DeltaID5 R004 DeltaVolumeDistribution
This indicator, inspired by the MarketDelta-family charts, computes the net difference between trades occurring at bid and at ask, while trades occurring between bid and ask quotes are not computed. The indicator plots the resulting DeltaVolume as a unique distribution plot.
With the DeltaVolumeDistribution indicator you will actually be able to see the order flow entering the market and trade according to it.
- Warning: this indicator does not work for the majority of Forex brokers and symbols, because they usually do not inform where the last quote is occurring (at bid / at ask / between).
- Warning 2: this indicator does not work with the Strategy Tester (even in Tick Mode, as far as I've seen).
- Warning 3: you can easily check if you're getting the correct bid/ask/last quotes following these steps: 1) open the MarketWatch; 2) click on any symbol and then click on the 'Ticks'-tab on the bottom; 3) press 'B', then 'A' and finally 'L' until you see three lines (a red, a blue and a green one); 4) observe if there is a green line and, most important, if this line moves constantly between the blue and red lines; if there is no green line or if this green line is constantly positioned over one of the other two lines, then this indicator will not work for this given symbol.