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Thanks Massive, I have a volume profile but it does not really show a POC (Point Of Control).
I will search further into the site and maybe I can find it.
If your looking for a vpoc that migrates during the day download the indi calculate developing value area. make sure you have your session and market settings setup correctly.
Note: I have found discrepancies between NT and this migrating vpoc vs my MD/DTN migrating vpoc.
The POC or "Point of Control" is basically mode of the session. The mode is the peak of the volume profile. First you will differentiate between
- today's point of control: this is the developing point of control of the current session
- yesterday's point of control: this is a reference point for value and denotes the price where the highest activity was observed yesterday
- naked point of controls: these are the point of controls of prior sessions which have not been revisited or taken out
The original concept of the point of control is an offshoot of the market profile. The market profile originally did not use volume - as this was not easily available - but so called time price opportunities or TPOs representing 30 minute segments of the session. The point of control is the price, which made it into most of the TPOs.
In our computerized world it is now possible to replace the time price opportunities with volume-weighted time price opportunities and increase the resolution from 30 minutes to 1 minute. The fact that you can display the POC for different resolutionts and with or without taking volume into account makes up for different results, as @dakine observed.
You can indeed use the dValueArea7 indicator. Best you load a second DataSeries on your chart. This allows you to select the resolution of the TPOs or VWTPOs separately from the chart period. Move that second DataSeries to your first chart panel and set all the candles to transparent. Then apply the dValueArea indicator. Select between TPOs and VWTPOs and make sure that you get the session right, for which it is displayed. Adjust the resolution of your TPOs or VWTPOs by changing the parameters of the secondary, invisible DataSeries.
Thanks Dakine and Fat Tails. You all were big help to me. It's fellow traders like you all that make this room second to none. May still have questions on it for adjustments but just wanted to give my thanks.
In ToS, I don't have the POC noted. I usually just look at the chart and see where the largest bulges are.
Traditionally, the POC is the price area with the highest amount of volume. However, I've found it better to reference
several bulges in the profile even if they are not the biggest because price likes to rotate between two areas of low volume and 1 area of high volume (during rotation). Price starts distributing when it breaks the low volume area and starts to move to an old POC or traders find a new area of value. Price is at different stages of distribution/rotation on all time frames. I usually reference a daily (5min chart), weekly (2hr chart), and monthly profile (daily chart).
Below is a 5min chart with the daily profile to the left and the 20 day to the right.
