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Market profile questions


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Market profile questions

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  #1 (permalink)
Sevilla + Spain
 
Experience: Beginner
Platform: Multicharts
Trading: SP
 
Posts: 20 since May 2016
Thanks: 3 given, 2 received

Hi,

I am studying Market Profile analisys, and I am blocked in one concept that I can't solve by myself.

The theory stablishes that the first hour after opening, creates a initial balance zone, which it is very important for analisys, put in perspective regardin value and range of previous day, and on will happen after.

The problem is that MiniSP 500 has 'two' openings: the overnight open, which occurs at 16:30 EST and the normal session open, at 9:30 EST.

I live in Spain, so the overnight open occurs at 22:30 GMT +1, and the normal session open occurs at 15:30 GMT +1. My chart (multicharts), begins the chart at overiight open. So the first hour initial balance occurs when almost nobody is working. so It is irrelevant. I suppose I can set it up to begin to paint the market profile at normal open, but then, the overnight session would go after the end of the session and those letters added after will distort the Market Profile with garbage.

How do I deal with that? Which is the best way to have the most accurate market profile?

Thanks

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  #3 (permalink)
Buenos Aires Argentina
 
Experience: Advanced
Platform: NT, MT4, Sierra
Trading: S&P, Bonds, Crude, FX
 
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The Classic initial balance you are referring to is for NY cash open for the S&P US equities. So think 09:30AM NY time then add one hour.

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  #4 (permalink)
Sevilla + Spain
 
Experience: Beginner
Platform: Multicharts
Trading: SP
 
Posts: 20 since May 2016
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Thank you for the note. But again, I use Market Profile in Futures MiniSP500 and it begin to write letters at the opening overnight, not at day open at 9:30 AM. So the question is how to deal with that garbage period without real meaning that occurs overnight. Is better leave as it or is better try to set it up so that it begins to write profile letters at 9:30AM? What to do with meaningless overnight data?

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  #5 (permalink)
Buenos Aires Argentina
 
Experience: Advanced
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Posts: 250 since Sep 2014
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Option A: Abandon TPO letters all together and just focus on a volume profile and start writing the volume as soon as Globex opens.

Option B: Keep the current method, but set up two or even three different sessions. If two sessions, set to all overnight versus NY cash session. If three sessions, then set for Asia, London, and NY session.

Option C: Use an entire Globex single volume session, and then overlay a cash only session for your TPO's.

If you find TPO's useful, then I'd probably go with option C. If you find just the volume profile useful, then I'd go with option A. In no scenario would I ignore overnight data given how global funds move between major equity markets in the modern era.

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  #6 (permalink)
Tbilisi, Georgia
 
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citikot's Avatar
 
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imho its better to concentrate on RTH market profile because the concept has been originally created and all setups have their roots in the analysis of the pit session. at least i follow this model. i dont consider tpo of the globex. all what i take from globex session is hi, low and where the price action towards yesterdays hi, low of the day. if i consider tpo, i take into attention only RTH. i dont advocate m way, just share my experience.

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  #7 (permalink)
Sevilla + Spain
 
Experience: Beginner
Platform: Multicharts
Trading: SP
 
Posts: 20 since May 2016
Thanks: 3 given, 2 received

Thank you all.

I think as citikot. As all setups are related to RTH, I think is best have in mind only high and low of Globex session, and make the Market profile only for RTH.

I will look a way to do it in Multicharts. Some help would be wellcome. I think I can set up session properties, for the symbol, but I think doing so, I would lose the data for Globex session.

Anybody can help?

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  #8 (permalink)
Fletcher NC
 
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the U.S. ES futures is open from 930 am to 415 pm eastern standard time. i do not use multi charts...but that is all you need to be profiling using 30 mim. bars. F... the globx you need to reference the high and low but there is no need to profile it or trade it ..there no volume there. if that time frame does not work for you trade the Dax and F.. all the study of the IB...you want to trade in the direction of developing value...study that and how to tell the difference from an open action...opening drive and opening test drive. all you need to know about the IB is if it is a small range do not fade a brake out of that range ..go with the brake out of it.

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