So, I mostly have a 60 minute rolling market profile going….
… I need to get the font to fixed-width, so that each letter takes up the same amount of space. I need to double check a few things. It wasn’t very hard to get this far. I just took the market profile code from the TS forums, and modified it so that it thinks it’s a new day every 60 minutes or so. Now comes the hard part: figuring out if it’s even useful to have. I’m not a market profile expert by any means.
December 31st, 2007 at 4:02 am
Market profile is messy to look at. I would use Volume profile analysis instead.
PS-I Like the videos Richard.
December 31st, 2007 at 7:49 am
I read through the ‘Markets in Profile’ a few weeks ago. It seemed that the best way to use it was to look at the values on different timeframes and use them to predict where price would return to on the other timeframes. When value and price align in multiple timeframes is when the more dramatic moves would occur.
My impression is that someone would need to spend a very long time learning how to recognize patterns before they’d be able to get in front of the move. It seemed like much more of an ‘art’ than most other indicators or systems that I’ve looked at.
http://www.balancetrader.com is one site that I’ve looked at.
December 31st, 2007 at 8:28 pm
I’ve spent a couple hours with the CBOT market profile handbook, and looking at various market profile indicators on my futures charts. And, I gotta say, I’m underwhelmed. I think it’s a fine, compact way to represent the action. But, if you are going to also look at candles (which I would), then the candles will tell you the exact same story. And, I don’t fully buy into the idea that the side of the fairest price with the least TPOs tells you whether buyers or sellers are more active. I think that’s way too much of an over-generalization to trade against. I honestly think my rolling pivots and vwaps give me a better localized view of whether buyers or sellers are in the market, so far.
To be fair, I’m only halfway through the handbook, so maybe some kind of moment of clarity will happen later.