Market Profile
- Thread starter Enivid
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Is it purely cosmetic or does affect calculation somehow?
Number of bars of the charts used to calculate the MP? Like if the daily MP is built using 360 M15 bars, clicking the Up button will throw in the next (361st bar) to the calculation?
This indicator is great but only for retail traders method of using the market or volume profile because it does not have the key features which allow traders to trade institutionally on a retail platform like MT5. The MOST important feature of the MP or VP is obviously the POC or the rolling 50 but like most Metatraders indicator, they do not have the DPOC, the developing POC (staircase lines) which is the one that Tradingview MP or VP is able to show where the institutions are building value above or below the current price. Also this indicator does not have a vwap line which can further confirm the average value of the day (assuming you are showing a daily profile) like the one I attached (Please find the attached). If there is a vwap line showing for a completed daily profile and combined with the daily POC and the current day DPOC, traders can then make decisions on whether this is a double distribution phase or a market makers auction phase.
The DPOC, a feature where the Tradingview one offers allow traders to see where value is building up or down in order to have a narrative where the current price is heading in the future.
The DPOC, a feature where the Tradingview one offers allow traders to see where value is building up or down in order to have a narrative where the current price is heading in the future.
Attachments
Could you please provide some screenshots of this DPOC? However, I must say that I am feeling very skeptical when someone mentions showing where institutional levels are without providing any evidence.
From what I can make out he's made up the term DPOC meaning the daily POC, which this indicator has...
Also, there are loads of free simple VWAP indicators online, no idea why it should be added to this as it's not part of market profile.
No, according to @Loneblade, DPOC stands for "developing POC", so it's different from the daily POC.
"The DPOC is the Developing Point Of Control. Like the DVAL and DVAH this is calculated during the trading day and represents the current POC for the market. This value changes throughout the day and the value at the end of the day will become the following day's POC."
This is the definition I found online. As the "current" POC on your plugin is constantly updated as the profile data is added, this matches the definition of DPOC.
Look at the first screenshot, the yellow line is the DEVELOPING POC (DPOC).
On the second screenshot, the Green Line is the DPOC while the 2 pink lines are the daily VWAP line and POC. The commercials always buy below vwap or sell above vwap. Vwap line and developing POC is important IF you are fading a bottom or top edge together with commercial large specs because the tendency of different institutional participants in the markets. For instance market makers or the locals love to spike the price up and down the daily vwap to shakeout all the retail traders during an institutional accumulation phase/compressions.
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"The commercials always buy below vwap or sell above vwap." - I can tell you this is categorically false through previous experience working in the industry.
I am giving great suggestions to improve this indicator, obviously you can use other indicators to make it up like what I did to VP-v6 where I add another VP indicator because it is unable to show VAH-VAL. Indicators are just TOOLS to help traders to make trading decisions based on their own market concepts. It is for convenience sake. There is no holy grail in it except our knowledge to the markets.
The daily POC is a POC calculated out from a COMPLETED profile. The DPOC is the current POC that is constantly changing based on incoming data. Do a google search before jumping into conclusion.
It depends on what kinds of firms you are trading in. Central Banks, Large Pension Funds and some of the big Banks? Or prop traders?
Thank you for showing it. Now I understand what DPOC means. While I agree it would make an interesting addition to the indicator, the entire justification that institutions are using them (or that it indicates points that are important to institutions) seems very dubious to me.
PS: You seem to be conflating big speculators and commercials - those are two separate categories. Commercial traders use Forex mostly to hedge or to convert their foreign exchange assets, they don't (or very rarely) speculate for profit.
Strictly speaking Commercials for FX are only the Central Banks. Compare with Oil Producers and Refiners as being commercials for Oil; Farmers and big processed food manufacturers being commercial for Wheat, Soya Beans and other agricultural futures. For Gold it is Miners, Central Banks and Jewelery manufacturers. What these have in common is that they either produce the commodity or their business processes it into something which they then sell. Speculators on the other hand are trying to make money by anticipating whether the price will go higher or lower and are unwilling to take delivery.
If you are referring to the central banks, no they dont care about the VWAP or POC. VWAP is something that affects the bonuses of traders at the big commercial banks if they 'beat the VWAP' they get a bigger bonus. - That's the unusual thing about Central Bank business model. They want asset price and exchange rate stability. They aren't in the market to make a profit!
To improve the look of the candles can you include a parameter to leave the histogram with back?
Sorry my english...!
line = ObjectCreate(0, "MP" + Suffix + LastName, OBJ_RECTANGLE, 0, Time[start_bar - range], price, time_end, price - onetick);
insert too = ObjectSetInteger(0,"MP" + Suffix + LastName,OBJPROP_BACK,true);
Sorry my english...!
line = ObjectCreate(0, "MP" + Suffix + LastName, OBJ_RECTANGLE, 0, Time[start_bar - range], price, time_end, price - onetick);
insert too = ObjectSetInteger(0,"MP" + Suffix + LastName,OBJPROP_BACK,true);
TPO's are already created with OBJPROP_BACK = true. Do you want an option to set it to false?
by Default?
because i dont find to this name: "rectangle_prefix + "MP" + Suffix + LastName".
line 848
else ObjectCreate(0, rectangle_prefix + "MP" + Suffix + LastName, OBJ_RECTANGLE, 0, time_start, price, time_end, price - onetick);
would it be possible to create an annual option in addition to the monthly one?
to analyze longer asset positions
enum session_period
{
Daily,
Weekly,
Monthly,
Intraday,
Rectangle
};
to analyze longer asset positions
enum session_period
{
Daily,
Weekly,
Monthly,
Intraday,
Rectangle
};
OK, I was talking about the version for MT4. It looks like you are talking about the MT5 version. Rectangles are created with
OBJPROP_BACK set to true by default - this is done by MT5 implicitly. You don't need to to call ObjectSetInteger() to set it to true after the object is created.I probably could, but what keeps you from setting the Session parameter to Rectangle and drawing the rectangle of the desired yearly session?
I find the annual option for setting up long positions interesting and not having to create the rectangles
