
Set up the proper alert condition in the CBBOAC study.
If you need documentation on simple alert conditions please check out the SC documentation here.
Set appropriate settings on CBBOAC study to generate lines until intercept.
Set color bar drawstyle to ignore. Set extension line parameters as required.
The result can be seen in an example chart below.
Example chart with unfinished auction indication. You can remove the numbers bars study and use this on any chart as required.
The Ask side is similar to set up, load a new CBBOAC study and adjust the alert condition to use SG10 and set input data to Low.
Bid & Ask volume as SubGraph V2
Below picture indicates how the V2 of this study provides the Bid and Ask volume numbers as SG's also SG's around the bar POC are available, providing you with more flexibility in whatever simple alert condition you want to use on these numbers.
Wrap up
- Hopefully you found this blogpost useful and appreciate the awesome power of Sierra Chart as your trading platform. More studies will be released in the future. I have created quite a library of studies, but client work has been and will continue to be my top priority in the near future.
- New study releases are posted on twitter (follow me) and can be seen on my gumroad page.
- Whenever I can combine client requests with already available work I will do so and speed up the release. Blog content creation will be lagging.
- If you are missing a feature or you have a question about something from this post, let me know by leaving a quick comment below.
this is by far the very best study, so scary precious
Hi Frederick
on the High color based alert is highlighting all the 0x32 and yes the unfoished auctions, how can I avoid the study to highlight also the 0x29 only on the high(bid) on the low(ask) is working fine
thanks
Pls send an email with what you want to achieve so we can discuss further.