XKontrol

* XKONTROL INDICATOR *

Is a visual representation of who is in Kontrol relative to the Tape Speed of the Floor. The XKontrol indicator will show you who is in Kontrol, the BIDS or the OFFERS. This is a very powerful indicator. Great for long term plays and a *SCALPERS* paradise.

* WHAT THE SCRIPT DOES *
The XKontrol indicator reads the BIDS Being hit and the OFFERS being lifted, and then represents the strength of the Bids being hit and Offers being lifted as dots on the chart. The various dot sizes produced by XKontrol show the level of control the Bids or the Offers have at that point of time in the chart.

* HOW IT WORKS *
As the Dots grow larger, the level of Kontrol is increased. There are 3 dot sizes ranging from Small, Medium, and Large. Respectively they represent Intial Kontrol, Strong Kontrol, and Total Kontrol. Total Kontrol is achieved when either the BIDS or the OFFERS are dominating at the time. This is generally the direction you want to place your trades in and show that either the Bids or the Offers are flooding the market.

* HOW TO USE IT *
As the BID dots increase in frequency and in size this shows that the BIDS are in kontrol and dominating. Vice versa, when the OFFER dots increase in frequency and in size this shows that the offers are in kontrol and dominating. When you see the large dot that is generally a strong sign of the direction price may go. However, it also can be climactic and price could reverse. That would symbolize a case of Effort / No Result. For Example, when the BIDS are in Kontrol and dominating, make a lower low, and then price quickly reverses, it could symbolize a climax.

Usually XKontrol is used in conjunction with XPace, as XKontrol deciphers the Tape Speed of the Floor and draws graphical dots to show whether the BIDS or the OFFERS are dominating right on the chart. Reading XPace will show visually in the histogram the strength of the BID and OFFER Kontrol in the histogram.

* WHAT MAKES IT ORIGINAL *
Up to this point, there is not another indicator that shows BID and OFFER Kontrol on the chart, that correlates and represents the Tape Speed of the Floor.

* XKONTROL ALERTS *
Alerts can be set very easily with the instructions below.

1. Right Click Chart -> Add Alert...
2. Select Condition to be "XKontrol"
3. Select any level of Kontrol. For example you can Select "Offers Total Kontrol"
4. Select "Greater Than" with Value = 0
5. Options set "Once Per Bar Close" to only fire alert after bar closes
6. Customize Any other Alert Options you want


* XPACE INDICATOR *
The other indicator on the chart shown in the Histogram is called XPace. It represents a histogram view of the Tape Speed of the Floor. It correlates to XKontrol, but instead of Dots will draw histogram bars showing the extent of the BID or OFFER Control.

As the red histogram bars grow larger and increase in frequency, this shows that the BIDS are in kontrol at that time. And conversely, when the green histogram bars grow larger and instead in frequency, this shows that the OFFERS are in kontrol.

Weighing in whether the BIDS or OFFERS are in kontrol can be a helpful indicator to decide what direction the market could move in.

What is helpful about XPace is that it will show you the raw value of the BID and OFFER kontrol whereas XKontrol will classify the kontrol as either Initial, Strong, and Total. Using these 2 indicators combined has added value.

* EXAMPLE AND USE CASES *

Some practical examples of using XKontrol + XPace combined could be the following:

1. XKontrol Large Green Dot + XPace Large Green Bar could be that the OFFERS have gained total kontrol and are dominating against the Bids. Once would want to watch for higher prices to be potentially reached after that.

2. XKontrol Small Red Dot + XPace Large Red Bar could be that there was a lot of effort on behalf of the BIDS, but they failed to achieve any significant kontrol. The small red dot in XKontrol represents only initial kontrol which is weak kontrol. An application would be to watch for a potential break out on the up side and that will confirm that the BIDS overexerted their effort and was oversold.

3. XKontrol Red and Green Dots mixed could show that it has not been decided whether the BIDS or OFFERS are dominating and the outlook is neutral. If the XPace histogram bars don't stand out either, it would add another point for a neutral analysis.



* AUTHOR *
This script is published by MBoxWave LLC

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