Volume Imprint Study Layout

westry1

New member
Joined
May 11, 2020
Posts
4
Likes
0
Can any help with setting up my VI indicator to look like the attached? including the red/green colors.

212
 

Attachments

Last edited:

ScottyA

Well-known member
Joined
Aug 1, 2019
Posts
77
Likes
29
Hey westry1. If I'm not mistaken, that's MZpack Pro! I own it and find it to be one of the best Order Flow suites available. Unfortunately, the Volume Imprint Study in MotiveWave isn't as sophisticated to get an exact match.

There are two primary differences:

1. MZpack let's you color each side of the auction, like in your case: the bid is a Red (heatmap, I believe), and the offer is Green (heatmap). MotiveWave colors both sides.
2. The placement of the candle totals are flip-flopped between the two: MZpack neg. Delta places the Totals on the top, while MotiveWave neg. Delta places totals on the Bottom. (MZpack makes more sense IMO.)

The rest of the features are available... Absorption Bid/Ask boxes, POC box, Imbalance Coloring, and Candle Totals (Total Volume, Delta, and Bid/Ask Percentage).

Seeing you have MZpack, this should be simple for you to find your way around in MotiveWave. Hit me up if you need more help.

Scotty
 

westry1

New member
Joined
May 11, 2020
Posts
4
Likes
0
Hey westry1. If I'm not mistaken, that's MZpack Pro! I own it and find it to be one of the best Order Flow suites available. Unfortunately, the Volume Imprint Study in MotiveWave isn't as sophisticated to get an exact match.

There are two primary differences:

1. MZpack let's you color each side of the auction, like in your case: the bid is a Red (heatmap, I believe), and the offer is Green (heatmap). MotiveWave colors both sides.
2. The placement of the candle totals are flip-flopped between the two: MZpack neg. Delta places the Totals on the top, while MotiveWave neg. Delta places totals on the Bottom. (MZpack makes more sense IMO.)

The rest of the features are available... Absorption Bid/Ask boxes, POC box, Imbalance Coloring, and Candle Totals (Total Volume, Delta, and Bid/Ask Percentage).

Seeing you have MZpack, this should be simple for you to find your way around in MotiveWave. Hit me up if you need more help.

Scotty


Hi Scotty, thanks for the quick response. The screenshot is of MZpack Pro, its a friends setup, I'm trying to get a similar layout using the VI indicator.
 

ScottyA

Well-known member
Joined
Aug 1, 2019
Posts
77
Likes
29
Are you new to Order Flow? If so, I want to prepare you there's so much more to OF than having the correct settings, know what I mean?

Let me know if you want help setting up your Study.
 

westry1

New member
Joined
May 11, 2020
Posts
4
Likes
0
Are you new to Order Flow? If so, I want to prepare you there's so much more to OF than having the correct settings, know what I mean?

Let me know if you want help setting up your Study.
yeah I'm fairly new to order flow, I was learning on the MZpack Pro, indeed I would much appreciate help setting up my study, thanks.
 

ScottyA

Well-known member
Joined
Aug 1, 2019
Posts
77
Likes
29
Awesome. Will be glad to!

I'm headed outside to play with my Littles, so it may be tomorrow before I'll be able to post for you. Chat soon!

Scotty
 

ScottyA

Well-known member
Joined
Aug 1, 2019
Posts
77
Likes
29
Having read and traded Order Flow for a few years using MZpack Pro and for what you want to do, below is what I recommend to give you similar results. Note that this is only a Study setup and not an explanation of what the terms mean nor how to trade using Order Flow. Please feel free to tweak the fonts and color schemes to suit your own preferences.
  1. Double click (or Right Click) on a blank chart to pull up Chart Settings. Go to Bar Settings and for the Bar Type, select No Bars.
  2. Add the Imprint Study.
  3. VI Settings-1 General: The Column 1 Bid/Ask is what you're seeing from your friend's MZpack, but in MotiveWave, it's limited as to what it can do, so I recommend adding the Column 2 Ladder.
  4. VI Settings-2 Display: Select your own Color Scheme. I chose to not display the Naked POC here. In your friend's chart, there's a Developing POC, but again, that's not available in this Study.
  5. VI Settings-3 Imbalance: Here's where you'll set up the "Green outline, buyers absorption" your friend's pic. It's at the bottom. The "Price Imbalance yellow numbers" is the rest of this page. I only have one level showing, set to 250 for an NQ 15 min time frame. Know that this value will change depending upon the liquidity of the instrument as well as the time frame.
  6. VI Settings-4 Profile: These are the settings for the area on the Right side of the chart (not on your friend's chart but very helpful Order Flow info)
  7. VI Settings-5 Ladder: This will most clearly provide the info you want to see, including a candle body and wicks.
  8. VI Settings-6 Bid/Ask: For Column 1. This is where you'll be able to easily read the Absorption boxes.
  9. VI Settings-9 Summary Profile: Turns on and off the #4 Profile page.
  10. VI Settings-10 Candle Totals: This is one of my personal favorite features of Order Flow, noted on your friend's chart... Delta, Volume, Imbalance to the Upside/Downside.
  11. VI Settings-11 Totals: Shows the boxes at the bottom of the page. I personally don't like it because I find it hard to read. Nonetheless, voila!
See the attached NQ 1min Volume Imprint chart to see what these settings produce.

Let me know what other questions you have!

Scotty
 

Attachments

iCoder

New member
Joined
Feb 10, 2020
Posts
3
Likes
0
@ScottyA thanks for your responses in this thread.

If you don't mind can you please let me know what exactly is the field Absorption Level in the Imbalance Tab.

I read the definition in the Motivewave Volume Analysis help file, which states the below, but was unable to understand what exactly it means.

Absorption Level – Number of ticks for the price to reverse (closing price) from an imbalance point

I tried changing the value from 3 to others, but was unable to figure out.
 

ScottyA

Well-known member
Joined
Aug 1, 2019
Posts
77
Likes
29
Simply put: Absorption happens where there are a hole bunch of orders placed without price moving in the way the orders would suggest. It signifies buying or selling pressure being "absorbed."

MotiveWave rightly points to this being an imbalance point between the diagonal Bid and Ask. Therefore your value of 3 would be three ticks away from that imbalance point.
 

iCoder

New member
Joined
Feb 10, 2020
Posts
3
Likes
0
@ScottyA Thanks & appreciate your help.

Based on your inputs & meddling with the Level value, was finally able to figure out what the definition in help file was saying.
 
Top