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On first impression, looks like a moving average band on top of some kind of renko bar chart. There is an indicator called MultiMACross that lets you plot a band like this.
Side by side comparison of his 'magic volume indicator' with his tbars
and a normal mean Renko bar with the ama trigger lines indicator on it.
Exact same time & date & price as you can see.
And although I don't have his TBars bar type, the mean renko comes pretty close.
I was able to replicate his chart pretty close with just these 2 indicators.
Next, I placed a delta volume and the normal volume up/down indicator below the chart and highlighted the area at which he's claiming that a sudden spike in buy volume occurred.
Well as you can see there is no magic volume spike or something like that at all...
IMO.. his indicator has nothing to do with volume and is just some slight modification or variant of the ama trigger lines.
You can most certainly have volume represented in that way, question is if its the right representation. Every single indicator is just different way of representing same or very similar set of information, just as long as its giving you some edge. Different representation is not always the way to go.
Its not possible for me to tell without looking under the hood, but sure, if you are willing to put in the work for searching it, you can certainly find many things.
Well, I confess that I didn't know we had a thread on "Dyno Trading" until someone asked about it and I did a Search.
I did look at his video a few minutes, where he says he has found out how to do Market Profile the right way. It was confusing because the video was all about his moving average crosses (or whatever that indicator does), but then I skipped half-way along and found where he says that Market or Volume Profile (he uses both terms together) is the old way, and his new thing is better and shows the same things with the same data, and shows why the old way works, too.
Well, he's a vendor with a thing he's selling. That explains a lot.
I'm moving this thread from the NinjaTrader section to the "Trading Reviews and Vendors" section, which is more appropriate for a vendor thread. It will be easier for someone looking for this vendor to find the thread there, plus there are requirements to make a post in a vendor thread -- a certain number of posts or an Elite membership -- which helps screen out pure spammers and the vendors themselves. It's always better to start a vendor thread there, because it keeps things a little more controlled.
Of course, I'm expressing no particular opinion on this chart gadget, except to echo what others have said already, that it's been seen before and that it has nothing to do with volume or market profile. It's also not hard to make something look great on a hand-picked chart, selected after the fact where the market did exactly what your indicator assumes it will, and you know how it all ended up.
For all I know, it may be wonderful, but caution is always advised when someone is selling anything to help make you money.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
