Power Language

Value Area Indicator and Function For Multicharts

2019-07-04T16:15:07+00:00

Volume and TPO Value Area Indicator and Function Latest Update: Version 1.04 - 2019-07-04 This indicator tracks the volume at each price and the Time Price Opportunity (TPO) count for the chart it is applied to. Based on this tracking it displays the price where the highest volume was traded and the price with the highest number of TPOs. These two values are called volume point of control (VPOC) and point of control (POC). The study also displays a value area around the VPOC and POC. The value area usually encompasses 70 % (roughly one standard deviation) of the [...]

TPO Chart Unstacked

2018-12-28T10:06:25+00:00

Unstacked TPO Chart Indicator Latest Update: Version 1.02 - 2018-12-28 A TPO chart offer a different, yet powerful way for performing market analysis. You have probably seen the stacked version of a TPO chart albeit under a different name - Market Profile® [1]. It was developed by J.Peter Steidlmayer, a Chicago Board of Trade (CBOT) trader. You can find a lot of information including the Marketprofile Handbook at the CME educational websites. This indicator plots an unstacked TPO chart. TPO stands for Time-Price-Opportunity. The charts are constructed the following way. Each day is divided into equal time brackets. By [...]

Swing High Swing Low Text

2020-11-26T10:49:53+00:00

Swing High Swing Low Text Latest Update: Version 1.04 - 2018-12-27 The study displays the high and low of the chart swing high and swing low based on a retracement ticks input. The file you can download will contain two versions of the indicator. One for Multicharts 32-bit and the other for the 64-bit version of Multicharts. If in doubt about the version you are using you can find this in the main program window under -> Help -> About Multicharts. The 32-bit version name will start with "MultiCharts Version" and the 64-bit version will display "MultiCharts64 Version" followed [...]

Midpoints Study

2019-06-18T15:47:17+00:00

Midpoints Study The Midpoints study tracks the extremes of the day or a custom session between a start and end time. Bases on the high and low extremes, three Midpoints are calculated: Daily Midpoint = ( Session High + Session Low ) / 2 Session Low Midpoint = ( Session Low + Daily Midpoint ) / 2 Session High Midpoint = ( Session High + Daily Midpoint ) / 2 The study comes with three color inputs and the plots change their color depending on the value of the bar close compared to the plot value. You can customize [...]

Floor Trader Pivots

2019-06-18T16:11:37+00:00

Floor Trader Pivots Latest Update: Version 4.03 - 2018-12-27 In 2007 we posted the first revision of the ABC Floor Trader Pivots on the Multicharts forum. Since then it has spread widely across the internet, as many users have found it to be very useful and posted it to other forums, too. Pivot Points deliver support and resistance points based on previous day's market behavior. The Inputs to change the trendline appearance should be self-explanatory, they give you the ability to change the trendline style and size and the color for the support, resistance and Floor Trader Pivots lines. [...]

Book Ratio

2017-09-08T10:36:13+00:00

Book Ratio The Depth of Market (DOM) displays the volume offered at bid and ask. By summing the levels for all volume at the ask and bid, you can calculate a book ratio. The order book will never be exactly balanced. One side can show a lot more volume than the other from time to time. This can be used in trying to gather the direction of the market movement. Of course this is not as simple as it sounds. The order book will be influenced by participants offering and cancelling orders in huge numbers. This will also influence [...]

Sentiment Index

2017-09-08T10:36:59+00:00

Custom Sentiment Index Often times a project requires a study to be able to access data or values from other charts or sources like text files for examples. At the same time it’s crucial to accomplish this in a user friendly and easily customizable way. While it is possible to have several data sources within one chart, it can become hard to handle quickly. More data streams diminish the visibility of each individual data stream. Referencing each data stream in the code can make your code less flexible. The goal for this project was to build a custom sentiment [...]

Volume Profile

2017-09-08T10:37:24+00:00

Volume Profile Studies Today Multicharts has the build in ability to display Volume Profiles or Volume Delta charts. Before that we created several studies incorporating these features for customers. A more complex project was creating an external database to store the volume information at each price. This was done to be able to accurately build a volume profile on every chart of choice. A shortcoming in EasyLanguage or Powerlanguage is that you can’t access the volume that was traded at a certain price on a chart. Therefore a typical approach is to divide the total volume for a bar [...]

Go to Top