As we know, buyers and sellers take part in the market auction.
A failed auction is where price could not tick above or below a specific price. This means that there were no buyers willing to buy or sellers willing to sell beyond that price. Price then moves away in the other direction.
The failed auction acts as a magnet and becomes a target to revisit sooner or later. The failed auction is a successful/finished auction once it has been satisfied.
On the indicator, two adjacent candles with the exact same high or low are marked. The icon will appear on the high or low of the 2nd candle. This notifies us that there was a failed auction.
If you are in a trade, you can use the failed auction to hold onto the trade longer. If you are not in a trade, you should be cautious if a failed auction rests above or below you limit order.
Icons and colours are customisable. An option to have plotted lines for the failed auction is included.
Works on all timeframes.
เอกสารเผยแพร่
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- Failed auction line extends until tested. - Alerts for failed/successful auction added - Option to hide lines
@geneclash, Hey, just woke up today and I saw one unfinished auction on BTC 30M ByBit chart. apparently its working, not sure why it doesn't show old FAs though. And I wanted to ask you, how does it determine if a candle low/high is a FA or not? thanks for the great work :)
geneclash
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@dato0011, No issues on my side as I use it daily. Also the FA will vary depending on the exchange you're using. Re: your quesiton, it's mentioned in the description, 'On the indicator, two adjacent candles with the exact same high or low are marked'. And it does show all FA's. Check Binance Futures, Bybit is not great
WhatGoesUpNeverComesDown
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Hi there Geneclash,
Thank you for your work. May I ask a silly question; is this indicator a live feed indicator (only available during RTH), or able to perform even after markets Closed?
geneclash
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@WhatGoesUpNeverComesDown, On the indicator, two adjacent candles with the exact same high or low are marked, so it has nothing to do with timing. It's just failed auction based on two candles
WhatGoesUpNeverComesDown
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@geneclash, thank you for your quick response. I don’t know why but it doesn’t work for me, it doesn’t show anything.
This tool has helped me in my long range projection ideas. Thank you. I notice it must have changed today LOL But, coming here to let you know how much I appreciate you.
geneclash
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@DroWheels_Vic, glad to hear that, thanks for the comment