Delta – the difference in volume between trades transacted at the ask price and trades transacted at the bid price – is one of the key considerations in analysing order flow. The Delta Snapshot indicator provides an easy-to-read indicator for use with Numbers Bars also incorporating information presented by the emoji trading Order Flow Suite indicators: Multiple Imbalances and Delta Divergence.
For each bar, the Delta Snapshot indicator presents a summary of the number selling and buying imbalances in the format: sell x buy. If the bar has positive Delta, this information is presented underneath the price bar. If the bar has negative Delta, this information is presented above the price bar. If a Delta Divergence condition is encountered, the information is presented as a buying or selling divergence and may be colored to highlight the divergence.
The Delta Sequence subgraph can be used to highlight situations when there is a sequence of rising or falling Delta values across consecutive bars. This can be indicative of a potential change in price direction or a weakening of the current trend. This can be used particularly effectively with the Sierra Chart 'Color Background Based On Alert Condition' study by directing this study to look for the the condition of Delta Snapshot Subgraph SG5<>0.
In order to display both the Delta Snapshot text display and Delta on the same chart, simply apply two instances of the Delta Snapshot indicator to the chart:
- one instance applied to the same chart region as the main chart. Set the SG3 Draw Style to 'Text' ensuring that the Draw Style for SG1 and SG2 is set to 'Ignore'
- another instance applied to a new chart region with SG3's Draw Style set to 'Ignore' and SG1's draw style set to e.g. 'Fill Rect To Zero'
Delta Snapshot may be licensed for Sierra Chart on a Lifetime, 1-month or 3-month basis, or as part of the complete Emoji Trading Order Flow Suite. Licences include all indicator updates and enhancements during the license period.