This indicator is designed to be a companion to "MIT".
It tracks the NYSE TICK by default and plots key levels on the charted security based off of extreme TICK movement. NASDAQ TICK is also supported and future updates may add others if they provide value, or if requested.
What makes this different? Quite simply there isn't another indicator that plots levels based on TICK as done here, the signal and proximity sensing features added give context to which levels may provide the best entries, trims and exits for day traders.
How to use Ensure adjustments are set for TICK, it changes over time but currently I've found the defaults to be best suited for me - your results may vary.
Watch price around the tick levels plotted on the chart to combine with other trading strategies. Use the proximity tolerance setting to ensure multiple TICK movements within the region as other movements are combined to lessen any possible noise, or disable this feature if each individual line is desired, though be warned extremely volatile days may produce noise.
Currently, the tick levels are reset on first new bar on regular sessions, but perhaps a future update will allow past sessions lines to stay with setting adjustment.
Diamonds above or below candles signify extreme highs and lows of TICK respectively, and triangles above or below candles signify extreme closures of TICK - if you're using this indicator in combination with "MIT" it may be redundant and you can disable the signals should you so choose.
Markets TICK tracks the entire market and as such whatever the entire market is doing will most likely apply to any individual security charted so give this a shot with anything you trade and let me know your results :)
Usage Conditions Currently I'm finding the most success with these levels on various intra-day timeframes, the more fine grained the more levels you can expect potentially but at key areas.
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Added right extension by default for all new tick levels
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Market internal enthusiasts can now utilize tick levels for higher timeframe analysis by disabling the 'Clear On New Session?' option. This will show tick levels over multiple bars,(hours, days, weeks, etc.), where tick extremes related to price.
Usage of this feature would be similar to the tick heatmap indicator I assembled but with some differences of level extensions and potentially bullish vs bearish tick areas.
I’ve been using this indicator. It’s been amazing. just one request if you don’t mind in the future updates if you can add a timeframe feature basically if you’re using a five minute chart, but you can use a 30 minute timeframe for the tick levels. That’ll be amazing.
syntaxgeek
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@BhrugeshDesai, I'll look into it, it may potentially provide overall less useful information since there's an increased resolution to tick at lower timeframes. Glad you're enjoying!