Buyers / Sellers Information | Forex Factory

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Buyers / Sellers Information

  • #1
  • First Post: Jan 20, 2008 6:10am Jan 20, 2008 6:10am
Many people here have asked me where I get the Buyers and Sellers information on the MT4 platform similiar to the COT analysis.

I felt that instead of answering 1 pm at a time, why not just make 1 post on the trading room and answer questions directly on the forums.

The information is collected using the following piece of code.


double bullp = MathAbs(iBullsPower(NULL, 0, 13,PRICE_CLOSE,0));
double bearp = MathAbs(iBearsPower(NULL, 0, 13,PRICE_CLOSE,0));
double vol = iVolume(Symbol(),0,0);
double Buyers = (bullp * vol) / (bullp + bearp);
double Sellers = (bearp * vol) / (bullp + bearp);


Basically this is

Buyers = [ BullsPower * Volume ] / [ BullsPower + BearsPower ]

Sellers = [ BearsPower * Volume ] / [ BullsPower + BearsPower ]


This analysis gives the sum total of retail traders only, not the overall forex markets, but even then its a good tool to analyze trends in a better manner and trade accordingly.
  • #2
  • Jan 20, 2008 8:53am Jan 20, 2008 8:53am
I am interested in how u are using this volume number,(from Investopedia):
Quote
For example, for a chart of 30-minute volume patterns, the tick volume of each interval (the number of ticks during the 30-minute period) can be compared to the first 30 minutes of the day and recorded as a percentage of the initial tick volume. This establishes a baseline volume for the day to which all subsequent ticks can be related.
Is this what you mean by using the tick volume as a measure of the trend? Is this a measure of the strength of the trend; and the trend measured, is it hourly, daily?
In trading, there is no bullshit. You either make money or you don't.
  • #3
  • Jan 20, 2008 8:56pm Jan 20, 2008 8:56pm
very interesting

can you explain how this indicator works, in plain english? you are using tick volume, right? did you write this indicator or it is something you got from someone?
Relax and be happy.
  • #4
  • Edited 10:08pm Jan 20, 2008 9:53pm | Edited 10:08pm
ibullspower is defined as

Parameters:
symbol - Symbol the data of which should be used to calculate indicator. NULL means the current symbol.
timeframe - Timeframe. It can be any of Timeframe enumeration (help://constants_timeframes/) values. 0 means the current chart timeframe.
period - Averaging period for calculation.
applied_price - Applied price. It can be any of Applied price enumeration (help://constants_prices/) values.
shift - Index of the value taken from the indicator buffer (shift relative to the current bar the given amount of periods ago).
Sample:
double val=iBullsPower(NULL, 0, 13,PRICE_CLOSE,0);

MathAbs is the absolute value of the function iBullsPower and iBearsPower

iVolume is tick volume as represented by that broker of it's members.
double iVolume(string symbol, int timeframe, int shift)Returns Tick Volume value for the bar of indicated symbol with timeframe and shift. If local history is empty (not loaded), function returns 0.
For the current chart, the information about bars tick volumes is in the predefined array named Volume[] (help://predefined_variables_Volume/).

Parameters:
symbol - Symbol the data of which should be used to calculate indicator. NULL means the current symbol.
timeframe - Timeframe. It can be any of Timeframe enumeration (help://constants_timeframes/) values. 0 means the current chart timeframe.
shift - Index of the value taken from the indicator buffer (shift relative to the current bar the given amount of periods ago).

Sample iVolume("USDCHF",PERIOD_H1,i);

The word double refers to a double precision variable that is assigned to the name to the right of the word double, to define a complex number such as 1.12345, as a opposed to a integer like 1 or 2 or 3 or 1028
  • #5
  • Jan 20, 2008 11:14pm Jan 20, 2008 11:14pm
Quoting smjones
iVolume is tick volume as represented by that broker of it's members.
Which is why I could never understand how these things can possibly be useful.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #6
  • Jan 21, 2008 12:03am Jan 21, 2008 12:03am
Quoting Plutonite
Which is why I could never understand how these things can possibly be useful.
I was about to chime in with the same sentiment. This has usefulness, but is limited to seeing only what order flow is on your broker's platform. There is no central repository of order flow like there would be on the NYSE or Nikkei, since there is no true central market (though the CME would be what I would consider the closest thing, with ICE trailing in behind that).
Never underestimate the powers of the Force.
  • #7
  • Jan 21, 2008 1:29am Jan 21, 2008 1:29am
Quoting merlin
very interesting

can you explain how this indicator works, in plain english? you are using tick volume, right? did you write this indicator or it is something you got from someone?
The indicator is self written, I keep experimenting with mql4

One of my friends had asked me to do something similar to cot, so that is where the idea came from.

Yes, the data is limited to the data source being used and not the overall data out there.

I would appreciate if people out here could post screen shots of monthly volume on their screens from different brokers so we could compare how widespread this data feed is

Let start with GBPJPY at 12 PM GMT monthly for starters on the same day Tuesday.
  • #8
  • Jan 21, 2008 2:57am Jan 21, 2008 2:57am
Lets take for example GJ monthly currently has 1.2 million sellers compared to just 0.2 million buyers.

Now this kind of depth could not be restricted to one broker alone ?
  • #9
  • Jan 21, 2008 5:12am Jan 21, 2008 5:12am
At 1.2 Million Sellers on GJ this is what I call real trend power.

GJ literally crashed nose first.

WOW
  • #10
  • Jan 21, 2008 7:22am Jan 21, 2008 7:22am
Which is why I am wonderinghow the numbers are used.
If one can suppose that a tick movement on platform A is a Tick Movement on platform B - then would not the actual number of clients using platform A or B be moot if one could extrapolate that the Tick moved for the market as a whole. Now the trick is to estimate how many participated in that move.
Futures Volume is estimated to be 10times the spot volume (read that somewhere). Using this number - And my math isn't yet strong enough to figure it out - can a usable number be garnered for the spot FX market.

And would the number have any significance once determnined?

And what about Mary Lou?
- An old Cheech -n- Chong line that goes thru my head whenever I know there are unknowns in my thinking -

Quoting The Jedi
I was about to chime in with the same sentiment. This has usefulness, but is limited to seeing only what order flow is on your broker's platform. There is no central repository of order flow like there would be on the NYSE or Nikkei, since there is no true central market (though the CME would be what I would consider the closest thing, with ICE trailing in behind that).
In trading, there is no bullshit. You either make money or you don't.
  • #11
  • Jan 22, 2008 1:54am Jan 22, 2008 1:54am
Even if we consider this as Tick Volume on platform A, how do we explain 1.2 Million Sellers, sure no broker has 1.2 Million Sellers in a single currency pair alone.

This has to be specific to the data feed being used by all MT4 brokers.
  • #12
  • Jan 22, 2008 3:52am Jan 22, 2008 3:52am
The Power of Buyers/Sellers Info and Trendlines in GJ trading
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 16 KB
  • #13
  • Jan 22, 2008 3:59am Jan 22, 2008 3:59am
can anyone help me set up this code? im not very good with the coding stuff and would like to have this on my charts if possible
thanks
  • #14
  • Jan 22, 2008 4:59am Jan 22, 2008 4:59am
Quoting boxingislife
can anyone help me set up this code? im not very good with the coding stuff and would like to have this on my charts if possible
thanks

double bullp = MathAbs(iBullsPower(NULL, 0, 13,PRICE_CLOSE,0));
double bearp = MathAbs(iBearsPower(NULL, 0, 13,PRICE_CLOSE,0));
double vol = iVolume(Symbol(),0,0);
double Buyers = (bullp * vol) / (bullp + bearp);
double Sellers = (bearp * vol) / (bullp + bearp);


Comment("Buyers = ",Buyers,"\n","Sellers = ",Sellers);
Attached File(s)
File Type: mq4 boxingislife.mq4   2 KB | 3,124 downloads
  • #15
  • Jan 22, 2008 6:53am Jan 22, 2008 6:53am
thanks lion

feel free to post some examples. its cool stuff
  • #16
  • Jan 22, 2008 9:07am Jan 22, 2008 9:07am
Quoting smjones
ibullspower is defined as
thanks jones!

one thing im not getting here is how on earth one can convert a tick count into volume. while i dont yet know all the nooks and crannies of this equation, at the root i believe that ticks only represent liquidity, not volume. but i will reserve judgment until i whip up my own version of this indicator. TS gives tick volume so it shouldnt be too hard.

thanks for the idea here forexlion!
Relax and be happy.
  • #17
  • Jan 22, 2008 5:59pm Jan 22, 2008 5:59pm
Also this may help explain BullsPower and BearsPower. Although I imagine everyone already know this.

http://ta.mql4.com/indicators/oscillators/elder_rays
  • #18
  • Jan 22, 2008 6:14pm Jan 22, 2008 6:14pm
can you post the indicator? I am not able to figure how to aplpy a code in MQ4
thanks

plain english works best for me ...examples are even better!
M4X............ Hedging My Way To Profits!
  • #19
  • Jan 22, 2008 6:20pm Jan 22, 2008 6:20pm
Quoting M4X
can you post the indicator? I am not able to figure how to aplpy a code in MQ4
thanks

plain english works best for me ...examples are even better!
Both these indicators are part of the standard Mt4 package and are in the indicator file.

as far as plain english, here is investopedia's explanation. I really cannot improve on it. http://www.investopedia.com/articles/trading/03/022603.asp
  • #20
  • Jan 22, 2008 6:44pm Jan 22, 2008 6:44pm
Here is a picture of the indicator... How can I get that on my chart?

I want to see the Buys VS Sells in plain english...


thanks
Attached Image (click to enlarge)
Click to Enlarge Name: indicator.jpg Size: 80 KB
M4X............ Hedging My Way To Profits!
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