Stacked imbalances. The indicator compares the volume of bids at one price level with the volume of asks on the price located one level higher. The imbalance value is determined as a percentage of the volumes being compared.
For example, let's analyze the value of 30 ask and the overweight value of 350%, 350% of 30 = 105, in order for the cluster to be allocated it is necessary for the bid to be more than 105.
View of the indicator on the chart:
To add and setup the following indicator, open the Indicators Setup window:
Alert File - enter name of alert file.
Use alerts - turn on/off alerts.
Ignore zero values - turn on/off this function.
Ask / Bid Imbalance Color - choose the color of the line when Ask shifts over the Bid.
Bid / Ask Imbalance Color - select the color of the line when Bid overweighs the Ask.
Imbalance Ratio - the percentage of overweight.
Imbalance Range - the number of cluster price levels in a row at which there should be an imbalance.
Imbalance Volume - the minimum volume filter. For imbalances by asks it filters asks, for imbalances by bids it filters bids.
Line Width - line thickness setting parameter.
Print line for X bars - the parameter that determines the length of the line, how many bars it stretches.
*Note: if you set the parameter value to zero "0", the lines will be extended to the first touch.
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