**Tape Meter** – This study hunts down order flow outliers beyond 1 or 2 standard deviation moves of transactions within a bar compared to a trader-defined lookback period, and also for uptick/downtick ratio within a bar compared to a user-defined lookback period.

Traders can define their lookback period using both the number of bars to consider and can also incorporate time filters.

Time filters allows a trader to group data into times of day when either a market is busy, super busy (for instance, at the open), or slow (at lunch), or super slow- in the early evening hours.

When **Tape Meter **plots transaction or uptick/downtick ratios outside of 1 or 2 standard deviations, it will take into consideration these trader defined bar and time zone groupings lookbacks.

The following screenshot depicts a potential configuration for ES for a trader who is in the Easter Time Zone of the United States that considers the open, lunch-time, and after hours trading.

**There are 4 threshold limits for each indication:**

- Current Value <= -1 Standard Deviation above the average number going back 1000 bars for the defined time of day period | Small dot below the high of the bar

- Current Value <= -2 Standard Deviation above the average number going back 1000 bars for the defined time of day period | Large dot below the high of the bar

- Current Value >= 1 Standard Deviation above the average number going back 1000 bars for the defined time of day period | Small dot above the high of the bar

- Current Value >= 2 Standard Deviation above the average number going back 1000 bars for the defined time of day period | Large dot above the high of the bar

Color coding of the Tape Meter events can be updated in the 'Subgraphs' tab of the study:

The Tape Meter events generally shown in our videos are the **Teal circles**, which are when the number of Trades move outside 1 or 2 Standard Deviations, and **Yellow circles**, which is when the Up\Down Tick Ratios move outside 1 or 2 Standard Deviations.

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