Tape Speed Indicator for MT5

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Tape Speed Indicator for MT5

Postby logicgate » Sun May 23, 2021 6:33 am

Hi there friend.

Is it possible for you to code for us an indicator similar to MPace indicator from Mbox?

Given that MT5 has a DOM, this is plausible. Here the description:

"The Pace of trade indicator is built to show The Tape Speed... it show the Velocity (speed) of the tape and allows you to see the speed at which the BIDS are being HIT and the speed at which the OFFERS are being lifted. "

You can see here how the indicator looks like (the histogram on the bottom of all images):

https://mboxwave.com/mpace-indicator

Best regards
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Re: Tape Speed Indicator for MT5

Postby Apprentice » Tue May 25, 2021 4:38 am

Your request is added to the development list.
Development reference 516.
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Re: Tape Speed Indicator for MT5

Postby Apprentice » Wed May 26, 2021 12:27 pm

I don't understand how it is calculated
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Re: Tape Speed Indicator for MT5

Postby logicgate » Wed May 26, 2021 5:48 pm

Apprentice wrote:I don't understand how it is calculated


Hi there my friend, I found this explanation while digging deeper in another forum:

The MPace indicator:

All it does is measure the distance (in points) from the open to close of a bar and multiplies that value by the volume of the bar.

For example, on a 1000 volume data series if there was 1 point of distance from open to close, multiply this by the volume of the bar to get a value of 1000. That would be your MPace value.

Another example, (insert whatever data series you want here) if there was 3.5 points from open to close and the volume of the bar was 34,869 the calculation would be 3.5 x 34,869 = 122,041.5 (or rounded to 122k) - that is your MPace value.

Now I am assuming that the coloring of the histogram would be green if the open to close is to the upside, and red if to downside, is that it?
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Re: Tape Speed Indicator for MT5

Postby Apprentice » Thu May 27, 2021 4:23 am

Your request is added to the development list.
Development reference 526.
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Re: Tape Speed Indicator for MT5

Postby logicgate » Sat May 29, 2021 7:26 am

Apprentice wrote:Your request is added to the development list.
Development reference 526.


Don´t forget about the coloring.

I am assuming that if open to close is up then color is green, and open to close is down then it is red.
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Re: Tape Speed Indicator for MT5

Postby logicgate » Sun May 30, 2021 9:20 am



Thanks buddy, but as I said in my previous post, the visual representation needs to be a histogram.

And the coloring of the histogram probably is green if close is above open, and red if close is below open.
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Re: Tape Speed Indicator for MT5

Postby logicgate » Sun May 30, 2021 9:37 am

Complementing the post I just made:

In fact you can add to the indicator two coloring modes for testing here, to see which one will be a better representation:

Image
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Untitled.png
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Re: Tape Speed Indicator for MT5

Postby Apprentice » Tue Jun 01, 2021 2:38 am

Your request is added to the development list.
Development reference 545.
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