Trade Momentum Indicators

Discussion in 'Trading Software' started by Kalculator, Mar 23, 2008.

  1. Hi, I'm looking for software tools that show which side of the spread trades are being executed on, but in a graphical format that takes the average over time with recent trades having higher importance, much like MBT TradeFlow Meter on their L2 screen.

    Does anyone know of any online brokers, web applets, ect. that offer something like this, free or otherwise? How do you rate them?

    Thanks a bunch.
  2. Use OTR tic chart
  3. Thanks Jack, but what is OTR? A search returns nothing obvious.
  4. Tums


    One Tick Range.

    i.e. the bar in the chart will remain in place, no matter how much time has past and no matter how many contracts or trades were made, until a new range is made.

    Not many charting software has this facility.
  5. Scratch that question. I found where you mentioned in another thread and I am studing range bars for now.

    Maybe I should also describe my trading strategy. I am a novice and like to trade 1 to 2 buy/sell pairs per day and close my positions EOD. I buy when oversold and sell when overbought. A momentum-type indicator helps me to make a final decision as to whether or not the oversold range is more likely to be a true/safe buy signal... and vice-versa with the overbought exit signal. I trade equities only.

    Also, I'm currently trading a stock that has a rather large spread, so when it changes direction, it does so quickly and is basically too late. That's why I need something to see which way it's about to move before waiting for the next tic.

    Thanks in advance.
  6. I read-up on OTR and can definitely say that I'm not looking for a technical indicator/study. But, thanks anyway. I need something that would show the trend of the MM's or market in general towards bid/ask prices over the course of the day, like the apps I mentioned in my opening post.

    IOW, if I were to write an app myself, I would take the T&S data and average that data over time like I described initially.
  7. Tums


    anything averaged is lagged.
  8. Of course, but it depends on how you average it, e.g. an EMA.
  9. I'm going to take a shot at coding something myself using opentick data, which may suck. Anyone got any ideas?