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Market profile without volume
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Market profile without volume

  #1 (permalink)
 Vendor: www.quanttradingcapital.com.au 
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dimkdimk's Avatar
 
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Market profile without volume

Hi Everybody,

I was wondering if anyone knows how to make a "Market Profile"-like indicator/analysis with no access to volume. Support / resistamce at peaks is good thing, but I want to have barchart of prices without volume. For example Forex market, CFD of indexes, etc.

How to make it ? Any ideas or links ?

Thank you for help

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  #3 (permalink)
Elite Member
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actually MP do not need volume (and is much used in forex where volume info is not present). it is volume profile charts which needs volume.

edit: you can get some idea from marketdelta.com

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  #4 (permalink)
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maybe use time as an substitute, with the assumption of more time spent at a level = more contracts traded... bit rough though as you really cant treat all times of day equally

better idea might be ticks, more ticks also means more volume generated

hope that helps

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Any market profile indy that has the 'TPO' option uses time versus volume. DvalueArea, CalculateValueArea, CalculateDevelopingValueArea are three that come to mind, some here and some at NT forum.

From the Dvalue explanation:

"Description of the "ProfileType" parameter:

// I've given the option of creating the profile in 3 different ways:
// 1) VOC - This method loads all the volume of a bar onto the closing price of that bar.
// e.g. A 5-minute bar has a volume of 280 and a range of 1.5 points with a close at 1534.25, then
// all 280 hits of volume are loaded onto the 1534.25 closing price.
// 2) TPO - This method disregards volume altogether, and gives a single hit to each price in the range of the bar.
// e.g. A 5-minute bar has a range of 1.5 points with a High at 1534 and a Low at 1532.5, then
// 1 contract (or "hit") is loaded to the seven prices in that range: 1532.50, 1532.75, 1533.0, 1533.25, 1533.50, 1533.75, and 1534
// 3) VWTPO - This method distribues the volume of a bar over the price range of the bar.
// e.g. A 5-minute bar has a volume of 280 and a range of 1.5 points with a High at 1534 and a Low at 1532.5, then
// 40 contracts (=280/7) are loaded to each of the seven prices in that range: 1532.50, 1532.75, 1533.0, 1533.25, 1533.50, 1533.75, and 1534
"

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