How to Create DepthMeter and PowerMeter in SierraChart

Instructions on creating DepthMeter and PowerMeter in SierraChart.

Click here to access the full webinar.

Depthmeter Instructions

  • Step #1: Open a blank 1-minute chart – Set Graph Draw Type to Blank – Turn Off Scrollbar
  • Step #2: Add Bid/Ask Depth Bars Study (displays the DOM resting limit order amounts based on the chart settings)
  • Step #3: Adjust B/A depth bars settings: Turn off Average and Zero line Set Display as Main Graph Calculation Mode: Bid Depth vs Ask Depth Set Autoset Draw Styles: No – Draw Zeros: No
  • Step #4: Adjust Study and Window Display mode Set Ask Depth Bid Depth Subgraphs Draw Style: Fill Rectangle to Zero Increase horizontal spacing & Add horizontal Grid + Chart settings: Draw Grid Above Studies Price
  • Step #5: Make the chart look clean Turn off the time scale & price scale + Turn off the chart title border Turn off the study info display mode Set the scale border color to the same as the background
  • Step #6: Selecting the number of Depth Levels for the Calculation Chart Settings – Advanced Settings 3 – Number of levels for B/A Depth calculation: 2-5-10
  • Step #7: Create Multiple Instances Duplicate chart window to create multiple instances Adjust the Number of Levels for Bid/Ask Depth Calculation for each new chart

Powermeter Instructions

  • Step #1: Chart Creation Open a blank 1-second chart – Set Graph Draw Type to ‘Blank’ – Turn Off Scrollbar
  • Step #2: Adding Studies Add study: Summation Periodic – Select Bid Volume – Set Study Name to remember easily Duplicate Previous Study – Rename it and Select Ask Volume Hide Ask Volume Summation: we need it for the calculation only but will not be displayed Set Color for Bid Volume Summation & Select Graph Type: Fill Rectangle to Zero
  • Step #3: Adding Studies Add Study: Study Subgraph Multiply (Important: do not add Study Subgraphs Multiply!!!) Select Source: ASK volume Summation & Set Multiplier to -1 Set this study to display in 2nd Chart Subgraph Window Set Study Graph Style: Fill Rectangle to Zero
  • Step #4: Adjust Time Period for Summation Set Study Settings: Length for both Bid Summation and Ask Summation 10 refers to 10 seconds, 60 refers to 1 minute, 300 refers to 5 minutes Length controls the time period for measuring buying and selling pressure
  • Step #5: Adjust Study and Window Display mode Increase the 2nd Chart Region to display as the main chart Increase Chart horizontal spacing & Add horizontal Grid + Chart settings: Draw Grid Above Studies/Price
  • Step #6: Make the chart look clean Turn off the time scale & price scale + Turn off the chart title border Turn off study info display mode for all Studies Set the scale border color to the same as the background
  • Step #7: Create Multiple Instances Duplicate chart window to create multiple instances Adjust the Length for the calculation for both Bid and Ask Summation studies

Chartbook is available here

SierraChart version: v2017 64 bit (Linux 19.2/wine-4.20)

Datafeed: SierraChart RT

Last updated: January 2, 2024 at 15:27 pm

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