Delta Tether [AlgoNorth]
Delta Tether
Two rallies can look identical on a chart. One has heavy buying behind it. The other is running on almost nothing. Delta Tether shows how far price has pulled away from the buying and selling behind it, right on the candles.
It draws one line from cumulative delta and ties every candle to it with a tether: green when price is above, red when it is below. Rungs on each tether count the distance in ATR. To the right of the latest bar, a stack of ten cells per side lights up to show where the current gap ranks among the last 500 bars.
The result is two readings in one view: how far price has moved from the line, and how common a gap that size is on this chart. Delta is estimated from lower-timeframe candles, so it works on any plan.
🔶 USAGE
🔸 Follow the line. The line (white on dark charts, dark on light ones) is the price level that recent estimated delta lines up with. Candles above it are tethered in green, candles below it in red.
🔸 Read the tethers. Each tether runs from the line to the candle body, with a glow that is strongest at the candle. A longer tether is a bigger gap. Scroll back and the whole history of gaps is there.
🔸 Count the rungs. The small marks on a tether sit at 1, 2 and 3 ATR from the line, and only appear where the tether reaches that far.
🔸 Read the rank stack. Ten cells on each side of the line, each worth 10 percentile points. Cells light up to the current gap's rank on the side price is on. The p50 and p90 labels mark the middle and the top tenth.
🔸 Check the tag. The tag beside the stack shows the current gap in ATR and its percentile. For example, "−0.85 ATR · p49" means price is 0.85 ATR below the line, a gap larger than 49% of recent ones.
🔸 Read the panel. It shows the settings in use, which delta estimate is running and how much of the chart it covers, and how often price and the line met again within 20 bars, for extreme gaps and for ordinary bars that started the same distance away, with the sample counts.
🔸 Alerts: extreme gap above the line, extreme gap below the line, side change.
🔶 DETAILS
🔸 Estimated delta. Each lower-timeframe candle that closes up adds its volume, each that closes down subtracts it, and a flat one takes the direction of the candle before it. This is an estimate from candle direction and volume. It is not bid/ask or aggressor volume.
🔸 Intrabar timeframe. Auto divides the chart timeframe by 5, 4, 3 or 2, whichever divides it exactly, and otherwise uses 1 minute. On 1-minute and seconds charts it cannot go lower, so each bar counts as one up or down bar. Daily charts use 4 hours, weekly 1 day, monthly 1 week.
🔸 The line. Over the last 50 bars the script fits price against estimated cumulative delta and reads the fitted price at the current bar, then smooths it twice. If price and estimated delta moved in opposite directions over the window, the line is the plain average of those closes, and the panel says "line = window average".
🔸 The gap. The distance from the close to the line, in ATR(14). The rungs are measured to the candle body, so the tag can read slightly larger than the rungs suggest.
🔸 Rank. The current gap is ranked against the gaps of the last 500 bars. The stack, the pointer and the tag are placed by rank, not by price distance.
🔸 Extreme gap. Starts when the gap ranks at or above the 90th percentile for 2 bars in a row. It holds until the gap ranks below the 80th percentile or price changes side.
🔸 Met the line. For each measured bar the script checks whether price and the line touched again within 20 bars. The line keeps moving during that window, so they can meet because the line came to price. The windows overlap, so the samples are not independent. A bar is measured only when the whole window after it is drawn.
🔸 Other bars, same distance. Ordinary bars are weighted to start as far from the line as the extreme gaps did, so the two columns compare like with like. Extreme gaps with no ordinary bars at the same distance are left out of both columns, and the Samples row then reads "N of M". A rate is shown only from 20 samples.
🔸 Colours. The line, labels and panel text follow your chart background, and on light charts the green, red and highlight are deepened to stay readable.
🔸 What is original here. The tethers with ATR rungs and the percentile rank stack are a new way to read the distance between price and delta, directly on the candles. The panel adds a like-for-like check: extreme gaps measured against ordinary bars that started the same distance away.
🔶 SETTINGS
🔸 Delta line: Fit window, Smoothing, Line width. How many bars the fit learns from, and how much the line is smoothed.
🔸 Delta (estimate): Intrabar timeframe, Manual timeframe. Auto, or a lower timeframe you pick.
🔸 Extreme gap: Starts at percentile, Holds above percentile, Ranking window, Bars before it counts, Show dots, Highlight colour, Dot size, Dot distance. The dots are optional and off by default.
🔸 Rungs and rank stack: ATR rungs, Rank stack, Stack size, Stack distance, Stack width, Cell height, Unlit cell transparency, Gap tag distance. Raise Stack size when the chart is zoomed out.
🔸 Style: Colour candles by side, Above the line, Below the line, Adjust colours to the chart background, Wicks and outlines, Rungs, Gap tag background, Gap tag text, Glow behind threads, Glow transparency. Colour candles by side paints each candle green or red by which side of the line it closed on. The preview shows it on. It is off by default so your own candle colours are kept.
🔸 Panel: Show panel, Corner, Text size, Return window. Four corners for when more than one copy is loaded.
🔶 NOTES
🔸 This is a context tool. It measures and displays; it doesn't give buy or sell signals. What you do with the reading is up to you.
🔸 The delta is an estimate from lower-timeframe candle direction and volume, not bid/ask data, and the line is built from that estimate.
🔸 The script draws only on bars that have lower-timeframe data, so older history is left blank. How far back it reaches depends on the timeframe; the panel shows the share of bars drawn and the start date. On the charts tested, 5, 10 and 15-minute and 1-hour charts gave the fullest history; 30 and 45-minute charts reached back much less.
🔸 The script needs some history before it shows anything: about 70 bars for the line, and 500 bars before the rank is fully formed.
🔸 It needs volume. On a symbol that reports none, the script stops and says so, and stretches of a chart with no volume are left blank.
🔸 Dots, alerts and panel counts are set at bar close and nothing is redrawn on past bars. The line, the tether, the stack and the tag on the current bar follow price until that bar closes.
🔸 The line is smoothed, so after a fast move part of the gap is the line catching up. Lower the Smoothing setting for a faster line, or set it to 1 to turn smoothing off.
🔸 An extreme gap describes distance, not what comes next. Read the panel's rates together with the sample counts; they come from the bars loaded on your chart, so each symbol and timeframe shows its own numbers.
🔸 The rank stack is drawn in the empty space to the right of the last bar and needs about 15 bars of room at the default size.
🔸 Candle colouring in the preview is an optional setting, off by default.
🔸 Made for candle and bar charts. On Renko, Kagi and similar chart types the panel says the readings are not valid.
🔸 The panel's last-bar time is shown in exchange time, which can differ from your chart's display timezone.
🔶 SUMMARY
A line built from delta, a tether from every candle to it, and a rank stack beside the last bar. Delta Tether puts the distance between price and the buying and selling behind it right on your chart, so it's easy to see at a glance.
Two rallies can look identical on a chart. One has heavy buying behind it. The other is running on almost nothing. Delta Tether shows how far price has pulled away from the buying and selling behind it, right on the candles.
It draws one line from cumulative delta and ties every candle to it with a tether: green when price is above, red when it is below. Rungs on each tether count the distance in ATR. To the right of the latest bar, a stack of ten cells per side lights up to show where the current gap ranks among the last 500 bars.
The result is two readings in one view: how far price has moved from the line, and how common a gap that size is on this chart. Delta is estimated from lower-timeframe candles, so it works on any plan.
🔶 USAGE
🔸 Follow the line. The line (white on dark charts, dark on light ones) is the price level that recent estimated delta lines up with. Candles above it are tethered in green, candles below it in red.
🔸 Read the tethers. Each tether runs from the line to the candle body, with a glow that is strongest at the candle. A longer tether is a bigger gap. Scroll back and the whole history of gaps is there.
🔸 Count the rungs. The small marks on a tether sit at 1, 2 and 3 ATR from the line, and only appear where the tether reaches that far.
🔸 Read the rank stack. Ten cells on each side of the line, each worth 10 percentile points. Cells light up to the current gap's rank on the side price is on. The p50 and p90 labels mark the middle and the top tenth.
🔸 Check the tag. The tag beside the stack shows the current gap in ATR and its percentile. For example, "−0.85 ATR · p49" means price is 0.85 ATR below the line, a gap larger than 49% of recent ones.
🔸 Read the panel. It shows the settings in use, which delta estimate is running and how much of the chart it covers, and how often price and the line met again within 20 bars, for extreme gaps and for ordinary bars that started the same distance away, with the sample counts.
🔸 Alerts: extreme gap above the line, extreme gap below the line, side change.
🔶 DETAILS
🔸 Estimated delta. Each lower-timeframe candle that closes up adds its volume, each that closes down subtracts it, and a flat one takes the direction of the candle before it. This is an estimate from candle direction and volume. It is not bid/ask or aggressor volume.
🔸 Intrabar timeframe. Auto divides the chart timeframe by 5, 4, 3 or 2, whichever divides it exactly, and otherwise uses 1 minute. On 1-minute and seconds charts it cannot go lower, so each bar counts as one up or down bar. Daily charts use 4 hours, weekly 1 day, monthly 1 week.
🔸 The line. Over the last 50 bars the script fits price against estimated cumulative delta and reads the fitted price at the current bar, then smooths it twice. If price and estimated delta moved in opposite directions over the window, the line is the plain average of those closes, and the panel says "line = window average".
🔸 The gap. The distance from the close to the line, in ATR(14). The rungs are measured to the candle body, so the tag can read slightly larger than the rungs suggest.
🔸 Rank. The current gap is ranked against the gaps of the last 500 bars. The stack, the pointer and the tag are placed by rank, not by price distance.
🔸 Extreme gap. Starts when the gap ranks at or above the 90th percentile for 2 bars in a row. It holds until the gap ranks below the 80th percentile or price changes side.
🔸 Met the line. For each measured bar the script checks whether price and the line touched again within 20 bars. The line keeps moving during that window, so they can meet because the line came to price. The windows overlap, so the samples are not independent. A bar is measured only when the whole window after it is drawn.
🔸 Other bars, same distance. Ordinary bars are weighted to start as far from the line as the extreme gaps did, so the two columns compare like with like. Extreme gaps with no ordinary bars at the same distance are left out of both columns, and the Samples row then reads "N of M". A rate is shown only from 20 samples.
🔸 Colours. The line, labels and panel text follow your chart background, and on light charts the green, red and highlight are deepened to stay readable.
🔸 What is original here. The tethers with ATR rungs and the percentile rank stack are a new way to read the distance between price and delta, directly on the candles. The panel adds a like-for-like check: extreme gaps measured against ordinary bars that started the same distance away.
🔶 SETTINGS
🔸 Delta line: Fit window, Smoothing, Line width. How many bars the fit learns from, and how much the line is smoothed.
🔸 Delta (estimate): Intrabar timeframe, Manual timeframe. Auto, or a lower timeframe you pick.
🔸 Extreme gap: Starts at percentile, Holds above percentile, Ranking window, Bars before it counts, Show dots, Highlight colour, Dot size, Dot distance. The dots are optional and off by default.
🔸 Rungs and rank stack: ATR rungs, Rank stack, Stack size, Stack distance, Stack width, Cell height, Unlit cell transparency, Gap tag distance. Raise Stack size when the chart is zoomed out.
🔸 Style: Colour candles by side, Above the line, Below the line, Adjust colours to the chart background, Wicks and outlines, Rungs, Gap tag background, Gap tag text, Glow behind threads, Glow transparency. Colour candles by side paints each candle green or red by which side of the line it closed on. The preview shows it on. It is off by default so your own candle colours are kept.
🔸 Panel: Show panel, Corner, Text size, Return window. Four corners for when more than one copy is loaded.
🔶 NOTES
🔸 This is a context tool. It measures and displays; it doesn't give buy or sell signals. What you do with the reading is up to you.
🔸 The delta is an estimate from lower-timeframe candle direction and volume, not bid/ask data, and the line is built from that estimate.
🔸 The script draws only on bars that have lower-timeframe data, so older history is left blank. How far back it reaches depends on the timeframe; the panel shows the share of bars drawn and the start date. On the charts tested, 5, 10 and 15-minute and 1-hour charts gave the fullest history; 30 and 45-minute charts reached back much less.
🔸 The script needs some history before it shows anything: about 70 bars for the line, and 500 bars before the rank is fully formed.
🔸 It needs volume. On a symbol that reports none, the script stops and says so, and stretches of a chart with no volume are left blank.
🔸 Dots, alerts and panel counts are set at bar close and nothing is redrawn on past bars. The line, the tether, the stack and the tag on the current bar follow price until that bar closes.
🔸 The line is smoothed, so after a fast move part of the gap is the line catching up. Lower the Smoothing setting for a faster line, or set it to 1 to turn smoothing off.
🔸 An extreme gap describes distance, not what comes next. Read the panel's rates together with the sample counts; they come from the bars loaded on your chart, so each symbol and timeframe shows its own numbers.
🔸 The rank stack is drawn in the empty space to the right of the last bar and needs about 15 bars of room at the default size.
🔸 Candle colouring in the preview is an optional setting, off by default.
🔸 Made for candle and bar charts. On Renko, Kagi and similar chart types the panel says the readings are not valid.
🔸 The panel's last-bar time is shown in exchange time, which can differ from your chart's display timezone.
🔶 SUMMARY
A line built from delta, a tether from every candle to it, and a rank stack beside the last bar. Delta Tether puts the distance between price and the buying and selling behind it right on your chart, so it's easy to see at a glance.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.