Bitcoinity chart question

[Piper67]

Hey gang:

I'm confused by the colour bars on the cumulative depth chart on bitcoinity. The WTF link opens up an explanation that says:

"About these bars going up and down (if there are any at the moment). They show market depth changes over the last 10 minutes. The value axis for them is on the right BTC. Bars on the left of the current price are bid offer changes, and on the right ask offer changes. So if somebody is adding a bid offer, you will see a green bar on the left. About colors: if bids are added they are in green, and when removed they are in red. For asks it's the opposite. That's because when somebody is adding an ask, it makes it harder for the price to go up. If somebody is removing an ask it's easier for it to go down."

Now, the way I read that, if the bar is on the left of the current price, it should be green when it's going up and red when it's going down, and the other way around for bars to the right of the current price.

But there are green and red bars both into the positive and negative on BOTH sides of the current price. So clearly I'm not getting the colour reference here. Would someone with a higher trade IQ please explain this to me.

Thanks,

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[tvbcof]

OP:

I asked the same question earlier and neither got an answer nor have I figured it out since that time.

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On a tangent, and to increase my trading IQ, is there such think as creating a bid 'on the upside'?

For instance, the price is currently $14.  I want some BTC, but I want to try to get them at a lower price.  So I place some orders at $13.50, $13, etc.

But I am also afraid that the market will take off and I'll be left in the cold.  So I would like to tell the exchange to have a bid in at $15, but only fill it if the price reaches _up_ to $15 (even though they could easily fill it immediately and at around $14.00.)

I wondered if somehow the direction of the bars were some sort of a bid/ask or this nature.  I suspect probably not (which makes this part of my post a tangent.)

[Oldminer]

All they are is bids and asks being added & removed (depending if they are above or below the centre line).

Example: You see a bar appear on the right, above the line that lines up with $14.40 for the amount of 100BTC. You then see a red bar appear to the right appear below the line corresponding to $14.2 for the amount of - 10

This means someone placed an ask for $14.40 for 100BTC while someone removed an ask of $14.2 for 10BTC.

[tvbcof]

All they are is bids and asks being added & removed (depending if they are above or below the centre line).

Example: You see a bar appear on the right, above the line that lines up with $14.40 for the amount of 100BTC. You then see a red bar appear to the right appear below the line corresponding to $14.2 for the amount of - 10

This means someone placed an ask for $14.40 for 100BTC while someone removed an ask of $14.2 for 10BTC.

What is blowing my mind is that there are two many 'degrees of freedom'...at my current level of understanding of trading at least.

There are colors(red/green) and directions(up/down).  The WTF link describes the colors, but not the direction as best I can determine.

The WTF link states that bids are on the left and asks are on the right.  Period.  Relax that and I could (possibly) see a solution.

Even with your example, I really don't see it (unless the interplay between several bid/ask's is a factor.)

How about this:  Market at $14
  - I see a green bar at 13.10 with a value of +10 (upward and on the left hence a bid added.)
  - I see a green bar at 12.90 with a value of -12 (downward and on the left hence a bid added.)

What is the interpretation?

[tvbcof]

I got fed up with not understanding this and decided to do some experiments.  Wanted to make some purchases anyway.

I added several bids orders on Tradehill for below the market price.  I saw them show up on bitcoinity within seconds as upward direction green bars on the left side.

Next I added a bids for well over the market price.  Unless there was really bad luck, I spotted this as a green downward direction bar on the _right_ side.

Obviously my order was filled.  It was filled in a couple of transactions for within 10 cents of the current market rate (well below my bid) as I expected.

So, I would say that the WTF text is basically misleading by saying that left side means bid offer changes.

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Realizing that Tradehill is not the largest exchange, I still had something of a sense of empowerment to be able to 'move the market' a noticeable amount with some ease.  Hopefully this means that someday I'll look back and consider myself an 'early adopter' (and hopefully be happy about it.)  I really would most likely have got into it in early 2011 if I had not been busy with other things.  Oh well...win some lose some.

[tvbcof]

Oh ya...I would be remiss to not mention that I am blown away by and in love the bitcoinity charts.  They are simply awesome and very impressive.

A slight complaint about the wording in the (very usably implemented) help section is nothing.

I'll shut up and quit talking to myself on this thread now.

[Oldminer]

Oh ya...I would be remiss to not mention that I am blown away by and in love the bitcoinity charts.  They are simply awesome and very impressive.

A slight complaint about the wording in the (very usably implemented) help section is nothing.

I'll shut up and quit talking to myself on this thread now.

Yea it's been a bit flaky lately but meh..it is free...

[teflone]

I found this informative, I didnt have a complete grasp at it either..
Thanks