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X Tick Chart

What is X Tick Chart?

  • X Tick Chart is an innovative charting technique that measures the number of transactions per bar.
  • It provides a clearer view of market activity compared to traditional time-based charts.
  • The X-axis of the tick chart is based on the number of ticks rather than time, updating rapidly during active market conditions ๐Ÿ“ˆ.

    • Key Features

  • Customization allows traders to set the number of ticks per bar, commonly using Fibonacci sequences like 233 ticks.
  • Compatible with indicators and scripts for comprehensive technical analysis.
  • Real-time updates ensure synced data with other chart types, offering insights without delays.

    • Applications in Trading

  • Ideal for scalping strategies due to its rapid data representation, allowing multiple trading opportunities in a short time frame.
  • Useful for analyzing volatility post-economic indicators, revealing precise price movements hidden in longer candles.
  • Acts like a market's electrocardiogram, indicating market vitality based on tick generation pace ๐ŸŒŸ.

    • How to Use X Tick Chart

  • Install the indicator on your MetaTrader 5 platform by dragging it onto your chosen chart.
  • Enable the display of Ask price data for better visibility of spread and market positioning.
  • Utilize alerts for significant price changes, integrating features like RSI and Envelope deviation for notifications.

    • Indicators and Tools Compatible with X Tick Chart

  • Can overlay with various indicators such as moving averages, Bollinger Bands, and more to enhance trading decisions.
  • Custom indicators specifically designed for tick charts enhance its utility, providing additional analytical perspectives.
  • Example: The TickChart indicator overlays a tick line on standard charts, offering real-time market behavior visibility.

    • Conclusion

  • The X Tick Chart is a powerful tool for traders seeking precision and responsiveness in their trading strategies.
  • Its unique structure caters to various trading styles, making it a versatile choice for both beginners and seasoned traders ๐ŸŒ.

    • As we dip our toes into the vast ocean of Forex trading tools, the X Tick Chart emerges as a particularly intriguing specimen. This isn't just another trading indicator; it's a concoction of tick and volume charting that claims to reveal the sordid secrets of market transactions. ...

    Release Date: 20/07/2017

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