The indicator Delta Filter Bars represents an evolved version of the Delta Bars indicator, in that it allows filters to be applied to the delta, with the ability to enable up to four different ranges. 

INDEX

• Settings-of-Use
• General
  • Database
    • 1. Volume
    • 2. Aggregate Trades
    • 3. Trades
    • 4. Order
  • Delta Mode
  • N. bars-grouped
• Range 1 - 2 - 3 - 4

Settings-of-Use

Clicking on the indicator settings icon will open its configuration window, within which you can make several choices regarding the functionality of the indicator itself.

General

Base-Data

Defines which database to use to calculate the indicator, specifically you can choose from: 

1. Volume

Represents the total volume traded at each price level. This database is useful for understanding the intensity of trading and identifying the price levels at which most market activity occurred.

2. Aggregate Trades

Show aggregate trade volume by combining trades made on the price level. This option provides a more accurate view of trading activity levels by grouping trades executed at the same price.

3. Trades

Indicates the number of transactions executed at each price level. This database is useful for understanding the frequency of trades and determining levels of interest in the market.

4. Order

Consider order data, such as the quantity of buy and sell orders at each price level. This option is useful for evaluating order pressure and analyzing the behavior of market participants.

Delta-mode

Defines how to calculate the delta, if you choose Classic you will have a simple Delta Bars, while if you choose Multi Range you enable the functionality of the Delta Filter Bars.

N. bars-grouped

Defines the number of bars for grouping the indicator, the fewer this value, the more granular the data.

Range 1 - 2 - 3 - 4

Each range defines the ability to insert a min filter and a max filter, as well as the ability to enable or disable the filter itself.

Remind that if you enter 0 in the maximum value the indicator will not apply any maximum filter.

You can also change the color of the ranges, differentiating between Bid and Ask.