Usually large operators (like institutional traders) do not place large batches of orders into the market as doing so would create enough pressure to turn the price against them. So what they do is to slide orders into the market using computers in small batches in order to prevent being easily detected. These are known as Iceberg Orders and they only show the tip of the large iceberg hidden beneath the surface. Some HFT algorithms try to locate this large operators employing a technique known as pinging or whale hunting. This can only be done by operators with enought capital to test the market with sacrifice orders and not by small traders. In turn small traders all they can do is observe their activity.
This indicator will let you locate this market activity (and potentially important operators) that can lead to changes in prices. It also can spot were a resistance to the movement will be and where is possibly hidden market liquidity. This way you can insert into your trading strategy important information otherwise invisible by other means. It is also used by some traders to detect momentum.
Note: This indicator performs sweeping.
Do not reset level II
Currently not used.
Max Render time (ms)
This is the maximum render time for the indicator. If the time goes beyond this limit the indicator will suspend rendering to avoid freezing the chart. This is a protection feature for the case when the user missconfigures the software. You will get a warning message on screen to correct this.
If you still require the indicator to work with the set parameters you can increase this value to have it render at the cost of slowliness. Usually is better to not touch this parameter. The best option is to increase the volume limit.
When this value is not zero all the values are divided by this number before display. (minimum volume comparison is done after performing this division)
Use metric suffix
Values are transformed to metric suffix before display. It is overrided when volume divisor is set.
Metric Suffix decimals
The number of decimals displayed when metric suffix is used.
The maximum number of ticks to perform the sweep. When this limit is reached (above or below) the indicator resets to zero and starts the tracking from this point. If you want previous infinite behaviour you should set this value very high.
Enable sound alerts
Set to play a sound when a bigtrade is detected.
Big Trade ask sound
Sound to play when a bigtrade to the ask is detected.
Big Trade bid sound
Sound to play when a bigtrade to the bid is detected.
Ask border color
The border color of the bubble/square for the asks.
Bid border color
The border color of the bubble/square for the bids.
Bid Fill Color
The fill color of the bubble/square for the bids.
Ask Text Color
The color of the text for the asks
Bid Text Color
The color of the text for the bids
Ask Fill Color
The fill color of the bubble/square for the asks.
This is the volume threshold to display a bigtrade or not. This value should be done according to the market. It is influenced by the volume divisor (unless volume divisor is set to zero). First the volume is divided by the divisor and later compared to this value.
Minimum radius of bubbles
This is the lowest radius (or half of side if a box is selected) that will be displayed in the chart. That is bubbles of minimum volume will have this size. All bubbles will range from the maximum radius to this value.
Time in seconds
This is the amount of time to monitor the volume. It is set in milliseconds so if for example you would like to use minutes you will have to multiply this value by 1000 for the seconds and later by 60 for the minutes.
Maximum radius of bubbles
This is the largest radius the maximum volume will be displayed so it will not fill the chart screen. All bubbles (or boxes) will range from this radius to the minimum.
This is the font to display the values of the marks.
This can be bubbles or squares.
Fill opacity for the marks. Lower it until you are able to see underlying candles.
Mark border opacity
Border opacity for the marks. Lower it until you are able to see underlying candles.
Use 3D effect
Shows a 3d effect lightning for the eye candy. Only available for bubbles figure type.