Pace of Tape

[zcsoka]

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 10626 times

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

PoT_Configuration.png (59.23 KiB) Viewed 10626 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 > 0)
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
 

[peppamill]

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.

 

[zcsoka]

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.

[bmontgo89]

does the Pace of Tape work with DXfeed on Stocks or no?

[zcsoka]

Dear  bmontgo89,

Yes it does work on DXFeed and stocks, it has a free trial period, feel free to test it.

[scottpulcini]

Love the indicator but want to explore the best ways you use it.  Let me know if you would be interested in doing a webinar on how you use the indicator in my trade room.  I can then give it exposure in my room and Bookmap webinars as well.  


Scott Pulcini

[zcsoka]

Dear Scott,

Many thanks for your interest in the PoT indicator. You can find many of its variations in different platforms, but my favourite implementation was a gadget style of one of the platforms, so I took the idea from them. They also have videos on it, if you do not know which platform I am talking about, please private chat me and I will reveal it to you. I am using the indicator myself (actually my trading set is the Scalper Toolbox, where the PoT is also included) to detect increased or lack of activity in the current environment. I am an IT guy who is - as a side job - scalping the open with Bookmap, I am not an educator and I am not really someone who can give trading advices and tips to anyone. I use it for very short term scalping of NQ, but others might interpret it on different time frames or from. I wanted to turn your offer down first, but now, that I am thinking about, it might be interesting to give a general look into using the Scalper's Toolbox for short term traders. Of course I would need to prepare a presentation, I never formalised the interpretation before. I would have time from the mid October to start putting a presentation together. If we want to take it further, we should change to private messaging and afterwards to emails. 
PS: Many thanks for your videos and webinars, I liked them a lot.

Regards,

Zoltan

[shohei_norton]

Feature recommendation.

Would it be possible to program the POT so that when the POT spikes, it will color code the direction it spikes in?

For example, when the POT speeds up into a liquidity level and we see aggressive selling, in the bottom, it will spike up in red, and vice versa in green when the POT spikes up when the buyers speed up

Thank you.

[zcsoka]

Hi Shohei,

I am not sure what you mean on the direction. Price, or cumulative delta you mean? Maybe none of them will move at the moment of the picked up activity, on NQ I often see extreme PoT before the price moves. 

[zcsoka]

If you cannot download from the marketplace, please use the file below:

paceoftape-1.0.0.jar

(22.19 KiB) Downloaded 329 times