I saw u have made and modified some volume profile indicators, I would ask if is possible to use tick data to calculate the true volume at price in any time frame it is used, and maybe have the possibility to set a start and an end date to plot the histogram.
Maybe using tick data take too much pc resources?
Maybe using 1 minute data can be better?
I ask this couse when u use this kinda of indis changing timeframe would mean that cahnge also the volume profile poc and value area, i think it need a fixed timeframe for calc.
And DeanV answered that:
Lubo, This is not really what you were asking for, but it's about as close as this one is going to get for now. Perhaps NT 7 will make it easier to do what you want.
So it seems that the volume histogram isnīt calculated on true tick data and thereby it doesnīt draw the zones correctly, Iīm right?
Thanks a lot!
Last edited by Malvolio; January 3rd, 2011 at 08:43 AM.
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Yes, thank you Mike. I checked the GomMP before. It comes near to the volume distribution but isnīt the same because itīs calculated on price and not volume. I think in Tradestation there is the ability to show the volume distribution of the previous days so I think that Multicharts does have it too. Iīm right?
Normally a vertical price scale is used in Market Profile which runs from the low price up to the high price. 30 minute time increments (time brackets) are represented by a specific letter in the alphabet. For instance 8 am to 8:30 am is represented with an upper case "A". "B" represents 8:30 am to 9:00 am, "C" is 9 am to 9:30 am and so on.
If I understand your MP indicator correctly it uses colors instead of numbers. So the histogram reflect not the volume at price or Iīm wrong?