bid/ask volume % indicator

  1. 95 Posts.
    I'm looking for an indicator that records the volume on the bid and ask sides as a % of the total volume shown on the depth chart,ie:- 100k on the bid side and 50k on the ask side would be expressed as a line at 66% on a chart similar to a stochastic layout,with % degrees on the right side, it could have a central dotted line ( at 50% of course)
    At the moment I am recording this hourly on stocks that I am trading, it's amazing how fluctuation can give an early indication of movement, it tends not to work as well with violently trading stocks as many orders come from the back.
    An example at the moment.......ELX, this morning there were 538k on bid 76k on ask price .40c ....then 705/71 @.43c now it is716/314 @ .41c as the day traders prepare to sell..... that tells me that there will be good buy opportunites around 3.30 ....lets see
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