Using Settings

Clicking on the indicator's settings icon will open its configuration window, within which you can make several choices regarding the functionality of the indicator itself.

General

Input Data

Select the type of data to be analyzed. You can choose from:

• Volume: Measures the amount of volume traded in the specified time period. Useful for identifying volume acceleration and spikes.
• Order: Tracks the number of orders placed during the period. Helps identify order flow intensity and participation levels.
• Trades: Keeps track of the number of trades executed during the period. Shows trading frequency and market activity rate.

Filter Min

Sets a minimum limit for volume, number of orders, or trades. Only bars with activity above this threshold will be marked by the indicator.

Filter Max

Sets a maximum limit for volume, number of orders, or trades. Only bars with activity below this threshold will be marked by the indicator.

Number Seconds

Defines the time interval (in seconds) in which speed is measured. For example, a setting of 60 seconds will measure trading activity over 1-minute intervals. This parameter controls the time period used to calculate market speed.

Std Dev Per Filter

Standard deviation value for filtering data based on a specific statistical range. This helps filter out noise and focus on significant market activity spikes.

Subgraphs

In this section you can customize the visual appearance and colors of the Speed of Tape indicator candles:

• Bull Border: Color of the border for positive indicator candles (indicating market acceleration in buying). These candles show periods of strong buyer participation.
• Bull Fill: Fill color for positive indicator candles. This creates visual distinction for bullish market acceleration.
• Bear Border: Color of the border for negative indicator candles (indicating market acceleration in selling). These candles show periods of strong seller participation.
• Bear Fill: Fill color for negative indicator candles. This creates visual distinction for bearish market acceleration.
• Subgraph Style: Choose candlesticks
  
• Line Style: Define the line style
• Line Width: Adjust the width of the indicator candles for better visibility
• Short Name: Customize a short name for the indicator

Practical Application

The Speed of Tape indicator is most effective when combined with other orderflow indicators such as:

• Volume Profile: To understand value areas and point of control
• Delta Indicators: To analyze buy vs sell pressure
• Order Flow Analyzer (Footprint): For detailed tick-by-tick market structure analysis

The combination of these indicators provides traders with a comprehensive view of market activity, helping identify potential reversals, continuation patterns, and areas of exhaustion or absorption.