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There are a number of ways you can get hold of this.
1. Pay a coder to do it. This is probably your most expensive option.
2. Purchase the Range Profile Volume indicator from DiscoTrading ($159 USD). You'll get what I consider to be the best volume profile tool on the market for literally peanuts, plus you can filter trades in numerous ways not just equal to greater than.
3. Request somebody on FIO to code this for you for free.
Assuming a coders average hourly rate of $150, option number 2 IMO is a no brainer.
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- Trade what you see. Invest in what you believe -
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Looks like you are using an EMA to filter trades by volume? I guess this is the limitation of Trading View with respect to DOM. I do in fact love Trading View and use it myself.
And at the end of the day, whatever works for you works!
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- Trade what you see. Invest in what you believe -
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Yes and yes, lack of DOM has been hitting TV user base, but I think there are multiple technical problems that they are facing and not able to provide it atm. And rumour has it that its not going to change anytime soon either, hopefully things will be different after few years.
It seems everybody has their own way of doing things, so I thought I would demonstrate how I see things.
VWAP alone to me is weak at best when used like the average retail trader uses it. Sure, it tells you things, but how can you exploit it. I have found very few successful ways to get and edge that is consistent. I believe the reason for this is participation. More specific, who is participating.
So,
1… You need to find out who is participating. This part is sacred to me, so I will not share. But I will say its important to look at both Limit (Iceberg) and Market (Delta) orders.
With a little work you can also see if bigger orders are parceled. It is data crunch, but worth the effort.
2… Once you know who is participating…Who do you filter? I primarily focus on removing the retail traders and a bit larger. If you go to small, you undermine the purpose. If
you go to big, you will limit the data to a point where it becomes useless for a retail account size. I also feel just because it is a big order, dose not mean its smart money.
3… Ok, you know who to include in your data…what do you do with it. Trade to the mean off some arbitrary deviation or know support or resistance? Use it to filter direction for
other strategies? Treat the VWAP as support and resistance and trade a bounce? Etc. This is up to who you are as a trader and of course account capabilities.
What I like to do is a little different and involves looking at sells vs buys. If you break apart the orders and create 2 VWAPS, one for buys and one for sells, you can use the spread to accurately determine institutional intent. Looking at a VWAP that puts all volume in the same group for a single average price has limitations. For me understanding this has helped me eliminate whipsaws and better see market direction.
For me not all institutional participants control direction. The ones that do control direction at any given time will push with volume until overtaken by opposing institutions. This may seem elementary, but I have heard so many retails traders say they feel institutions are out to get them with stop runs. The retail trader is only a tool in volume for institution to outwork and get their competing equals. By looking at a more specified VWAP, I feel this becomes more apparent.
I would also point out, that I look for trading strategies based on larger moves and consider myself more of a swing trader. I compare short and long term VWAPs and typically will have trades trigger at most 4 or 5 times a day when market volatility is high. I have held some trades for days. So, I am not a scalper in the traditional sense.
That’s all a have. Thought it might be helpful to some.
While there's definitely value in the anchored VWAPs, the issue I have is achvieving consistency in their anchor points and your ruleset to trade them. The ETH/RTH session-pegged VWAPs are black and white on their anchor point, and allow you to create a consistent ruleset for how price action behaves around the VWAP and SD levels. To avoid confusion and the added task of having to decide where to anchor VWAP positions as they develop, I'm just using standard EMAs (20 and 200) to act as a confirming indicator when price approaches a particular level.
So far, I've found that these particular EMAs often will closely mirror a VWAP that I have anchored. I don't think anchored VWAPs are redundant, but are probably an unncessary added complexity to what is already a rock solid system to trade price action (ETH/RTH session VWAPs).
