TICK: Up Ticks vs Down Ticks

[Soultrader 12]

Here is a very interesting indicator created by WayneChem from the TS forums. Thanks to walterw for posting this up in our forums.

 

Indicator description:

• apparent stacked vertical bars with up ticks (green) and down ticks (red) with the larger of the two always on top.
  
• volume moving average (yellow line)
  mid-point of total volume (white dot)

It is an interesting tool to spot reversal or to analyze volume at key price levels. Works great with pivot points. Screenshot is attached.

TTM TICK.ELD

[danhoyda 10]

thanks very much for this!

[TheDude 10]

interesting, but I dont see what this adds over a normal Ask/Bid volume display which displays traded volume at the Ask(offer) and traded volume on the bid. Ok ticks v volume is one difference, but surely volume is more useful than ticks?