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Introduction To Real-Time Price Levels Tool

By Lawrence  

Real-Time Price Levels Tool is a unique visualization tool for both swing traders and day traders. It provides a master table of price levels of importance across all timeframes in a compact display. Traders can quickly identify the price levels that really matter without the need to flip through many charts from various timeframes to draw their conclusions.

Launch The Tool

Depending on the symbol you are tracking, you may launch the tool from:

1. S&P500 Signals

2. Forex Signals

3. probably more locations within the site for quick access in the future

Click the open window button to open a new browser window with the Real-Time Price Levels Tool.

Once connection is made, data will be streamed into the window.

Some browser may have problems opening the window properly because of ad-blocking plug-ins or security against use of javascript. To resolve the problem, you can add daytradingbias.com to your browser’s safe list so that the tool page can load properly. Another solution is to open the tool with a different browser.

The Layout

Here is a screenshot of the Real-Time Price Levels Tool.

 

DaytradingBias.com Real-Time Price Levels Tool

Resizable

Depending on your browser, the window opened may not be the exact size as the display area. You can change the window size as you like.

For some browsers like Internet Explorer, the address bar cannot be removed unless you specifically set your options to do so. In that case, you will not be able to resize the window to fit in only the display area.

Sound Control

The sound icon on top of the price levels display area is a button. It toggles the sound on arrival of new updates.

Price Level Display

Within the display area, you will find a table of the price levels displayed in decreasing order from top to bottom.

The left side of each line is the name of the price level. Sometimes there are more than one price level landing at the same price. In that case you will see the line showing something like x2 which stands for 2 price levels occupying the same line. When you see x4, it means 4 price levels occupying the same line.

You can find out all the price levels on a particular line by pointing your mouse at the name. A hint will appear next to your cursor with the extra information.

Last Price Marker

An asterisk is placed next to the price level that is closest to the last price.

Price Level Importance

The red coloring next to each line indicates the importance of that price level relative to the other ones on the display. This is calculated from the relative distance of the price levels among each other to figure out the ones that are most influential. The ones with bright red are the more important ones.

Price Level Terminology And The Principles Behind

To learn more about the price level naming method and the principles behind the design, refer to Real-Time Price Levels Explained.

Update Schedule

The price levels are updated once every 5 minutes. The tool updates whenever the market is open.

Notes

Screenshot from beta release.

Update to this document will be done when new features are added to the tool.

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Comments
  • MidKnight  February 27, 2014 at 20:28:00

    Really neat tool!!

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