Data Definitions and Explanations
Below you'll find easy-to-understand explanations and definitions for each column in MIM Algo's tables, scanners, and watchlists. These descriptions will guide you in understanding what each metric represents and how you can apply it to improve your trading decisions.
1. Symbol
Definition: The name or ticker of the Perpetual Contracts being analysed.
How to Use: This column identifies the specific asset you're analysing. It's the starting point for selecting the right symbol for your trades. Use this column to pick which symbol to dive deeper into based on other metrics.
2. 24h Turnover (USD)
Definition: The total value (in USD) of trades executed for a particular symbol over the last 24 hours.
How to Use: This shows how much trading activity has occurred. A higher turnover typically indicates more liquidity, which means you can enter and exit trades more easily. It's useful to check the liquidity of the market before making large trades.
3. Open Interest Value (USD)
Definition: The total dollar value of open contracts (either long or short) in a particular market.
How to Use: Open interest shows the amount of money currently tied up in contracts. A rising open interest can indicate increased participation and confidence in the market, whereas a decreasing open interest could signal a lack of market interest or liquidation of positions.
4. Open Interest Ratio
Definition: The ratio of open interest relative to the trading volume over a specific period.
How to Use: This ratio gives you an idea of how much interest there is in the market compared to the volume of trades being executed. A higher ratio could indicate that positions are being held longer, while a lower ratio might suggest that traders are closing positions quickly.
5. Open Interest 1D vs Avg.(5)
Definition: The comparison of open interest for the current day versus the 5-day average.
How to Use: This shows if the current open interest is higher or lower than usual. A spike in open interest compared to the 5-day average could signal that the market is becoming more active, possibly leading to higher volatility.
6. Open Interest 1h vs Avg.(10)
Definition: The comparison of open interest for the past hour versus the 10-hour average.
How to Use: Use this to identify short-term trends in market participation. If open interest is higher than the average, there could be increased market involvement, which can affect price movements in the short term.
7. Open Interest Change 1D
Definition: The change in open interest over the past 24 hours.
How to Use: A rising open interest indicates that new positions are being opened, while a drop suggests that positions are being closed. This can be a sign of increasing market sentiment or a possible reversal.
8. Open Interest Change 1D (SMA3)
Definition: The 3-day Simple Moving Average (SMA) of the change in open interest over the past day.
How to Use: This smooths out short-term fluctuations and gives a clearer view of the overall trend in open interest changes over the past three days. This helps in assessing market trends more accurately.
9. Open Interest Change 1h
Definition: The change in open interest over the past hour.
How to Use: This provides insight into the immediate market sentiment. A rapid increase in open interest could signal that new positions are being taken, which might influence the price action soon.
10. Open Interest Change 1h (SMA3)
Definition: The 3-hour Simple Moving Average (SMA) of the change in open interest.
How to Use: Like the 1-day SMA, this helps smooth out short-term fluctuations in open interest changes over the past 3 hours. It gives you a more stable view of market sentiment.
11. Volatility Major Market Avg.
Definition: The average volatility for the entire market, calculated based on major market movements.
How to Use: This helps you gauge the overall market volatility. Higher volatility can present opportunities for larger price swings, but also more risk. Understanding the broader market volatility helps with risk management in your trades.
12. Volatility 1h Avg.
Definition: The average volatility for a symbol over the past hour.
How to Use: Use this to see how much price fluctuation has occurred in the last hour. If the volatility is high, it may signal potential for quick price changes. This can help with timing your entries and exits.
13. Volatility Current Day
Definition: The volatility for a symbol so far in the current trading day.
How to Use: This metric helps you understand how volatile the market is throughout the current day. A high volatility could indicate upcoming price swings, while low volatility could signal a more stable trading environment.
14. Volatility Weekly
Definition: The volatility over the past week.
How to Use: Weekly volatility is great for longer-term traders. If the weekly volatility is high, it might indicate larger market trends or corrections. It’s useful for setting broader expectations.
15. Volatility Monthly
Definition: The volatility over the past month.
How to Use: Monthly volatility shows you the bigger picture. If there’s high volatility over the month, it can signal longer-term trends or market shifts that might be relevant for your trading decisions.
16. Price Change Current Day
Definition: The percentage change in price for the symbol on the current day.
How to Use: This is useful for assessing how a symbol is performing within the current day. A large price change could signal a breakout or a strong trend, while a small change might indicate consolidation.
17. Relative Volume Current Day
Definition: The ratio of current volume compared to the average volume for the current day.
How to Use: Relative volume helps you identify if a symbol is experiencing more or less activity than usual. A high relative volume could indicate that the market is becoming more active, while low volume might signal less interest in the asset.
18. Price Change Previous Day
Definition: The percentage change in price for the symbol on the previous day.
How to Use: This helps you understand the overall movement of the market from the previous day. It can help you determine if the symbol is trending or if a new trend might be starting.
19. Relative Volume Previous Day
Definition: The ratio of volume on the previous day compared to the average volume.
How to Use: This shows how active the market was on the previous day compared to its usual volume. It can help you assess whether a price change was supported by significant trading activity or if it was on low volume.
20. Price Change Current 1h
Definition: The percentage change in price over the last hour.
How to Use: Use this to gauge short-term price movements. Large price changes in the past hour can indicate strong momentum or upcoming reversals, making it useful for day trading.
21. Relative Volume Current 1h
Definition: The ratio of volume in the past hour compared to the average 1-hour volume.
How to Use: A higher relative volume in the last hour compared to average volume indicates more market participation, which can make the price movement more reliable.
22. Price Change Previous 1h
Definition: The percentage change in price for the symbol during the previous hour.
How to Use: This helps you understand the hourly price movement and can show if the symbol is showing short-term strength or weakness.
23. Relative Volume Previous 1h
Definition: The ratio of volume in the previous hour compared to the average 1-hour volume.
How to Use: This is useful to understand whether the previous hour's price movement had significant trading volume backing it up or if it was driven by lower participation.
24. Relative Strength Index 1h
Definition: A technical indicator that measures the strength of a symbol's price action over the past hour.
How to Use: The RSI shows whether a symbol is overbought (above 70) or oversold (below 30). Use this to gauge whether a reversal might be approaching.
25. VCE Ratio Previous Hour
Definition: The ratio of Volume to Contract Execution (VCE) in the previous hour.
How to Use: This ratio helps you understand the strength of the price movement in relation to the contracts executed. A high VCE ratio can indicate strong price movements backed by significant trading activity.
26. VCE Ratio Current Hour
Definition: The ratio of Volume to Contract Execution (VCE) in the current hour.
How to Use: Similar to the previous hour's VCE ratio, this metric helps determine if the current price movement is supported by significant volume or if it is weak.
27. VCE Change
Definition: The change in the VCE ratio from the previous hour to the current hour.
How to Use: This shows if the strength of the price movement has increased or decreased in the current hour. A rising VCE change can indicate stronger price action.
28. ADX (SMA5)
Definition: The Average Directional Index (ADX) based on the 5-period Simple Moving Average.
How to Use: ADX is used to determine the strength of a trend. Values above 25 suggest a strong trend, while values below 20 suggest a weak trend. The SMA5 smooths out the fluctuations.
29. ADX Previous 1h
Definition: The ADX value for the previous hour.
How to Use: This helps you gauge the strength of the trend over the past hour. If the ADX was high during the last hour, it may indicate that the trend is still strong.
30. ADX Current 1h
Definition: The ADX value for the current hour.
How to Use: This helps you track whether the trend is strengthening or weakening in real time.
31. ADX 1h Change
Definition: The change in the ADX value from the previous hour to the current hour.
How to Use: A rising ADX indicates that the trend is gaining strength, while a falling ADX signals weakening momentum.
32. Spread to ATR
Definition: The spread of a symbol’s price relative to its Average True Range (ATR), which measures volatility.
How to Use: A smaller spread to ATR indicates that the asset’s price is moving within its normal volatility range. A large spread could suggest more volatility and potentially higher risks or rewards.
33. Normalized Funding Rate
Definition: The funding rate normalized to an 8-hour equivalent, representing the interest rate that long and short traders pay each other in perpetual contracts, regardless of the actual funding interval.
How to Use: If the normalized funding rate is positive, longs pay shorts; if it's negative, shorts pay longs. A high positive normalized funding rate can indicate that the market is heavily long, and a potential reversal may be near. Normalization allows for consistent comparison across symbols with different funding intervals.
34. Price Above PDH
Definition: Indicates whether the price is above the Previous Day’s High (PDH).
How to Use: If the price is above the PDH, it could be a sign of strong bullish momentum. This is useful when looking for breakout signals.
35. Price Below PDL
Definition: Indicates whether the price is below the Previous Day’s Low (PDL).
How to Use: If the price is below the PDL, it could signal bearish momentum and a possible breakdown in price.
36. Volatility Status 1h
Definition: Indicates whether the market is in Expansion, Contraction, or Neutral mode based on price range and ATR.
Why it matters: Expanding volatility boosts trade success. Avoid trades during contraction, as low volatility may signal a lack of strong price movement.
37. Trend Condition 1h
Definition: Shows how strong or weak the trend is—Strong Trend, Stable Strong Trend , Weakening, or Flat Market.
Why it matters: Ensures you only trade when the trend has enough strength to continue. Weak or flat trends are often less predictable, reducing the potential for profitable trades.
38. Trend Direction 1h
Definition: Confirms the market direction—Up Trend, Down Trend, or Neutral.
Why it matters: Helps you trade with the trend, avoiding counter-trend setups. Trading in the direction of the trend often increases the likelihood of success.
39. Higher Timeframe Bias (4h)
Definition: Determines the dominant market bias on the 4-hour chart—**Bullish**, **Bearish**, or **Neutral**—based on the recent directional movement of a key exponential moving average, capturing the underlying trend momentum over time.
Why it matters: Serves as a higher-level trend filter to help you stay aligned with the broader market direction. Incorporating this bias into your trading decisions can improve timing, reduce false signals, and increase the probability of catching sustained moves on lower timeframes.
40. Market Type
Definition: Categorises symbols based on their trading activity and liquidity, helping traders identify the most suitable markets for day trading and scalping.
Categories:
- Actively Traded: Symbols with high turnover (24h turnover ≥ $50M) and high open interest (open interest ≥ $10M). These markets are highly liquid, with significant market activity, making them ideal for day trading and scalping.
- Emerging: Symbols with high turnover (24h turnover > $50M) but moderate open interest (open interest between $5M and $10M). These markets are showing increasing activity and liquidity, presenting potential opportunities for day traders looking for growth in market activity.
- Not Actively Traded: Symbols with low turnover (24h turnover < $50M) but high open interest (open interest > $10M). These markets have substantial positions but are not actively traded, which may lead to slower price movements, making them less suitable for short-term trading.
Why it matters: Classifying markets into these categories helps traders choose the right markets for their trading style. "Actively Traded" markets offer the best conditions for fast execution, while "Emerging" markets offer growth potential. "Not Actively Traded" markets may be less liquid, increasing the risk of slippage and making them less suitable for short-term strategies like scalping.
41. Momentum Commitment Score (MCS)
Definition: The Momentum Commitment Score (MCS) indicates symbols with notable momentum and trading activity in the past hour. A higher score suggests stronger market engagement, potentially signaling high-probability trade setups.
The score is based on three key metrics from the previous hour:
- Price Change %: Measures the directional price movement.
- Relative Volume (RVol): Assesses trading intensity relative to typical volume.
- Open Interest Change %: Reflects fresh capital entering the market.
Symbols with a Momentum Commitment Score (MCS) above 4 are considered significant, with higher scores indicating stronger momentum and increased trading activity during the past hour.
42. MCS Categories & Signal Strength
Definition: The MCS Categories & Signal Strength provide an easy-to-read classification of symbols based on their current momentum, trend alignment, and market participation. Each symbol is assigned a category with a corresponding numeric signal strength (0–100) to help traders prioritise the most tradable opportunities in real time.
Categories are defined as follows:
- Ignore: Symbol’s relative volume (RVOL) is too low to generate a meaningful signal. Signal strength is 0.
- Weak: Momentum is low; symbol is unlikely to sustain movement. Signal strength is typically below 30.
- Watchlist: Momentum is moderate; worth monitoring for potential continuation. Signal strength generally between 30–60.
- Tradable Momentum: High momentum and trend alignment; suitable for intraday continuation trades. Signal strength typically between 60–90.
- High Conviction: Very strong momentum with active market participation; represents the highest probability setups. Signal strength is usually 90–100.
Usage: Traders can sort symbols by signal strength to focus on the strongest, most actionable momentum setups. Only symbols meeting minimum activity requirements (e.g., RVOL > 1.5) are considered valid for these categories.
43. Trend Conviction Rating and Daily Volatility Momentum Conviction Rating
Definition: The Trend Conviction Rating categorises symbols based on the strength and alignment of multiple trend-following signals. It helps traders quickly assess how well a symbol meets key criteria for trend continuation setups, with higher ratings indicating greater confluence and confidence.
The rating is derived from the Trend Score, which evaluates the following conditions:
- Multi-Timeframe Trend Alignment: Confirms consistency between the 4H trend bias and 1H trend direction.
- Volatility & Participation: Requires elevated hourly and daily volatility, positive open interest growth, and active market participation.
- Confluence Triggers: Additional points awarded for strong trend signals, volume surges, open interest expansion, volatility breakout confirmation, and price action exceeding prior key levels.
Conviction tiers are assigned as follows:
- High Conviction (Score 14–15): Exceptional trend alignment and confluence. Prioritise these symbols for high-quality setups.
- Moderate Conviction (Score 11–13): Solid setups with most signals aligned. Suitable for selective trades.
- Watchlist Only (Score 7–10): Meets base criteria but lacks full confluence. Keep under observation.
- Below Threshold (< 7): Does not meet base conditions. Automatically excluded from actionable setups.
The Trend Conviction Rating is designed specifically for evaluating trend-following opportunities on the 5-minute timeframe, with a focus on symbols likely to offer clean, sustained directional moves.
44. Mean Reversion Conviction Rating
Definition: The Mean Reversion Conviction Rating categorises symbols based on their alignment with the core conditions required for high-probability mean reversion setups. It enables traders to spot environments where price is stretched, volatility is compressed, and trend direction is neutral—ideal for reversals back to equilibrium levels.
The rating is derived from the Mean Reversion Score, which evaluates the following conditions:
- Volatility Contraction: Confirms suppressed hourly and daily volatility, increasing the likelihood of a breakout or reversion move.
- Open Interest Neutrality: Prioritises setups with stable or balanced open interest behaviour, where neither long nor short positions dominate.
- Volume Normalisation: Evaluates whether relative volume is within a non-trending range, suggesting a market pause or lack of aggressive participation.
- Trend Neutrality: Requires weak or flat trend conditions, with no dominant directional conviction on the 1H timeframe.
- Price Extremes: Bonus points are awarded when price is extended away from prior day’s high/low or statistically relevant mean levels, increasing the odds of a reversion.
Conviction tiers are assigned as follows:
- High Probability (Score ≥ 9): Strong alignment of all core mean reversion criteria. These setups offer the most reliable conditions for swift reversals.
- Moderate Probability (Score 8.0–8.9): Most signals are aligned, but one or two supporting conditions may be missing. Suitable for calculated reversion trades.
- Watchlist Only (Score 6.0–7.9): Meets base criteria but lacks strong confluence. Keep under observation for evolving reversion conditions.
The Mean Reversion Conviction Rating is designed specifically for identifying short-term reversal opportunities on the 5-minute chart, especially useful in consolidating markets or after sharp directional moves that become unsustainable.
45. Chart
Definition: Link to a visual representation of the symbol’s price action, market conditions and top news stories.
How to Use: Use the chart to visualize price movements and patterns. It's a vital tool for technical analysis and helps you identify trends and reversal points visually.
46. Past 3 Days OI Change %
Definition: Classification of the recent trend in open interest (OI) over the past three daily periods, expressed as either "Strictly Increasing" or "All Positive".
Categories:
- Strictly Increasing: Open interest has increased consecutively for the last three daily periods, indicating strong and sustained accumulation or position-building by market participants. Often a signal of strong conviction in the current directional move.
- All Positive: Open interest has shown positive change across the last three daily periods, but not necessarily consecutively. Suggests a general bullish bias in participation, though less intense or consistent than "Strictly Increasing".
How to Use: This metric helps identify symbols with growing participation and potential momentum continuation. "Strictly Increasing" indicates stronger conviction and a higher probability of sustained moves, while "All Positive" signals general accumulation but with lower intensity. Combine with price action, relative volume, and trend bias to prioritise high-conviction setups.