Ditch, (+ others), Just installed Ensign and trying to find Market profile capabilities - just to check I am not looking for something that may not be there- is the profile you posted above a standard Ensign feature or is it something you have custom scripted? On MP, I am using MarketDelta intraday vol, strikes etc profiles and find them useful for keeping out of bad trades as much as for finding good ones. I am better able to identify where the real moves are likely to begin and end and what is noise or a zone for low liquidity games - some of which can be very good trades if the levels they are likely to play between can be identified. Seem to be making better longer duration trades with better insight on when to close out and when to let it bounce. Knowing when I have a liquidity gap or thickness above or below me can be really useful for understanding things like when a pattern breakout is likely to work and when not, and where it will begin and end. If there are any new traders who can't understand why trades go against them like a rocket but go their way like a snail, thinking about whether they have a liquidity gap against them and thickness in the direction of their trades will help. Same with pattern breakouts, is your pattern break out level breaking out into a vacuum or into thickness or is it trying to break out against the end of a profile that was too strong and rejected for now. ?. I am not sure I am using it exactly as described, more as an aid to get more under the hood of what I am seeing in the market and yes, as a 'decision support tool', but I found The CBOT handbook a worthwhile read. The point made above that it is not telling you what you could not get from an amalgamation of pattern and volume, standard deviations, pivots, OR/CR levels, and MAV's is perhaps valid, but I am finding that by doing it in a more visual way it lets me analyse faster - and that's what counts. Some days it sings to me other days it's not much help - maybe that's me but it seems to give greater insight on some types of days vs others. Need daily profiles - anything else that runs off IB that can do daily MP?
I find MP most useful for spotting breakout opportunities, ie look for days where the VA is less than one third of ADR10. Also don't focus solely on daily profiles, but also look at 5, 10 and 15 day profiles to find S/R and low volume areas, which often are penetrated swiftly, when a move accurs.
Ditch, Stardust Thanks - got the Price Histogram up now (obvious really with hindsight . Ditch, absolutely will be looking at longer term profiles along the lines you outlined. Thx
Can anyone suggest a suitable/reasonable data provider? I've hooked up with Ensign and IB but there is no facility for MP, only a volume histogram which is not the same thing. Any comments? Thanks
Thanks for your reply. Esignal is a non-starter for me, recently ditched it as it was getting too expensive. I will explore the CQG prices.
futuresource workstation also offer mp i believe (sorry if its been mentioned before) if esignal is too expensive cqg will be a non starter for you im affraid. however, cqg is better value (incase thats what u really mean) as it works.
In case this happened, what breakout are you going to play? Open range breakout, Value Area breakout, breakout previous day's High/Low, etc? Kind regards,
For those that are interested there's a trial teaching MP starting next week in a PalTalk room. More details here: http://www.jpjtrading.com/ I know the guy that wrote the testemonial on that site and have traded with him over the last year and it looks pretty good. I've signed up for the trial. I have no financial or other interest in that site or service - just though that you'd like the heads up.