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X_STUDY®

Chart Descriptions

The following charts are available in X_STUDY. All of the charts update dynamically with every transaction.  

OHLC Bar Chart

Shows the Open, High, Low, Close for specified roll-up period.

Reading the Chart

  1. The top of a line indicates the highest trade that occurred during the roll-up period.
  2. A dash on the left side of a line indicates the open at the start of the roll-up period.
  3. A dash on the right side of a line indicates the close at the end of the roll-up period.
  4. A dash with no vertical line indicates no  movement during the roll-up period.
  5. The bottom of a line indicates the lowest trade that occurred during the roll-up period.

Red = Sell at the Bid

Blue = Buy at the Ask

HLC Bar Chart

Shows the High, Low, Close for specified roll-up period.

Reading the Chart

  1. The top of a line indicates the highest trade that occurred during the roll-up period.
  2. A dash on the right side of a line indicates the close at the end of the roll-up period.
  3. A dash with no vertical line indicates no  movement during the roll-up period.
  4. The bottom of a line indicates the lowest trade that occurred during the roll-up period.

Red = Sell at the Bid

Blue = Buy at the Ask

Close Charts

Shows the Close for specified roll-up period.

Dot Version

Line Version

Reading the Chart

  1. Each dot indicates the closing price at the end of the roll-up.
  2. The line version of this chart, connects the dots to show movement.

Candlestick Charts

Shows the Open, High, Low, Close for specified roll-up period. The candlesticks are comprised of color-coded bodies to show upward or downward movement and tails to show highs and lows.

Reading the Chart

  1. If the candlestick body is green...
    • Top is the Close. (And the High if there's no extending tail.)
    • Bottom is the Open. (And the Low if there's no extending tail.)
  2. If the candlestick body is red...
    • Top is the Open. (And the High if there's no extending tail.)
    • Bottom is the Close. (And the Low if there's no extending tail.)
    • A line extending from the body indicates a High or Low different from the open or close.
  3. Line with no candlestick indicates the same open and close with a different high or low.
  4. Dash with no line indicates no movement.
  5. A tail extending from the body indicates a High or Low different from the open or close.

Tick Charts

Displays a point for each transaction. There is no roll-up period, so the time axis indicates the time of each trade. Tick charts can be displayed as a Dot chart or a Line chart. Tick charts do not have roll-up times and do not display historical data.

Reading the Chart

  1. Every dot indicates a transaction.
  2. Red dots (or lines in a line version of the chart) indicate downward movement from one tick to the next.
  3. Green dots (or lines in a line version of the chart) indicate upward movement from one tick to the next.

Price Distribution

Displays the distribution of price over time. Includes the Initial Balance Range, opening price, a mid-point marker, a current price marker, the Time Price Area (TPA letters) value area, and the Tick Volume Distribution.

Reading the Chart

  1. The amount of letters within the Time Price Area (TPA).
  2. The amount of letters at the point of control (POC).
  3. The amount of letters above the point of control (POC).
  4. The amount of letters below the point of control (POC).
  1. Letters indicate Time Price Area (TPA).
  2. The vertical shade (dark blue) indicates the Initial Balance Range, which is the first two TPAs of the day.
  3. The horizontal (scarlet) shade indicates the point of control (POC), which is the largest number of TPAs for the distribution.
  4. Arrow pointing to the right indicates the open. This is the first actual traded price, not the last session's close.
  5. Arrow pointing to the left indicates the last traded price (LTP) of the distribution.
  6. Bracket indicates midpoint during the distribution.
  7. The thin blue line indicates the TPA Value Area, which is where 70% of the TPAs occurred.
  8. The thick blue line indicates the Volume Value Area, which is where 70% of the volume for the distribution occurred. In X_STUDY 7.8.1 and higher, the red dot indicates the volume point of control.

Note: The colors in this example are customizable using the Properties option on the Price Distribution Context Menu.

Time Price Area (TPA letters)

Time Price Area (TPA) letters are assigned in 30 minute periods. They are plotted using the letter that is in progress at the beginning of each 30 minute period.

A

8:00

I

12:00

R

16:00

a

20:00

i

24:00

r

4:00

B

8:30

J

12:30

S

16:30

b

20:30

j

00:30

s

4:30

C

9:00

K

13:00

T

17:00

c

21:00

k

1:00

t

5:00

D

9:30

L

13:30

V

17:30

d

21:30

l

1:30

v

5:30

E

10:00

M

14:00

W

18:00

e

22:00

m

2:00

w

6:00

F

10:30

N

14:30

X

18:30

f

22:30

n

2:30

x

6:30

G

11:00

P

15:00

Y

19:00

g

23:00

p

3:00

y

7:00

H

11:30

Q

15:30

Z

19:30

h

23:30

q

3:30

z

7:30

Note: With focus on the chart, you can change the time intervals by typing a number (1 - 1440 minutes) just like any other chart type.

The TPA Data Window

When enabled, the TPA data window appears at the bottom of the screen and can display the following volume distribution information.

  • TPH (Time Price High): Highest price of the Value Area - 70% indicator.
  • TPL (Time Price Low): Lowest price of the Value Area - 70% indicator.
  • TPA: Counts above and below the cursor.
  • If Display Volume or Display Tick Volume are enabled, the second and third boxes show % of volume at price level to the total volume.

Value Area

Value Area Calculation

The value area is calculated by first identifying the price with the greatest volume. Using this, the volume of the two adjacent prices above are summed and the volume of the two adjacent prices below are summed. These totaled volumes are then compared and the larger of the two is added to the value area. This process continues until 70 percent of the volume is contained within the value area. Value Area can be calculated using either the actual volume at price numbers or approximated by using TPA letter counts at price levels.

Note: X_STUDY allows you to customize the total value area cutoff percentage within the Technical Indicator Dialog Box.

Examples of Splits

Splits separate each TPA into one column so you can better view the distributions and breaks.

The following examples demonstrate how the Split commands in the Price Distribution context menu work.

Note: X_STUDY 7.8.1 and higher now allow users to “regroup” or “unsplit” a single TPA simply by clicking on a letter that is already split.

Example prior to Split

Example after manual Split

 

Example after Split All

 

Example of Steidlmayer [TVP] Auto Split