Setting OrderFly Parameters

When you add OrderFly to a chart, the indicator parameters are set to default values.

These values are set to a market that resembles average liquidity and volatility, such as the E-mini S&P.

If this resembles the market you are monitoring, you can leave the default settings as is… To explore settings, or change them to reflect your market, read on.

OrderFly Parameters

When you add OrderFly to a chart, its properties will become active. Below is the list of properties for OrderFly.

You will see multiple checkboxes, dropdowns and input fields. OrderFly specific properties & settings are in the “OrderFly Settings” and “OrderFly Settings – Advanced” sections.

Tooltips help

Move your mouse over a parameter field to view a help description for the field.

Volume Trigger preset

This field defines preset values for the Relevant Volume & Absorption Volume parameters below. Select the type of market of your symbol, from a Volume perspective. The presets define volume parameters for a range of markets, from thin to thick, and include Cryptocurrency settings.

See the “Example Settings” section of this Knowledge Base for further information on parameter settings for specific markets.

Sound when Market Moving Up

This is the sound to play when both price and volume are moving in the same direction higher, OR, when the market has been moving lower, and there is absorption at price taking place.

This dropdown contains sound file presets that are part of the OrderFly package. The Up and Down sounds can be matched together for an instrument, and they can also be mixed and matched.

Sound when Market Moving Down

This is the sound to play when both price and volume are moving in the same direction lower, OR, when the market has been moving higher, and there is absorption at price taking place.

This dropdown contains sound file presets that are part of the OrderFly package. The Up and Down sounds can be matched together for an instrument, and they can also be mixed and matched.

Minimum Ticks Between Direction Changes

Minimum number of ticks to separate identifying directionally higher and lower movements in price. Think of it as a range of price.. Above & below the minimum range, OrderFly may monitor volume and price for triggers. Within the range, OrderFly ignores these triggers.

This value is measured in Ticks, not points.

Typical number of Ticks between Bid & Ask

The number of ticks in the Bid – Ask spread for the symbol / instrument. The easiest way to see this, is to open up a Depth of Market / Order Book on your market, and look at the number of prices between Bids and Asks. That number can be specified in this field.

If you are unsure of the Bid-Ask spread for your market, use the default value or see the “Example Settings” section of this Knowledge Base for further information on parameter settings for specific markets. This number can vary for a market based on volatility.

Looping Sound Mode

When this field is checked, Moving Up / Down sounds are played in a loop while a trigger is active. When it is unchecked, these sounds are played for individual events only.

Use Advanced Settings instead of Presets

When this box is checked, OrderFly takes the Relevant Volume & Absorption Volume settings from the “Relevant Volume to Start price movements” & “Absorption Volume to Stop price movements” fields below, instead of from the “Volume Trigger preset” field above.

Relevant Volume to Start price movements

The minimum number of contracts or units (generally) traded at one price to trigger the Relevant Volume signal.

Absorption Volume to Stop price movements

The minimum number of contracts or units (generally) traded at one price to trigger the Absorption Volume signal.