Indicator Overview

The Standardised Cumulative Delta Indicator goes beyond standard volume delta tools by focusing on price-derived deltas normalised across multiple instruments. It calculates each symbol's candle delta as Close minus Open, standardises these values over a defined lookback window, and then aggregates them to show overall bullish or bearish market bias. The result is a clear, normalised visualisation of sentiment strength across up to ten currency pairs or assets, helping traders see when markets move together or diverge.

Background & History

The cumulative delta concept originates from order-flow analysis, where volume differences between buyers and sellers reveal hidden market sentiment. However, in Forex and other markets without centralised volume data, price-based delta normalisation offers a practical alternative. Standardisation through z-scores allows fair comparison between symbols with different volatility characteristics, a method adapted from statistical finance and correlation modelling. This indicator combines these statistical foundations with cTrader's multi-symbol data processing to deliver a visual tool for inter-market sentiment tracking.

How the Indicator Works

The indicator calculates the delta for each candle as the difference between its closing and opening price. These deltas are collected over a configurable lookback period and standardised using z-scores (subtracting the mean and dividing by the standard deviation). This transforms raw deltas into comparable metrics across symbols of varying volatility.

Each symbol’s latest standardised delta contributes to the aggregated measures of bullish and bearish density. Depending on the chosen model — Average or Envelope — the indicator either averages positive and negative z-scores or takes the extreme values. These densities are smoothed using an exponential moving average (EMA) to remove noise. The resulting values are displayed as histograms, with green bars showing bullish strength and red bars showing bearish dominance. An optional dashboard summarises each symbol's latest delta reading, colour-coded for clarity.

Key Features

This indicator is designed for traders who monitor multiple markets simultaneously and want a normalised measure of directional bias.

• Multi-symbol processing for up to ten instruments.

• Automatic or manual lookback period selection.

• Average and Envelope density modes for flexible aggregation.

• Exponential smoothing for stability and reduced noise.

• Optional dashboard with live symbol updates and custom corner placement.

• Dynamic bar colouring based on dominant sentiment.

How to Use it for Trading

Traders use the Standardised Cumulative Delta Indicator to identify when multiple correlated symbols show aligned momentum — a strong sign of coordinated sentiment.

• When the bullish density rises across symbols, it suggests broad buying pressure.

• When bearish density dominates, it signals cross-market weakness.
  These readings can confirm trend strength, warn of potential reversals, or highlight when markets decouple.

Step-by-step:

1. Add your selected symbols in the parameters section.

2. Observe when multiple pairs show consistent bullish or bearish delta values.

3. Use the histogram's colour intensity to gauge the signal's confidence.

4. Combine with moving averages or RSI to confirm directional bias.

5. For beginners, start by comparing related assets (e.g., EURUSD, GBPUSD, and AUDUSD) to observe correlation behaviour.

Complimentary Indicators

The Standardised Cumulative Delta Indicator works best when combined with momentum and confirmation tools.

• RSI or MACD: Confirms overbought or oversold momentum shifts.

• Volume Surprise Indicator: Identifies when abnormal volume aligns with delta spikes.

• Moving Average or SDMA: Filters short-term trend noise.

• Correlation Matrix Indicator: Complements the multi-symbol delta view with direct pairwise correlation analysis.

Inputs & Parameters

The indicator includes flexible options for data normalisation, visual styling, and dashboard configuration.

Formula Explanation

This indicator standardises each symbol's delta values and aggregates them into bullish and bearish density measures.

Δ_t = Close_t − Open_t
z_t = (Δ_t − μ) ⁄ σ
BullishDensity = EMA( mean( z_t > 0 ) )
BearishDensity = EMA( mean( z_t < 0 ) )
where μ is the mean of all deltas in the lookback window and σ is their standard deviation.

Advantages

The indicator provides a unified view of market sentiment across multiple instruments in a standardized format. It adapts to volatility, making cross-symbol comparison accurate and meaningful. By aggregating normalized deltas, traders can identify coordinated moves, confirm macro-level bias, and detect when markets diverge.

Disadvantages

Because it uses price-based deltas rather than actual traded volume, it infers sentiment rather than measuring it directly. Correlation between instruments can also vary over time, reducing signal reliability during high volatility or news events. Beginners may find the concept of standardization unfamiliar, though the visual dashboard simplifies interpretation.

How To Install & Remove

First, ensure the cTrader trading platform is installed. Then unzip the file and double-click it to automatically install the platform.

• How to install
• How to open
• How to remove
• How to edit settings