Description
Tape Reading Indicator: Based on reading order flow in real time.
Information by Price Line:
PRICE: The exact value of the price level.
VOL↑ and VOL↓: Raw numbers indicating how many aggressive ticks (buy or sell) occurred at that price within the analysis window.
Bars (◄ BID and ASK ►): Variable width bars that facilitate visual comparison of volume. The wider the bar, the greater the volume.
BIDS / ASKS (simulated): Values generated by the indicator to simulate liquidity, based on the current price.
Visual Highlights: The code applies special colors and symbols for important events:
Current Price (BID/ASK): The Bid price line turns dark blue, and the Ask line turns dark red.
◆ (Diamond): Indicates the POC (Point of Control) – the price level with the highest accumulated volume in the period.
★ (Star): Indicates that the volume at that level is Institutional (above the configured threshold).
← (Arrow): Indicates that the current price is at the limit of the Range (Top or Bottom) defined for the Breakout strategy.
Bar and Number Colors:
Cyan / Light Blue: Normal Buy Volume.
Red / Pink: Normal Sell Volume.
Green / Yellow: Exceptionally high volume (HiVol).
Purple / Lilac: Volume classified as Institutional.
4. STATSROW (Lower Statistics Line)
Displays three important contextual metrics for tape reading analysis.
Metric Code Name What it means
POINT OF CONTROL POC The price level with the highest total accumulated volume (sum of buys and sells). Shows the price and total volume
RANGE↑ (top) Range High The highest price in the range defined by the bar period (e.g., last 20 bars).
RANGE↓ (bottom) Range Low The lowest price in the range defined by the bar period.
Summary for the Selling Portfolio
When presenting this indicator as a product, you should highlight the following information that is exclusively visible on the dashboard:
Real-Time Order Flow Visualization: See the battle between buyers and sellers level by level.
Institutional Level Identification (★): Differentiate "smart money" from retail directly on the price ladder.
Dynamic Point of Control (POC) (◆): Know exactly where volume is concentrating at the moment.
Visual Breakout Detection (←): See on the ladder itself when the price touches the edges of the predefined range.
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Summary
Key features include simulated bid and ask liquidity values, visual highlights for important events, and color-coded volume bars: cyan/light blue for normal buy volume, red/pink for normal sell volume, green/yellow for exceptionally high volume, and purple/lilac for institutional volume. Special symbols mark the Point of Control (◆) representing the price level with the highest accumulated volume, institutional volume levels (★), and breakout range limits (←).
A lower statistics row provides contextual metrics such as the Point of Control (POC), Range High (RANGE↑), and Range Low (RANGE↓) over the selected bar period. The indicator supports visualization of institutional activity and breakout detection directly on the price ladder, aiding in detailed tape reading and volume-based market analysis. It requires tick data and outputs visual signals including level touches, breaks, and reversals.
