We are seeing some significant moves in sterling this week, and none more so than in the gbp/cad, a commodity cross pair that can often deliver solid and consistent trends. However, on a time chart, it can be challenging to gauge the strength and momentum of a trend, which is why traders use either tick or Renko charts. For traders who like to use tick charts, the problem has always been knowing what tick value to use, so they either guess or rely on values suggested by other traders. However, as activity and momentum in the market are constantly changing, these static values are no better than a time chart.
This is why we developed the Quantumtickspeedometer, which calculates the optimal value for the chart and, in addition, uses a traffic light system to tell us when the market is active or not. The indicator is attached to a time chart, allowing us to use our volume price analysis methodology, which we can see on the chart for the gbp/cad. Our students are encouraged to use the Tickspeedometer and the other specialist forex indicators on multiple time frames.
You can find details of the indicator at Quantumtrading, and is available for both Ninjatrader and Tradestation while details of our Forex Program can be found at Quantumtradingeducation