DYO: Market Speedometer

More and more traders are using constant tick charts, constant volume charts, or Momentum Bars (constant range charts).  These chart types have bars that span a variable amount of time.   This tool can be used to show when market action is slow or fast by measuring the amount of time it takes to build a bar.

The speedometer is shown using Red bars, and the volume is shown in Blue.   The height of each Red bar is an indication of the number of seconds spanned by the bar.  The taller the Red bar, the shorter the time span or the faster the market's velocity.  The period labeled -- Fast -- is where the market velocity is the greatest.  The constant tick bars are building quickly as indicated by the very tall Red bars.

The Red speedometer bars were created with the following Design Your Own study.   Line A is retrieving the Delta Time which is the time duration of the bar in seconds.    This time value is multiplied by the Number field and subtracted from 100.  The data is self scaled to fit the sub-window and plotted using the Histogram style of marker.