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Volume Chart Bar Size Setting???
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Created: by RJay Attachments:3

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Volume Chart Bar Size Setting???

  #1 (permalink)
 Vendor: www.innovative-trading-solutions-online.com 
Hartford, CT. USA
 
Futures Experience: Intermediate
Platform: NinjaTrader
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Volume Chart Bar Size Setting???

Hi All,

I have never used Volume charts before. I am going to test run some of my new Level2 and bid/ask indicators on it.

To those that use this chart type, what do you use for volume settings and what are the advantages of these settings.

Thanks,

RJay

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  #2 (permalink)
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Arcata, CA
 
Futures Experience: Intermediate
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varies with the instrument... for ES I used v3000 (fine tune entry), v9000 (setup) and v27000 (medium term trend)... depends on your trading style, the liquidity of the market, etc.

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  #3 (permalink)
 Vendor: www.innovative-trading-solutions-online.com 
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Saroj,

Thanks for the input.

Here is a screen shot of todays captures.

RJay

Attached Thumbnails
Volume Chart Bar Size Setting???-es-09-09-8_28_2009-6000-volume-.jpg   Volume Chart Bar Size Setting???-es-09-09-8_28_2009-3000-volume-.jpg   Volume Chart Bar Size Setting???-es-09-09-8_28_2009-1000-volume-.jpg  
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  #4 (permalink)
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RJay View Post
Hi All,

I have never used Volume charts before. I am going to test run some of my new Level2 and bid/ask indicators on it.

To those that use this chart type, what do you use for volume settings and what are the advantages of these settings.

Thanks,

RJay

My thoughts:

Depends on what you are looking for. Just try a few different sizes and see what compliments your trading. I don't recommend trading off just a volume chart, but I don't recommend trading off any 1 single chart of any kind. Two or three different types of charts of different sizes will give you the best picture.

Your goal isn't to take signals off each chart. The goal is to use the second or third chart to supplement your primary chart and help you make decisions of when not to trade, or what direction to only trade in, etc. Don't just load up identical indicators on all three charts and look for correlation.

I use Fibonacci numbers (https://futures.io/general-discussion/117-fibonacci-numbers-list.html) just because that is how I was taught, instead of using round numbers like 100 or 500 or 1000.

For CL I am using an 89 volume chart which produces roughly one bar per minute, roughly the same as a 6 range. But they are two very different looking charts. For CL the volume chart is my smallest chart.

For ZN I used a 1597 volume chart as my smallest chart. For ES I think it was a 2584 or maybe 4181 (I am thinking 2584 during summer, 4181 normal).

The point is explore and then find what supplements your other charts the best. I can't emphasize enough to have more than one chart, and not to try to get every chart to correlate. I think that is not the point.

I wish you success! Let us know what you decide.

Mike

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  #5 (permalink)
 Vendor: www.innovative-trading-solutions-online.com 
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Mike,

Thanks for your thoughts, Now that I have my 3 screen configuration up and running, I plan to devote 1 screen to monitoring volume.

Also, my volume splitter projects are complete and these volume indicator suites will be released shortly in the elite circle forum to benefit this site.

RJay

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  #6 (permalink)
Site Administrator
Manta, Ecuador
 
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RJay View Post
Mike,

Thanks for your thoughts, Now that I have my 3 screen configuration up and running, I plan to devote 1 screen to monitoring volume.

Also, my volume splitter projects are complete and these volume indicator suites will be released shortly in the elite circle forum to benefit this site.

RJay

Awesome, I appreciate you sharing and am sure the other VIP members will as well.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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