Pace of Tape

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Pace of Tape

Post by zcsoka » Tue Mar 16, 2021 8:19 am

Pace of Tape (PoT) indicator with a detachable meter widget.

PoT measure the intensity of the trades. The Pace of Tape study tracks the rate at which orders are being filled and can be used to identify when trading is being conducted with greater speed. (Euphoria)
Sudden increases in trading activity can be seen and responded to quickly, whether that is waiting for order entry criteria to be met or to help with trade management.

 The Indicator has a detached power meter widget which shows the pace and the average. The widget adapts to the changing conditions and recalibrates itself to always present visible clues. The widget also has a smoothing feature to filter extreme noise. 

PoT_Explained.png (346.31 KiB) Viewed 633 times

The settings panel lets you to configure the PoT as described below:

PoT_Configuration.png (59.23 KiB) Viewed 633 times

(Please do not forget to hit Enter if you change numerical fields)

Bar Interval: The bar interval for the calculation. It is focusing on day traders and scalpers therefore shorter periods are available (1s, 2s, 5s, 10s, 30s, 1m, 5m)
PoT smoothing period (bars): The number of bars to smoothen out spikes in the pace of Tape. The value will be a moving average of the last N bars. If no smoothing is required, set this to 1. (It must be a round number)
PoT lookback period (bars): The number of bars to use for the average indicator and the widget calibration. The widget max value is scaled to the max value of the lookback period, the average value is calculated as a moving average of the lookback period. (It must be a round number)
Start PoT Meter: Button to display the widget

PoT Indicator color: Color of the bottom type PoT indicator
PoT Average Indicator color: Color of the bottom type PoT Average indicator
PoT_Teaser.png (282.43 KiB) Viewed 633 times
PoT_widget.png (16 KiB) Viewed 633 times

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Re: Pace of Tape

Post by peppamill » Sun Mar 21, 2021 4:02 am

Again, many thanks ..I posted on your MA package baord.Keep up the great work.
I am a bit confused how to read this indicator.
I am only using the widget, is it possible to get a more in depth explanation?
How do we interpret the colurs and numbers of the widget? I know rate of speed, but how do we interpret a buy or sell etc and what recomemndation for Bar interval? and smoothing? especially at the Open and for scalping?
Any help would be appreeciate, but this lookls like an excellent indicator if I caould understand it
Many thanks for all your indicators they are game changers.


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Joined: Thu Dec 19, 2019 7:50 pm
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Re: Pace of Tape

Post by zcsoka » Mon Mar 22, 2021 9:36 am

You can find many use cases for the pace of tape, it indicates the activity on an instrument. This version is an enhanced implementation to filter the noise and to let the current PoT to be compared to the historic average. It can be used in isolation to observe how active the market is compared to the history, to correlate moves with activity. It can also be used in correlating markets to quickly validate moves. The default settings depend on the market and the bar as well, my personal settings for NQ scalping is the one on the screenshot. Of course it has to be tuned to your instrument and style, but you can start with the default settings.

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