Market Profile

Discussion in 'MetaTrader Indicators' started by Enivid, Jul 23, 2010.

  1. Longing

    Longing Newbie

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    Don't know how much you watch any of the MP indicators progress from 0:00 - Aussie session to US session. You'll notice that the upper and/or value lines will expand or contract perpendicularly as well as horizontally to whatever the price movement goes. For my original question I was referring to the perpendicular change. This is a paradigm of using MP as with any coincidental indicator (at least the value lines) go. So for example you don't actually know if you are at the extremes of the price if it has broken out of these barriers (White box in your's).

    This is more of a trading challenge aspect than it has to do with the indicator. Perfect example is last Wed's move by USD/JPY. Most MP indicators would've been coded to begin to form the upper Value bound at around 111.20 I think. Subsequently it raised to 111.5 levels by the end of that day's sessions as the price went parabolic.

    So I guess it's the limitation of the indicator. Maybe for FX each session should have it's own dedicated MP structure. I'm sure the charts would look pretty messy unless on say the 5 min.
     
  2. Enivid

    Enivid Administrator Staff Member

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    You can set MarketProfile to Intraday and define your own sessions inside the day. Yeah, you would probably need to set TF to M5.
     
  3. Longing

    Longing Newbie

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    I am assuming you mean on your MP indicator as the other seem closed to that. I not sure if I can understandably do so. Maybe after a day or two of fiddling.
     
  4. M99199

    M99199 Trader

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    @Envid
    Would it be possible to either add an option to combine or disregard the Sunday night 2 hours of data on the daily profile?

    Either having an option to combine it with the Monday profile or disregard it entirely would be a very useful feature.

    Unless it's already possible and I'm missing it of course :)

    Separately, the suggestion by someone else of "1) If ShowMedianRays is true why only show the MedianRay from yesterday? (and not all - or make both ways optional)" does make sense. It wasn't something I thought of at the time however can see how that would be a useful addition for others.
    The options for this could be something like: "Ray current day median only" "Ray current day median and all prior".
     
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  5. jagg

    jagg Active Trader

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    Don't know if it's useful for anyone but here is my modified variant from the MarketProfile indicator (based on v1.08)

    - Median line start is at the beginning of the day (not -16 bars back) (looks better imho)
    - ShowValueAreaRays show all the previous rays in the charts not only 1 day back
    - Added the option to show borders/lines in the market profile (looks better imho)
    - Changed ValueArea visibility from one rectangle to now two lines for high/low and a rectangle for the filled part between (looks better imho)

    As said these changes are "eye candy stuff" and for me this way it looks better, another person can have totally different opinion about it!

    @Enivid When you don't want that I post my edited variant of your indicator please let me know - I'll delete it and don't post any updates!

    Screenshot: At top is MarketProfile indicator default (with my colors) and chart at bottom shows my variant of the indicator.
     

    Attached Files:

    Last edited: Jul 16, 2018
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  6. Enivid

    Enivid Administrator Staff Member

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    You just set the Session input parameter to Intraday and tune the session times according to your needs and your broker's timezone:
    mp-intraday.png
     
  7. Enivid

    Enivid Administrator Staff Member

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    I am not sure that it is a good idea.

    That might be a better idea, but only as an option. I will look into it.

    I am planning to add that in the next version. Thanks!
     
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  8. Enivid

    Enivid Administrator Staff Member

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    Why? On the contrary, I am quite happy that you share your version here!
     
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  9. jagg

    jagg Active Trader

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    Ok, I worked a little more on my version of your MarketProfile indicator. Beside mentioned things above I
    - added an OHCL Bar
    - added an Initial Balance Bar
    - mark Virgin POC / Median lines

    Attached is a comparison screenshot from the riv_ay-TPOChart.v102-6 indicator (top) and my variant of your MarketProfile indicator (v1.08.1j).

    2018-07-17 MarketProfile v1.08.1j.png
    Not tested enough so use it at your own risk ;)
     

    Attached Files:

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  10. jagg

    jagg Active Trader

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    Please delete above post from me #110 (wrong fixed file uploaded and I can not delete it anymore because of >60 minutes past)

    small fix

    @Enivid Can you please check what happens when we rollover to a new day. Saw that only once tonight when we changed from DAX chart of today (which ends at 23:00 here) and then opens again on 1:00 next day (so we have 1 hour break/pause).
    The market profile wasn't generated when we started again at 1:00, there was simply nothing?!
    Also the median ray(s) wasn't extended to the new day for example.
    And sometimes the market profile for the current day/current profile gets really messed up (see screenshot). (After going to the indicator settings and click ok, the profile is generated again how it should)

    I will also try to look in the code where the problem is...
     

    Attached Files:

    Last edited: Jul 18, 2018
  11. new digital

    new digital Master Trader

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    Hi

    could you please change this to a higher time frame?

    SHIFT.jpg
     
  12. new digital

    new digital Master Trader

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    combine this with it and see result , please do share it


    SR.jpg
     

    Attached Files:

  13. Enivid

    Enivid Administrator Staff Member

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    What do you mean?
     
  14. new digital

    new digital Master Trader

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    See image , most indicators work better on higher time frames , lower time frames is noise. I tried doing it , but it would not work.


    SHIFT.jpg
     
  15. Enivid

    Enivid Administrator Staff Member

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    Could you please provide an example of what you are trying to do?
     
  16. new digital

    new digital Master Trader

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    See information on left, it should be visible on right near current market profile.


    mp.jpg
     
  17. Enivid

    Enivid Administrator Staff Member

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    Sorry, but I still don't get it.
     
  18. jagg

    jagg Active Trader

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    me neither
     
  19. new digital

    new digital Master Trader

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    what I am saying , on market profile , I prefer to look at higher time frame data on hourly w1, h4, d1 because these supports resistance are more relevant.

    I should be able to use it on 4 hour charts , I can't at present.
     
  20. Enivid

    Enivid Administrator Staff Member

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    You can use Weekly market profiles on H4 timeframes. Which other combinations do you need?
     

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