The Market Heads-Up Display (HUD) is an application that requires TradeStation 8.7 (build 3085 or later plus a subscription to the relevant, real-time data streams. The HUD is offered on the basis of a yearly lease/subscription at a price of $1,200/yr. This software is not designed for use by beginning traders.
The HUD has been developed to process multiple inputs from multiple timeframes to facilitate data visualization and enhance the real-time assimilation of a lot of information.
The Heads-Up Display reports the market’s vital signs and completely demonstrates the surges of buying and selling volumes that propel intra-session pulses in price.The HUD serves as an EKG/EEG, cat scan and pressure monitor of the market that reports changes in the market’s condition in real-time.
The HUD reports trade bias in 7 intra-session timeframes. It calculates the velocity of trade in the millisecond timeframe, provides scalp reference prices in 7 timeframes, and reports surges in buying, selling and bias throughout the session.
There is a price ladder to show current and recent prices.
The “TOD Normalized” indicators are designed to report on unusually high or low levels of what have been calculated as commercial trade volumes. In addition, these indicators report on unusual biases in commercial trade.
Top Line & Markett Tabs
The screen shot above was taken an hour before the close on a big down day.
Across the top are tabs that indicate different markets/instruments that can be monitored by this particular version of the HUD. In the example above, even though several markets are listed, only the E-Mini ES is enabled.
“High”, “Low” and “Last” report the high, low and most recent price of the current session for that particular market.
“Net Commercial Trade” is our proprietary calculation of net commercial buying and selling since local midnight. “Min” and “Max” are the highest and lowest readings of “Net Commercial Trade” since local midnight.
“Velocity of Trade” is calculated in the millisecond timeframe and displays the speed of the market in the micro timeframe. We designed this indicator to help spot the high velocities often found on the formation of local extremes as well as the very low velocities often associated with price action doldrums.
As of this writing, average velocities for the E-Mini ES day session range between 3 and 6 thousand contracts per minute. A reading of 50,000 does not mean that 50,000 contracts traded. It means that for a very brief period, contracts were being traded at a rate of 50,000 contracts per minute.
“Session Volume” reports the total trade volume for the particular instrument so far this session.
Trade Bias Stop Lights
The red, yellow and green bars (Stop Lights) report certain measures of commercial bias and serve as buy/sell/caution indicators from 7 different intra-session time/volume frames and are updated on a tick by tick basis.
The “24K, 16K…1K” designations show the size involume of the bars on the chart from which these trade biases were calculated. The “24K” Stop Light Trade Bias was calculated on a chart with bars made every time 24,000 contracts were traded.
As of this writing, the timeframes of these bars range from approximately 5 to 7 minutes for the 24K bars down to about 20 seconds for the 1K bars. Faster trade produces more bars per unit of time and a slower trade produces fewer.
A green bar indicates that a “buy” bias has been calculated in that particular timeframe. A red bar indicates a sell bias in that timeframe and a yellow bar indicates that no clear indication of bias has been identified in that particular timeframe.
As with most indicators, at the beginning of a move/change, it is not uncommon to see a buy indication in the lower timeframes and a “leftover” sell bias still indicated in the higher timeframes or vice versa.
Scalper Reference Prices
THESE REFERENCE PRICES ARE NOT TRADE RECOMMENDATIONS
The information from this section, as shown above, is for reference only. THIS IS NOT A TRADING SYSTEM AND THESE PRICES ARE NOT RECOMMENDATIONS FOR ANYBODY TO BUY, SELL OR TRADE ANYTHING.
These “Scalper Reference Prices” are meant to be used as references along with the rest of the information from the HUD and other sources of trade decision support information.
These prices are the product of certain proprietary algorithms that work in concert with the algorithms that calculate the multi-timeframe biases indicated by the “Trade Bias Stop Lights.”
Time of Day Normalized Values/Indicators
The TOD Normalized Commercial Trade Volumes – (shown in blue bars on the left) are presented as percentages of what has been calculated as normal commercial trade for that particular period of time at that particular time of day over the preceding couple of months.
This graphic indicates above average trade volumes for the session with surges in these volumes over the previous 2 and 4 minute time segments.
TOD Normalized Commercial Trade Bias – these calculations are designed to reflect the degree to which commercial trade volumes are biased towards buying or selling. Abnormal imbalances in this trade are reported by percentages above 100% (+) or less
than 100% (-).
Reported in 7 timeframes, these values are normalized for the timeframe, the time of day, and the instrument.
The pie charts – represent recent blocks of trade. They are updated every tick; as new trade occurs it is added and a like amount of older volume is passed out the back. This application reports volume bias in the most recent 2K, 4K and 8K blocks of trade.
Bias is shown as both a percentage of buying and selling, and the actual number of contracts on the buy or sell side.
These pie charts are updated with every tick and reflect the intra-session surges of buying and selling that drive price throughout the session.
Total Bias Count – the bottom left pie chart receives 4 indications of bias from each of 7 time frames. They are equally weighted and summed to make the pie. The sum of the red bias (selling), green bias (buying) and yellow bias (no bias) will always be 28. Both the counts and percentages are shown by the pie. The pie is updated every tick.
The Price Ladder – between the pie charts shows the most
recent price between the pointers and is shaded a darker blue. Several previously
recent tick prices are shown in a lighter shade of blue.