What it shows
Speed (pace) gauge
The main gauge fills based on your selected Volume Metric, computed over a rolling time window and normalized to a lagging max so it adapts to changing market conditions.
Delta gauge (optional)
When Delta is enabled, the second column shows net delta (buy volume − sell volume) over the same rolling window, plus a delta “pot” % normalized to a lagging max (with an absolute floor).
Impulse flashes
Large, fast changes in delta can trigger a brief green/red flash around the gauge to highlight sudden aggression.
Sustained pressure state
If delta remains elevated long enough (and doesn’t drop out), the gauge enters a sustained pressure state (green for buy pressure, red for sell pressure).
Data requirements
The indicator processes trade prints (Last) and uses bid/ask when available to infer the trade aggressor (buy vs sell); if bid/ask is not usable, it falls back to an uptick/downtick method.
Tip: Use with real-time data
Speed Of Tape is meant for real-time tape reading. On historical data, the live pacing behavior may not reflect what you’ll see during active market conditions.
How calculations work (plain English)
Rolling window + per-second buckets
Trades are kept in a rolling buffer and bucketed into 1-second slices across your Window (seconds). A “quick average” of the most recent slices (based on Gauge Segments) is used as the current reading.
Volume Metric (speed) modes
Choose whether the speed column measures ticks per second, volume per second, or delta per second (delta mode uses signed volume based on the inferred aggressor).
Normalization (the % fill)
The gauge fill is computed as current value divided by a lagging max, which decays over time so the gauge stays responsive as volatility changes.
Settings
01. Core
- Window seconds: Lookback window used for rolling pace/delta.
- Min Trade Size: Ignore prints smaller than this size.
- Update Interval ms: How often the gauge recalculates and redraws.
- Min Trade Size: Ignore prints smaller than this size.
- Update Interval ms: How often the gauge recalculates and redraws.
01. Volume Column
- Volume Metric: What the speed column measures (Ticks/sec, Vol/sec, Delta/sec); this is used when Columns includes Volume.
02. Visual
- Columns: Volume, Delta, or VolumeAndDelta.
- Orientation: Vertical or Horizontal layout.
- Anchor + X/Y Offset (px): Places the gauge in a chart corner/center with pixel offsets; optional Clamp To Panel keeps it on-screen.
- Gauge Segments / Width / Height: Controls the blocky fill style and size.
- Show Statistics: Enables label/value/percent-or-max text in the column.
- Gauge Color Start/End + Fill Opacity: Gradient + opacity for filled segments.
- Z-Order Level: Layering priority versus other drawings.
- Orientation: Vertical or Horizontal layout.
- Anchor + X/Y Offset (px): Places the gauge in a chart corner/center with pixel offsets; optional Clamp To Panel keeps it on-screen.
- Gauge Segments / Width / Height: Controls the blocky fill style and size.
- Show Statistics: Enables label/value/percent-or-max text in the column.
- Gauge Color Start/End + Fill Opacity: Gradient + opacity for filled segments.
- Z-Order Level: Layering priority versus other drawings.
03. Advanced (delta flash + pressure)
- Min Delta Change for Flash + Flash Threshold % + Flash Duration ms: Controls impulse flash triggering and how long it lasts.
- Delta Scale: Provides an absolute scaling floor for delta normalization.
- Pressure Threshold % / Hysteresis % / Min Duration ms / Dropout ms: Controls when sustained pressure turns on, stays on, and turns off.
- Delta Scale: Provides an absolute scaling floor for delta normalization.
- Pressure Threshold % / Hysteresis % / Min Duration ms / Dropout ms: Controls when sustained pressure turns on, stays on, and turns off.
Reading it in practice
- Rising speed with neutral delta often signals activity without clear directional control (chop, two-way trade).
- Rising speed plus sustained green pressure suggests buyers are consistently lifting offers; sustained red suggests sellers are hitting bids.
- Use flashes as “heads up” moments, then confirm with structure (levels, pullbacks, absorption, etc.).
- Rising speed plus sustained green pressure suggests buyers are consistently lifting offers; sustained red suggests sellers are hitting bids.
- Use flashes as “heads up” moments, then confirm with structure (levels, pullbacks, absorption, etc.).
Licensing notes
This indicator enforces licensing by blocking rendering after enforcement decisions; when unlicensed it can display an on-chart message asking for a key or indicating license status.