Chad,
Volume Price Statistics offers lots of information for constructing custom indicators and signals. Thanks for that tool. I am looking for an additional set of options that could really make it as flexible as possible.
I would love to be able to access VOLUME at very particular prices, DELTA at very particular prices, BUY VOLUME at very particular prices and SELL VOLUME at very particular prices, within the bar. There exist options for the POC price and the OPEN and the CLOSE. But I have need for accessing prices at the LO and the HI as well as X ticks above the LO and X ticks below the HI. (X available in a drop-down box, as is already implemented for several options. Adding an option for X = 0 would make the one drop-down able to provide information AT the HI or the LO or any price above the LO or below the HI.)
Finally, the LO and HI are often ambiguous when using Point & Figure charts. There is the "ghost" effect that reports a HI or a LO based on the prior bar, even if there is NO VOLUME traded at the reported price. It would be helpful to have an option for reporting the HIGHEST HIGH with volume and the LOWEST LOW with volume. These would then become the reference points for other prices within the bar. (X ticks above the "lowest low with volume" or X ticks below the "highest high with volume" with X = 0 as part of the drop-down list.)
Thanks for considering the request. Hope others would find these suggestions beneficial.
Mike
Hello Mike,
i have very good news for you : all the kind of information you are looking for is already available in IRT through the MPH indicator
I am not using the VPS indicator anymore since the MPH (and also PVP) indicators and RTL tokens were introduced in IRT as they are much more powerful and flexible when it comes to accessing any kind of Buy/Sell/Total Volume or imbalance data at any given price level (or range) within a bar.
In your case, the MPH token is the most suitable
You will find attached as an example a 11 tick PNF chart for ES where i am looking to access (for example) the "mid bar" range data aka in that case the cumulative buy & sell volume data included in the range defined as any price level being 5 tick above the low and 5 tick below the high (of that PNF bar)
https://www.linnsoft.com/charts/mph-token-vps-alternative-es
In the attached chart , i have displayed a MPH indicator (in blue) behind a volume scope, showing the corresponding range
What you have to know is that you can get access to any kind of "volume at price" data for that particular range using the MPH token inside a custom instrument
You just need to create a custom indicator defined as a MPH token, reproduce the same "range" defintion settings than the one in the MPH indicator, and then pick the kind of data you want within the "result" pop up menu
In the attached screenshot, i select "Highlighted data" as result (in order to get the cumulative data over the range) and I did pick up "buy volume"
For the record, I also added on the chart a paint indicator in order to display a "custom band" between the top and the bottom of the resulting range (accessing both price level information through MPH tokens)
Where IRT become really powerful is that you can also "filter" the kind of data you get with the MPH token by adding a "custom indicator" as one of the 4 MPH filters that will just remove some given bar...
Be aware that the PVP token is as powerful as the MPH token - between both tokens, it is hard to find a kind volume at price data (for a single price level or a given range) that you would not be able to access with IRT
Anyhow, let me know if you need any additional explanations or if there is a kind of data you are not able to access
Cheers
Eddy
Eddy,
I see how the MPH and PVP can locate specific instances of volume statistics of interest and mark the chart showing the prices where those things occur. What I am interested in is something like this:
say I want to COMPARE the volume information at the price one tick down from the high on the current bar with the volume information one tick down from the high one bar back. I need the actual volume numbers to do the comparison in a custom indicator. This could be extended to getting the volume information one tick UP from the LO of the current bar and comparing it with the volume information one tick DOWN from the POC three bars back.
That kind of specificity with regard to bar and price within the bar is what I want. The indications on the chart will come from specific signals which I compile from the volume information at very specific LOCATIONS of price within the bars. Not seeing how to accomplish that with the existing indicator tools. But I may simply be missing the flexibility of those indicators.
Thanks for clarifying.
Mike
Eddy,
Great suggestions. I had not considered those two indicators for what I was trying to accomplish. Since I posted the original suggestion I have worked on the RTX extensions to get what I wanted. Now I'll have to examine the implementation of the ideas using MPH and Custom Indicators. IRT is certainly the most flexible platform out there. So many ways to attack any problem. I'll shoot back with questions after I play with these indicators some. Again, thanks for the suggestions and the sample chart.
Mike