You can read the transcript below or watch the recording of the Q&A session.
Office hours for October 11th. It’s a Sunday, about 30 minutes before they open and, uh, yeah, just office hours. So I’ll just go through the questions that we have in chat right now and ask people have more questions, just throw them in there and I’ll answer them. So. Corey. Uh, can you give a quick overview of these?
Sometimes I am not sure. My reconstructed tape updates when I think it should, then I see more bubbles paint, not sure if this is a fast, medium, slow setting or something else. So yeah, I already have the tape on the screen because it’s what people ask them more, most questions about. Um, So let’s go over those settings or those different studies.
So Corey is asking regarding the different studies under the reconstructed tape study. Mmm. And the main ones, like the main one that is needed for the reconstructed tape to even work is this chart. Study. And if we open up the settings for this chart study, so it’s the first one it’s hidden because you don’t need to see it, but it’s essentially filtering out order sizes.
So it can filter order sizes from the bottom, um, from, from the lowest number of order sizes from one up to whatever number you have in this case, I have 35, right? So it’s going to filter all the orders. That are one lots, all the way to 34. And then it’s going to start showing orders from 35 all the way up to, I have 10,000 here, but it can be whatever number.
So if you don’t want to see really large order sizes, you could cap this app 200 or whatever it is for your particular market that you’re trading. I know, um, One of the guys here, he trades crypto. So he had to modify these numbers too better match that market. So, yeah. Um, that’s essentially all this study does, but it’s the core study for the reconstruct tape?
It does all of the hard work, even though it only has two inputs. It does all the hard work to figure out how to reconstruct the tape. Um, then. The other study, which is going to be this graph drawings is essentially just the bubbles. So, um, I don’t have it in this reconstructive tape, but I do have it in this one down here.
Um, just because of the way that I configured this, this stuff this weekend, um, the graph graph drawings allows us to do. Um, like I said, the bubble allows it to paint the bubbles, but it also allows us to size the bubbles correctly for the market that you’re trading. So are you’re trading as, or in Q or the Russell or gold or whatever it is, crypto Bitcoin.
You’re going to have to modify these first three different inputs so that the bubbles are, you know, Feel like their size better. Um, and it just depends on the markets. What I usually do. Like I actually pulled up the reconstruct the tape earlier today for gold copper and the 30 year note ZB. Just because I want to look at them in an hour.
Now I want to, you know, like keep track of those tapes to see how they trade in tandem with IES. So I did that, but I had to go in here and like mess around with these different inputs to feel out what, what would look right for, for the bubbles. So that’s essentially the bubbles. You can change the colors of the bubbles as well in that started.
And then the third one is simply these bars down here. Um, Which is just going to show you the true size of the bubble, right? Um, that’s basically just there, you can change the colors. So, Corey, I think the main question that you’re asking if you’re saying, okay, things are not showing up to my screen. That means that you may be excluding certain sizes from, from plotting, right?
So it just depends what market you’re trading. I’m guessing you’re probably trading E S. So for E S I’m using 35 for the minimum and 10 or 10,000 for the maximum. And that is for the larger tape up here for this one, which is the smaller tape for E S I am using one to 34 or actually three, three to 34.
So it’s the other side of the ones that I’m excluding, right.
Yeah. E S R T H and Globex. Yeah. Corey, I think, you know, if you have the, let’s just call this, like the mini orders tape, this one should update basically all the time. You know, there’s always little, uh, lots that are getting sent from, you know, all the time. Um, the larger tape should opt in update quite frequently during our T H.
If it’s not updating, then there’s probably something going on. Um, I would check to make sure that you have the symbol, correct? Mmm. Usually the symbol looks something like this. So I’m looking now at the chart settings for the one at the bottom. So it’s going to have this bid ask trade sync. We’ve talked about it.
You and I, Corey, but these are essentially flags. That tells Sierra to record extra information and then allows the tape to be reconstructed, um, and be more accurate. But you need to have the symbol up here and down here for it to, to really work. Um, I’m guessing you have all this stuff, right. Um, maybe you’d want to check the session times as well.
Maybe that’s the reason why things are not showing up for you
trying to think of any other reason.
yup. That sounds good. The other studies and I’ll just go over them quickly so that people can, I can know that what they’re about. So the other studies, we talked about charts, graph drawings, and the sub graph is all in bars, sub graph. Um, the next two allows the study to draw lines whenever large order hits the tape.
Um, So you can see very faintly on the chart on the bottom and then cure. You can see this line right here. It’s green. It’s very faint because it happened on Friday. The color starts fading as time goes on. So if, if we open and there’s large volume and we’ll see this in like 12 minutes or so, there’s a large volume order that hits threshold that I care about, that I have set on the input for one of these studies.
It’ll draw a line and then that, that line will be bright green for today and Sunday, but then come Monday, that green line that is really bright. We’ll get a little bit darker and then come Tuesday, that same green line will get him in a little bit darker. Um, Mark, it has memory, right? So it’s, it’s good to have those plotted, but, um, Having it fade away sort of helps you see at a glance, which ones happened, um, sooner rather than later, or like earliest to today’s time.
So that is these next two. I can go into more detail people want, but I’ll just sort of skim over them for now, uh, volume over time allows it, or essentially it’s a study that can. Sum up all of the ask trades and all of the bid trades over a period of time. And this is a time that you can configure in the study.
So let’s go ahead and just add this so you guys can see what it looks like. So volume over time. And then we can say minutes to look back 15 minutes. So it’s going to add all the bid and ask trades for the last 15 minutes. And then you can do the same thing where you have the minimum volume, maximum volume over that period of time.
So just leave it as it is hit. Okay. Hit apply. And now you can see that, you know, it’s adding. It adds the volume over time. It doesn’t, it doesn’t look great at the very end of the day, usually, but throughout the day you can actually see it, you know, it expands and contracts and I mean, at a glance, if you can, if you’re looking at it right now, you could, there’s a piece that at least pops out to me right away.
Alright, or maybe two pieces that really pop out to me right away without looking at the, the top area, um, or like the bubbles. But, you know, you can look at this area right here, which I think is interesting where we had this spike in volume. Um, and you want to look at how it compares. To, to, you know, the, the, um, ask trades.
So these are the buyers, the green art, how many buyers or how many buy orders it’s summed up. And then the red is how many sell orders have been someday. Um, so, you know, you can have a quick little scalp whenever that happens as well. And obviously this just there’s large giant order confirms it as well, but.
If you’re actually zoomed in, we’re really zoomed out. If you’re zoomed in, you can, you can find very interesting times when like right here is the other piece work, the red, um, I don’t know what the call is like the low mountain or whatever starts climbing up. Right. And. The green ones sort of, it’s just not going in tandem with it, right?
So there are more sellers than buyers right through this period. And if I bring up the crosshair at some point in time, we actually liquidated or sold whatever you want to call it. But you sort of saw this happening over this entire period of time where buyers sort of, you know, didn’t. Push anymore. And that’s what really creates a good opportunity for you where you’re seeing the seller stepping in.
Mmm. And also it gives you a good opportunity to, because you can have a good stop. You can set a good stop right above this area. All right. Let’s move on from that study. I’m going to remove it. And then we’ll just talk about the last one. And then I’m going to move over to the other questions that I see you guys asking.
So volume pressure. Oh yeah. So the volume pressure is we actually can’t see this right now because the market’s not open, but, um, the volume pressure, uh, I don’t even know how to show it right now, but I’ll, I’ll, I’ll come back to it once we open up. Um, but it’s this little chart that I’ll bring on into the view.
Um, it’s actually useless to look at it right now. So. I’ll just come back to it if I remember later, but it allows us to use that graph that we were just looking at and put it into a single column so that you can see the pressure over, over time or not over time rather, but at the current moment, so I’ll come back to it in a bit.
Alright. Um, alright. Cool. Corey. Yeah. If you have any other questions or specific, some happy to dive in deeper
Jake. Yeah. So I don’t have bid-ask sync on the top chart because Hey Andy, how’s it going, man? I’m so actually it’s great that Andy just sent a message to the chat. So Andy came up with this beautiful trout that we’re looking at the top left, um, with, with, um, market depth. And, you know, it’s what I’ve been using, but to get the market depth onto the tape, I actually have to have another tape chart in the background, which you guys can’t see right now.
So I’ll, I’ll, I’ll bring it into view just so you can see it. But, um, I have this other tape view right here, and this one actually has the bid-ask trade sync, which you can see right, right up here. Or if I bring up the chart settings, you can see it right here. And what this other chart is doing. Its responsibility is to display the market depth and to copy over the bubbles from this other chart.
The reason why I can’t plot the market depth on this other chart is because Sierra does not. Translate or does not understand that this symbol right here with, with the flags is the exact same symbol as the symbol down here. And then when you put, when you try and bring up the market depth, it just, it just says that there’s no market depth for the symbol.
So hopefully that explains it. Um,
yeah, let’s see.
yeah, there, there is a weird side effect. I think Jake, where you could miss data, you could miss certain bubbles that plot on the accurate tape chart on the other one that I just had up and that are not being copied over to this other less accurate tape chart. It’s going to be really hard to know exactly when that happens.
So, you know, I think for me, it’s just a balance of what, what do I care about most? And I think really to have the market depth is, is quite valuable. Um, I’ve only been using it, I think maybe Thursday or Friday that, um, I figured out that we could do this thanks to another user. Um, I sent it over to Andy and then Andy, you know, Made it super cool.
So, and I actually took a bunch of good trades on Friday. Thanks to having the market depth here. So yeah. I’m all right, Ming, how am I going to record this session, Kendra? And right now, yes, I’m recording the session. Okay. Already answered,
uh, going to go. Yes. So I’m going to go over the new study, which, I mean, there’s no more questions right now, so I’m happy to go over. Now, if people have more questions, feel free to throw him onto the chart. I mean, we’re, we’re only talking about the tape right now. So if you have any questions about any of the other, other custom studies, just ask, right.
This is your time for me to answer. Oh, shit. I forgot that I remove my footprint from this chart book. Dammit. All right, hold on. It’s going to take me a second to, to bring this up, to show you guys this new study. Cause it’s nice to see it with the footprint. Like I said, I, this weekend I spent a bunch of time tinker tinkering with my charts and I decided to now run to.
Session or like two instances of Sierra chart at the same time, one for training the other one for mostly just the charting. And I’m going to have the footprint on my other instance, which is where I’m going to be placing the trades. I think that’s going to be more performance along with the open GL thing that I found, but, uh, just give me just a second so I can bring this up.
Alright, just opening up this chart book
on the market’s about to open
we’ll look at the rec, reconstruct a tape, and just a minute, I’ll switch back so that we can see how the market opens, how it looks on the tape. Just as soon as this chart loads.
All right. Let me just switch over back to the tape.
Oh, we have one minute.
Wow. So a bit of a gap. That’s interesting. So, okay. Let’s see, let me just reload this tape on NQ it looks like it didn’t calculate it correctly or maybe it did.
Hmm. Alright. Um, but anyway, and then on E S we, it looks like big sell off the open.
Look a little bit more selling through here. But, I mean, we’re still in value from Friday.
Well, let’s see what we get out of Valley anyway. So let me bring up my footprints. And so this is where I usually, where I’m going to be trading now, which is already usually the case. Let me switch this over to. SIM before I accidentally press a button. Okay. Um, all right. So this new study is gonna allow you to see poor structure.
Um, I dunno if you guys are too familiar with poor structure, but typically, you know, when we have a rip like this, you have a candle that has a lot of poor structure, right? So there’s like either a really big buyer who sweeps the book or a bunch of stop orders that get hit. And there’s just no opportunity for the other side for sellers to sell into.
And that’s where you see all these zeros on the footprint. Right? So, um, the study that I created and. You know, it was one of I user who, I don’t know if they’re in here, but they paid me to build this study for them. And then I updated a little bit. So I went, um, a little bit further and added a few things because I thought this study would be useful for me as well.
Like this is poor structure as well. Right. We have like, buyers just don’t have any opportunity to buy through here. And then usually price comes back up and fixes that poor structure. So, um, let me bring up these study settings and everyone who’s a subscriber. Now, if you restart Siara, you should see this new study on this list, which should be pit poor structure.
Okay. So you’ll add poor structure. Um, To any chart, it doesn’t have to be a footprint. It can just be a candle bar bar chart. It doesn’t matter. Just, it’s just helpful for me to show you this on the footprint. And it has two very simple inputs, the threshold. So what is the minimum amount of, or, sorry, the maximum amount of traded contracts on the other side.
So it’d be from zero. Like if you look it over here, this poor structure would be from zero to 10 in this case. And then ignore the bottom two and top two, um, prices. Yeah, I a candle. You could also set this to one, you know, usually at the tops and bottoms, there’s just no, no trade for the other side, because the auction has ended.
So I have it set to two for default, feel free to change it to. Two one, if you want. So I’ll apply this now and you can see that it draws these lines so that you can see over time where the poor structure, um, gets fixed or where it is so that you can know that we’ll likely go and fix it. Right. So seller coming through here, prices moving up.
You could go long at some point in time through here with the expectation that we’re going to fix this poor structure. Again, buying happy happened through here. We traded up, you can go short at some point, whenever, you know, something lines up for you, maybe the one 44, which is this group, this blue line right here targeting the poor structure that occurred right here.
Um, let’s see if we can find some other longer examples. So these lines will span four. For as long as like right through here. Right? So we have poor structure through this area. I hope this is not too confusing. Obviously my footprint’s full of arrows and stars and boxes and whatever. So, you know, hopefully you’re, you can see these lines that go from left to right until that poor structure is fixed.
It doesn’t mean it’s always going to get fixed, but it’s there and it’s good to be aware that it’s, that it’s there. All right. Um, so yeah, I, this is the study. I, let me see if we can, I, I don’t recommend using this on other products. You know, I think this is something that. Most of us traders who trade the minis are aware of the poor structure.
It’s just nice to now see it as a line. And you know, if, if price is trading through here, you can, you can know that you have this poor structure down here. And I’m sure if I scroll down, we’ll see some other ones, like all of these probably want to change the color of the line. You probably already have a lot of red and green lines on your charts.
Um, But you can see there’s poor structure down here. We’re not always going to fix that poor structure, so it’s not always a trade to be taken, but quite often we do go and fix that poor structure and you can see it all over here. Right. As much data as I have loaded, um, it’ll draw these lines for the poor structure.
So, yeah, that’s it. That is the new study, restart CRR. And you can add it to your footprint, a candlestick chart, whatever you want.
Um, alright, let me go back to the tape to answer this question.
Yeah. So buyers are stepping in again, likely just going to go back up and then reassess, why happens close the gap. You can see some buying an NQ. Sometimes the tape gets screwed up like this. I don’t know why I’ve tried to fix it a million times. I probably sunk in like 40 hours trying to fix why, why this happens sometimes.
And sometimes it doesn’t. If I recalculate this chart. Yeah, so it just looks differently. I don’t know why, but anyway, um, we saw that there were some buyers right here and then queue. Um, and then sometimes it’ll skip some trades and start showing you just one or two lots for some reason.
Okay. So the question was, I see that big four 42 order as a buy green, but you see it as a red. Yeah. So you probably have CQ G data, which I’ve observed with other people who, who have CQ, G that seek your G wall. We’ll put the, the first trade that happens sometimes on the right side. Or like as a buy or, and sometimes it’s as a sell.
I don’t know why I reached out to Sierra chart about this. And they said, there’s absolutely no way that our data’s wrong. Of course. So it must be CPG and they’re not there. They won’t even look into it. So it’s hard to know. Who’s right. But I’ve also noticed other inconsistencies with CQ G. So I’m not, I wouldn’t be surprised if Denali’s actually more accurate and secret G isn’t
there. And now we basically closed the gap seller stepping in a little bit here. Now we’ve got an offer. This is what’s nice. Now seeing the market depth. Um, I’m putting here. You can see the market depth. You can see this little red line popping up here.
Um, I was just playing around with it this weekend and I, I actually have never treated off of 3,500. I usually do two, 2000 or 5,000, typically just 2000 for my footprint. Um, but the way that I’ve reorganized the charts on my forte monitor, I decided to do 3,500, just so I can see more bars over time. I’ve mentioned this before.
There’s just no right or wrong way to set a lot of this stuff up. It’s just whatever you like.
Doing 3,500 or 2000 or 5,000 is not going to make you more money. That’s the way I look at it.
Could you show how the chart is configured? Is it just a study price overlay? Uh, Jake, I don’t know. Oh, you’re talking about the market depth. Yeah. Okay. Um, I much rather just share the chart book and then you can, you can spend time going through it. So I’ll show the chart book after, after this call. Okay.
I hope you’re. You got the custom studies. I hope you’re a subscriber cause otherwise nothing will load for you. Yeah. Cool. Um,
What is PT? Corey, what data services, PT.
How do I get a thin border? Um, I think that’s just how the borders are, right? There’s nothing special about these borders. I don’t think I did anything to change them in terms of their thickness.
Mine shows a green I’m on Pacific time. Got it. Um, Corey, you have Denali or CQ? G?
Yeah. So seek your G. I mean, I have Denali. That’s why shows differently. And like I was saying, we’ve, I’ve observed with other people who use CTG, this exact same thing where the trade at the beginning of the, the opening trade, when the market opens will be, I don’t want to say the wrong side on CTG. It’ll just be traded.
It’ll be reported as traded on the offer. Or on the bid and that is sometimes just inconsistent with what Denali reports, hopefully that explains it
there. No way for me to know who’s right or wrong here either. I don’t know if there’s a source of truth for like delayed data on the CMS website.
yeah, it doesn’t happen every, every time the market opens it just sometimes it’ll just be on the wrong side. And I think it’s very misleading.
I mean, this time we actually traded up, which I find interesting, but other times there’s been like a big sell on my screen, like this four 42 and then the market. Dropped another 10 points. And my, my buddy who’s in CG was telling me that, you know, it showed as a buy, you know, traded on the offer and he thought we were going to start training up because there were more buyers than sellers at the opening.
So, yeah, it’s tricky. I don’t know. I don’t know what to do about that.
Corey. I think that is just a, not Cory. Sorry. Um, no coiner regarding the thick lines. I think that’s just a windows thing. I have no idea. Mine have always been the skinny.
do I have tidal bars or menus turned off? So I have, let me show you my, I think it’s under general settings.
so under general settings general too. I have these two checked. I think the one that you’re mostly asking about is this first one, but checking this one is also pretty nice hiding study inputs and charts, and I’m sure everyone has all their different inputs spanning all through here on every chart that they have, but you can see I’ve re I’ve like removed.
The name of the study for the sub graph right here that we just don’t see it. You don’t see any of the inputs just cleaning up the charts here. That’s all it does. But the other one allows the title bar to be hidden. Whenever you’re not focused on the, on the chart. I actually find it really annoying that it still ends up showing up when I click on it.
I wish it didn’t. I’m just a little pet peeve.
Make windows borders thin.
Oh yeah. Corey, I don’t know. I don’t know if that, that does affect it.
does anybody have any other questions?
thanks, theatre. Appreciate it, man. Um, I was also thinking this weekend. I have another study, which is pretty cool. I built a while ago for myself that can. Give you a good way to ax it out of trades. It’s a, it’s like a dynamic stop loss. I’m gonna, I’m gonna clean it up and get ready to, to give it to you guys.
I think, but it’s probably going to be a few weeks before I can release it to you guys. Um, but it’s a pretty cool study. So just to at a high level, say you want long when the market open and then it starts trading up. As it’s trading up it’s starts like the stop loss starts accelerating. It almost works kind of like an APR.
You guys are familiar with ATR. I’m not ATR that Sierra chart has, but ATR that maybe think, or swim has it’s called the Kiwi stomp on, on Sierra chart. But that ATR sort of. Follows, um, previously previous bars and as we’re trading up, you’ll see. I mean, this is actually the ATR that I have down here on an queue.
Right. So it’s moving up as prices moving up and it’s sort of giving you this stop. So it’s very similar to this, but it’ll actually accelerate over time and
I, I I’ve built it originally for the Jobal pinch. So for you scroll back and let me just find a Jo, a pinch to show you guys kind of how it would work. I mainly want to know if people actually would want to use this or not, because otherwise I’m not, not going to spend a few hours trying to get this working.
Um, but say the Joel pinch release on this candle right here. This is the job of pinch with the background to release. As you go along the study would pick it up this dynamic stop loss and would start painting. A little line similar to this blue line down here, but it starts following price. And as price starts moving up, eventually it crosses through price and that would be your stop.
And it’s actually pretty damn good at getting you out very close to the top of a move because it’s accelerating. Um, I mean there’s a bunch of math behind it. It’s not something that I came up with. But I read on a white paper while ago, so then I decided to build it and I thought it was pretty cool. Um, I forgot about it.
So I was thinking about it this weekend. I was like, ah, you know, it’d be cool to release it to the custom study users, but want to see if you guys are interested in that?
Cool. Yeah, it’s great for the pinch. That’s what I built it for. And, um, I mean, of course, you’ll see that. You’ll see the line go through price and that’ll be your exit. And, you know, as a human, you can decide what to do at that point in time.
Cool. Sounds good. I’ll I’ll work on it for you guys in, um, let’s see. Can these charts be translated to other platforms like Ninja trader or something like that? Onesy, the answer is maybe I don’t know, or definitely not tos. I like when I first started trading, I still have a tos account and I trade options through it, but I build a bunch of different indicators for Thinkorswim and man just.
The things that you can do in Siara are just miles and miles away from where you can do in tos. So, and think or swim. There’s just no way to build this
unfortunately, but one thing you can do, you know, if you’re trading futures and, or you’re just starting out and you’re interested in trying see your chart, you can go and. Sign up for CRI it’s not, not that expensive. It will be like $35 for your first month. You fund a future’s accounts. You can throw in $2,000, you don’t even need to trade through it, but you need to have a funded account and then you can get free data for a month through Denali.
So you have your expense is just $35 for one month, and then you can learn. Siara try it out. See if you like it. You can also, if you want sign up for my custom studies, you get a free month as well. I don’t really recommend to do both of them exactly at the same time, because Sierra itself, it takes, it takes a while to learn as new user.
So first learned Siara get comfortable with it. Trade in simulation through Sierra. So you don’t need to, you don’t need to trade your $2,000 that you put into your broker. And then if you still want to use it then great, you can keep paying for it. Otherwise you just take out your $2,000 and you’re done, you lost 35 bucks.
So that’s what I would recommend. You’ll see that scares capabilities are just way beyond what you can do in the think or swim. Um, but you do have to pay for the data through CR whereas Thinkorswim, if you have a funded account, everything else is free.
Well, there you are. You can do $200.
Yeah, I think you can run the custom studies that I have on package three. I don’t think you need package five. Um, I think package five only. I mean, you get what? The market profile, like the TPO volume profile and.
And the footprint maybe. Yup.
What question do you have? Um, that I still have no idea how to say your name. A six UNX. Okay. You sent me a DM.
Market stats. What do you want to talk about it here? I’m happy to talk about it. Uh, I think, I mean, I think we’re kind of running out of questions, so I’ll probably just stop the recording. Um, here later when I edit it and, uh, You know, whoever wants to stay for a little bit longer and talk about, you know, whatever question this is, um, feel free to stick around.
If not, you know, thank you for joining. Um, I’ll be doing this again every Sunday at the same time until. You know, there’s less questions being asked and then I’ll move it to not every two weeks. And then we’ll sort of just see how it goes. Um, but this is a time for you to ask questions about the custom study so that you can get the most out of them.
Alright. So thank you all for joining and enjoy trading tonight.