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RSI or STO or MACD for Spotting Divergences?
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RSI or STO or MACD for Spotting Divergences?

  #11 (permalink)
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dBassFour View Post
Thanks for all of the info. I've spent some time reading, and watching ShadowTrader explain Market Profile. Which Volume Profile indicator would you suggest I use to just keep an eye on / test out if I'm going to add Volume Profile into my Toolbox?

Thanks again Ron.

_Dion

Mike over in Boston has a really great package I like a lot. It's also priced VERY well at $349 lifetime.

I posted on it here https://futures.io/vendors-product-reviews/32853-criticaldata-volume-profile-www-criticaldata-com.html#post558539

Here is his site Critical Data Associates | Transforming critical market data with tools for a trading edge?

Mike is about to start a NT8 beta of his Vol Pro tools too he just emailed yesterday about it. I have chatted with Mike many times on Skype he is a great guy and very open to new ideas. He taught me a lot as well.

Ron

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  #12 (permalink)
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The same guy who created the RSI (J. Welles Wilder) also created the Directional Movement Indicator, or DMI. Look for reversals in the DMI in conjunction with your Stochs. I couldn't post a link to investopedia but they have a pretty good page on it with charts that show big reversals when the DMI peaks.

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  #13 (permalink)
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dBassFour View Post
Portland, thanks for the note. Your answer is consistent with a lot of being reading on these forums.

I'm currently deciding which Tools to observe. I've installed the latest GOMI indicator, but it doesnt do ETH/RTH. I also saw that AltoMP did separate it between RTH ETH, however the last revision was 2012 and I wasnt sure if that would mess up my Gomi install. Any suggestions for Profile platforms to check out would be appreciated.

Thanks,
Dion

I have a few suggestions and thoughts.

Market Delta
Is a very solid choice, but a good chunk of it can be replicated with the VolumeLadderMetroEdition3. At least on the Volume side. I think Anthony Drager who runs their trading room is really worth taking the time to listen to. I was doing some random research this evening and came across a few videos they recently uploaded to their YouTube and discovered how much I agreed with his interpretation of the markets. Mainly because I look for very similar opportunities, based on the same logic. Which is mostly to just wait for other traders to get screwed, then trade in a fashion to capitalize on their pain. In my belief system, the market is one big sea of human emotion and professional risk management. And both these things can be very predictable.

Video's here:




Investor RT
Is another very solid choice. It's just not for me right now since I perceive it to be less customizable then NinjaTrader. Doesn't mean I wouldn't use it in the future though.

Gomi's
Stuff is good, so is the AltoMP (I don't think it should mess your other Gomi stuff up, it didn't for me at least).. Also, I don't think you necessarily need to get the ETH/RTH sessions all perfect. I know some traders just look at 24/7 or 24/5 charts or just what's happened today and what's happening right now. I think it really just depends on how you want to see your data. There's not a right or wrong answer here imo.

Rancho Denero
Their tools are customizable, visually appealing, and user-friendly. Note: If you ever go down the TPO Market Profile rabbit hole. You may like their TPO tool (which I haven't seen anywhere else) which allows you to calculate a profile based on one minute candlesticks (more accurate) instead of the standard 30 minute candlesticks (less accurate).

Disco Trading
So which profiling tool do I use? I use DT's Range Volume Profile. Why? Because it does everything I need, and more, in it's functionality, customizability, and user-friendliness. It also has a number of unconventional settings. And I like unconventional

So these would be my top picks to begin observing and playing around with. Hope this helps!

Keep things complex. But not more complex then they need to be.

Last edited by Portland; May 13th, 2016 at 07:27 PM.
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