Measure Strength Among 3 points
The indicator provides the following strength information of two consecutive waves on any three points on your chart:
- Bars: the number of bars you have selected from A to B and from B to C as well as date and time of each wave
- UP: all the up bar volumes (vol) and up pips (pips) are added within the waves (from A to B and from B to C)
- DN: all the down bar volumes and down pips are added within the waves (from A to B and from B to C)
- Delta: subtracting the DN from the UP of the above information within each wave (Dvol and Dpips). It also provides the distance in pips between A and B as well as B-C (pips). Finally, it measures the need to move a pip by dividing the volume by pips (vol/pip)
- AB/BC Delta: % of wave AB divided by BC in volume and pips
- Wave Points A, B and C are identified on a chart together with their bar number (ex. A10: point A, bar 10)
- B point bar is calculated in both waves, therefore it is neutral
- Drop the indicator on the chart.
- Decide if calculations are made on pure volume or volume*pips of each bar. Adjust location and format parameters.
- Draw three vertical trend lines (one on each bar you would like to select). Rename them from right to left with the names t1, t2 and t3. Once you rename them, the following text appears on the chart: A for t1, B for t2 and C for t3. Next to A,B and C text, the bar number is displayed. Make sure the trend lines are vertical.
- Now, you can move the trend lines to any bar on your chart and the new stats are displayed. No need to recreate them, unless you delete them.
Important: When moving the trend lines, make sure they are vertical and are in the correct order from left to right t1, t2 and t3.
Placement and format parameters for stats
- volpip: enter true if volume=(volume)x(bar pips (open-close)) or false if volume=volume.
- Corner: window corner for stats to be placed "0:TopLeft | 1:TopRight | 2:BottomLeft | 3:BottomRight".
- DisplayFullStats: enter true to display the full information or false to display the bars and delta.
- Top_Offset: offset from the top of a window.
- Right_Offset: offset from the side of windows.
- Text_Font_Size: font size for stats.
- subsequent_offset: line spacing.
- Bar_Text_Color: color for bar and time info.
- UP_Text_Color: color for up bar stats.
- DOWN_Text_Color: color for down bar stats.
- Delta_Text_Color: color for delta stats.
Placement and format parameters of points:
- Point_shift: points for a label to be shifted above the high of the bar
- Point_Font_Size: label font size
- Point_Color: label color