Zerodha - Number One Discount Broker in India
- Thread starter Traderji
- Start date
Greedy post for the day, but I think this is actually a pretty good suggestion and not terribly hard to implement.
As I'm sure you guys are aware - Market Profile's a big thing in technical analysis today and finding a vendor that provides it is surprisingly difficult, even though the basics of creating a market profile are exceedingly simple. SO.. if you guys could throw this in, in version 2 of Pi - that would be amazing. And from a marketing pov - it'd be offering something literally nobody else is. The kind of thing Zerodha loves. Thoughts?
As I'm sure you guys are aware - Market Profile's a big thing in technical analysis today and finding a vendor that provides it is surprisingly difficult, even though the basics of creating a market profile are exceedingly simple. SO.. if you guys could throw this in, in version 2 of Pi - that would be amazing. And from a marketing pov - it'd be offering something literally nobody else is. The kind of thing Zerodha loves. Thoughts?
MP is copyrighted and licensed by CBOT. So, any s/w program that shows MP has to pay $7/user as royalty to CBOT. Most of the MP charts/indicators are illegal.
Unless Zerodha pays $7/user to CBOT, there is no chance of showing MP legally.
On top of that, Pi is based on modulusfe and here is a link from modulusfe's blog talking about the same.
http://blog.modulusfe.com/2012/05/cbotcme-market-profile.html
Also check the CME website for authorised vendors list(under Resources link on the left side of the page)
http://www.cmegroup.com/education/interactive/marketprofile
If a trader is serious about MP(i.e if he wants to see both TPO and footprint charts), esignal addon($50) is the cheapest resource for Indian traders right now. MarketDelta is more than 100 bucks. Another method is to use esignal data to connect to Ninjatrader and use NT 7 based indicators(provided by 3rd party - usually 50-$100/month subscription)
P.S. @age-of-turbulence-- Just realized that you use MS/Xenith to see charts. Do we have MP indicators or MP charts in MS?
Unless Zerodha pays $7/user to CBOT, there is no chance of showing MP legally.
On top of that, Pi is based on modulusfe and here is a link from modulusfe's blog talking about the same.
http://blog.modulusfe.com/2012/05/cbotcme-market-profile.html
Also check the CME website for authorised vendors list(under Resources link on the left side of the page)
http://www.cmegroup.com/education/interactive/marketprofile
If a trader is serious about MP(i.e if he wants to see both TPO and footprint charts), esignal addon($50) is the cheapest resource for Indian traders right now. MarketDelta is more than 100 bucks. Another method is to use esignal data to connect to Ninjatrader and use NT 7 based indicators(provided by 3rd party - usually 50-$100/month subscription)
P.S. @age-of-turbulence-- Just realized that you use MS/Xenith to see charts. Do we have MP indicators or MP charts in MS?
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Yes, there are various useful Technical Indicators like Tom DeMark Sequential and Combo Indicators, Guppy Multiple Moving Averages etc which many traders use with Ami/Meta, is not very hard to implement with PI. Zerodha can add these Technical Indicators within PI slowly to make PI stand alone tool for Technical Analysis (If their use is legal). 
Happy Trading.
H.C.
Happy Trading.
H.C.
Yes - you are right. Lots of indicators available in bigmike forum for NT as well.
If NT/Ami/Others wanted to give MP officially, they have to go through CBOT. If MP has to be part of their indicator list, they will have pay the royalty fee. But, a software vendor(like Ami, MS, NT) cannot stop people from creating their own indicators to show MP. This is exactly the reason why many charting s/w don't have MP in their list(unless they wanna pay royalty fee to CBOT)
Am sure Zerodha would be no different but they cannot stop people from creating MP indicators on their own.
I have seen TPO in Ami but was under the impression that we need tick data for footprint charts. Well, thats a different topic anyways.
If NT/Ami/Others wanted to give MP officially, they have to go through CBOT. If MP has to be part of their indicator list, they will have pay the royalty fee. But, a software vendor(like Ami, MS, NT) cannot stop people from creating their own indicators to show MP. This is exactly the reason why many charting s/w don't have MP in their list(unless they wanna pay royalty fee to CBOT)
Am sure Zerodha would be no different but they cannot stop people from creating MP indicators on their own.
I have seen TPO in Ami but was under the impression that we need tick data for footprint charts. Well, thats a different topic anyways.
Traders use many afl (freely available with internet) with Ami broker like Tom DeMark Sequential and Combo Indicators, Guppy Multiple Moving Averages , Market Profile and Volume Profile etc which are copy righted. If zerodha can't implement it with PI no problem.
Just give us Amibroker like Formula Editor and Code Wizard with PI. We'll do it our self. :lol:
Happy Trading.
H.C.
Just give us Amibroker like Formula Editor and Code Wizard with PI. We'll do it our self. :lol:
Happy Trading.
H.C.
