Tick Chart

The Tick Chart indicator provides a non-time-based visualization of market activity by constructing candles based on a specific number of price transactions rather than fixed time intervals. This tool allows traders to observe market volatility and volume flow more granularly by filtering out "noise" during low-activity periods and expanding detail during high-frequency trading sessions.

Usage

The Usage section describes how the script can be used to analyze market movement independent of time. Traders typically use tick charts to identify rapid trend developments or scalp micro-movements that might be hidden within a single time-based candle (e.g., a 1-minute or 5-minute bar).

Tick-Based Candle Construction

By setting the "Number of Ticks Per Candle," you define the sensitivity of the chart. A lower number creates more frequent candles, highlighting every minor price fluctuation, while a higher number aggregates more data into a single bar for a smoother view of the trend.

Volume Analysis

The indicator includes a specialized volume pane at the bottom of the visual interface. It displays:

• Current Volume: The volume accumulated in the active tick candle.
• Statistical Extremes: Minimum and maximum volume levels recorded across the visible candles.
• Average Volume: The mean volume across the specified "Number of Candles," helping to identify volume breakouts.

Details

Unlike standard charts, tick charts only update when transactions occur. This script utilizes varip variables to ensure data persists across real-time executions, as it must track every price change within a single bar's lifecycle.

The tool draws custom candles using line objects to bypass the constraints of the standard time-based axis. It also calculates OHLC (Open, High, Low, Close) values dynamically based on the transaction count. Because this logic relies on price updates, the indicator only works on real-time data and will not populate historical candles for the periods before the script was added to the chart.

Settings

Setting 🔨

• Number of Ticks Per Candle: Determines how many price updates (ticks) are required to complete one candle.
• Number of Candles: Sets the total number of tick-based candles to be rendered and held in memory (Maximum 160).
• Precision: Defines the number of decimal places used for price and volume labels.

Colors 🟡🟢🟣

• Body Colors: Customizes the colors for bullish (Up) and bearish (Down) candle bodies.
• Wicks Color: Adjusts the color of the candle wicks.
• Volume Colors: Sets the color for the volume bars displayed at the bottom of the chart.

FAQ

How do I interpret the "Remaining Tick" label?
The label indicates how many more price transactions are needed before the current tick candle closes and a new one begins.

Why does the chart look empty when I first load it?
The Tick Chart indicator processes real-time data. It requires the market to be active and for ticks to occur after the script is loaded to begin drawing candles.

How can I access the Tick Chart indicator?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.