The white price bar indicates low supply (so far) today. Average trade size is below the 3 month average and well below the average for the last 2 weeks. Aggregate volume is trending to come in approximately 80% of 3 month average at the close. Feb 17 saw an early "D"istribution signal followed by a "#2 Excess Supply" on Feb 25, then "#1 Supply" on Feb 26. The "#3 Excess Supply" signal appeared on March 1st but plotted on Feb 18. This back date plotting occurs as a result of a smoothing filter in the code. Also, average trade size in SPY jumped considerably beginning Feb 12. This "Excess Demand & Supply" script will calculate the opposite bullish signals prior to and during a reversal in a sequential fashion. Still no signs of enough accumulation to reverse this still young pull back. Pull backs can become extended down trends too. Support comes in at Fibonacci extension 1.5 level of $202.73 and L7 Cyclical Support of $201.64. Resistance above at $206.97 and $208.19. Currently it's "diddle in the middle."
I am pleased to see the work you do. What is the methods? Explain please I see green or pink numbers. The green one then price goes up. Pink price goes down. Is this correct? I will read the information in the box. You offered to send the charts. Can you send EUR/USD Gold and qqq? L a b a i a c i u means thank you.
Director
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What did the end of the day chart show?
kilo1romeo
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The end of day looks quite different. Volume has now been updated. This affected the Proactive color plot of the price bar from white to (unremarkable) blue. Average trade size was in the average range. No indication of heavy pro buying. Looks like the next levels shown are the target. Thanks of the comment.
Director
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ok i get it. thanks.
DocBrown
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i like your supply + demand styole of analyisi. can i pm you for some other charts?
kilo1romeo
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Yes. If anyone would like this style chart, I would be happy to provide it in this section or privately. If someone needs a full explanation, I will do so. I am working on a complete "user manual". I have been asked if I would release the code and indicators. I have not done so out of the need to further test this system on TradingView. Today, the volume data was not reliable enough to work properly. Send me a PM of what financial instruments you would like. Since the system generates most of the information and plots, you can ask for a few. I'll let you know if it's too much!
DocBrown
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ty!
liquidroid
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i dont have a good volume read on my charts. where are you getting yours?
kilo1romeo
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The volume data is not functioning properly. I was using data off site. At the close today, volume came in at just under 92 million shares traded. That's 81% . Adjustments brought it up. Post market volume is over 5 million shares. All in all today is just a little less than average. My script will most likely show an unremarkable blue bar tomorrow once the data on TV is cleaned up. The point of the post is to say that trading is taking place in the middle of support and resistance. Don't get chopped up. As Chris Kimble says: "Tops, bottoms but no middles."