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Looking for instructions/user manual for dValueArea for the most accurate numbers (trading ES).
Also looking for any other (potentially superior) Market Profile / Value Area script for NT7.
Before I posted, searched NT and iO forums...
The 'click-in' and mouse-over descriptive window isn't cutting it for some fields.
Thanks!
also: Do you guys have a preference for including O/N Session or do you just use Day Session?
Can you help answer these questions from other members on NexusFi?
I did a lot of research on market profile tools, as most of the tools are rough or
fine approximations i ended up writing my own profile tool.
It all boils down to having tick data and add the tick / volume to the correct price.
dValue gives you a not too bad of an approximation, you need to correctly
configure it (from time + to time). Depends of what you want to do with it...
Could you please share your Profile Tool or guide me through writing my own. Meanwhile, is it normal for these tools to show Value Areas and POCs values differently based on the Chart timeframes (5Minute, 15Minutes, 30Minutes, etc) or other Chart types (Tick, Volume, Renko variants, etc) ... this is what I have observed all the time. I expect that the VA and POC values should be the same irrespective of the Chart types or timeframes ... please, what's you views on this.
everything depends on the data you feed into the algorithm
the most 'pure' is tick feed (even superposed on a 5min or another bar)
but some of the calculation methods make an average between H/L
hence your very correct observation..
i think dvalue (for NinjaTrader) is a public indicator
going through the code will learn you a lot
i have implemented several algo's outside NT
my (personal) preference is tick based
means : you actually attribute the volume to the price level where it was traded
Thanks. I already have this DValueArea indicator. I have also test-driven a few commercial versions ... they all show different VA and POC values on different Chart timeframes and types. I do not mind deriving these values using Spreadsheet with datafeed or free data from any available source such as here.
POC is supposed to be the price at which most of the volume has traded
the mathematical correct way is to count every trade and aggregate on the price the trade happened
you will see that most of the indicators on different timeframes, use approximation
approximation that could be average price (low + (high-low)/2) for the candle
etc...
an POC calculate on a GOMI style chart will be the most accurate
also important is the trade sessions,
do you calculdate on 24hr, on RTH, ETH or different
I've loved the NT7 free version of GOMI's MP all this while, but I use NT8 now and the NT8 version is commercial. Please, what is a GOMI style chart ... Time-based timeframes, Tick, Volume, etc ?)
one of the many advantages from the @gomi tools. it don't matter if time or tick based charts, the values are very accurate.
of course there'll be small differences between bid/ask and UpDownTick calculations. but even there, all bid/ask charts show the same values and all the UpDownTick charts show the same values.
