Understanding the market with Market Profile- A discretionary approach

[darsh_goswami]

alex can u help me out to setup MP in MS ??

As far as I know Metastock is very poor in some type of codings , specially codes which goes vertically ,..
IMHO, its not possible to create such code in Metastock but AshishDa has done some gr8 work on it . U can take hint from him.

 

[orderflow13]

todays open is called ' open thrust ' market open and moves in one direction.profile looks elongated, but previous intermediate trend was up, so down move is expected comparatively limited.. 2 days back low which been tested by market and reversed from there holds the key here..which is 2675

 

[orderflow13]

 

[VJAY]

Dear alex,
Thanks for the afl link.I used it with AB but its still not giving proper chart.If any one tech person here please give some info to use MP afl into AB.Its very much help to follow and learn MP.

Regards
VJAY

 

[sikandar]

Dear alex,
Thanks for the afl link.I used it with AB but its still not giving proper chart.If any one tech person here please give some info to use MP afl into AB.Its very much help to follow and learn MP.

Regards
VJAY

Here is one canbe helpful

 

[dnana]

Dear alex,
Thanks for the afl link.I used it with AB but its still not giving proper chart.If any one tech person here please give some info to use MP afl into AB.Its very much help to follow and learn MP.

Regards
VJAY

here is one it can work in eod data too
hope this help u

 

[darsh_goswami]

here is one it can work in eod data too
hope this help u

Thanx Dnana , but this AFL doesnt plot correct Value area , Need a better guy who can share his hardwork.

 

[dnana]

Thanx Dnana , but this AFL doesnt plot correct Value area , Need a better guy who can share his hardwork.

well dont know weather it is correct or not,got that afl from amibroker y a h o o groups
me a newbie learning things so didnt know weather it is correct or not
sorry for that

well if any one have correct afl plz post
thank u

 

[AW10]

Alex, Thanks for starting practicle discussion on Mkt Profile. Your post #31 on page 4,
is Gem for traders. It is possible to link this from first post of the thread so that it doesn't get lost in the discussion.

As a trader, we need to know how to us the knowledge of a subject in our trading.
Due to limitation of my TA software (metastock) I don't use MP now. I drew these profile manually but gave up after few months as it was time consuming.

Some of the ways that I found MP useful are -
1) Identifty the speed of price action. When price is withing VA, it moves slowly, but as soon as it goes out of Value Area, the moves are fast.
Helps in getting stuck in a trade during sideway or slow mkt during lunch time or on sideway days.

2) Shift of Value area in lower timeframe MP gives an idea about the developing trend in higher timeframe. If 5min VA is shifting upward, then it shows that view of market participants about fair trading price is shifting up. It can be used to visualise what is developing in higher timeframe 30m / 60m / daily/ weekly charts.

3) Giving strength rating to Pivot highs/ Lows. PH/PL falling out of V Area are weaker then those are formed within VAs. Helps in putting Stoploss at stronger price levels.

Looking forward for more input on trading MP from this thread.

Happy Trading

 

[CreditViolet]

I just saw a 1m chart by Kamlesh on another thread. It looks like there was a lot more volume concentrated in last half hour - yes, it would be related to expiry. So a volume profile picture may tell slightly different story for today. I have heard mostly MP being talked about - is there any merit to volume profile?

-- Milind

No, volume has a tendency to skew near market opens and close so the profile will not show you a clear picture.