Doe anyone here know what kind of software I can use to generate a daily MP chart like this one on tradestation?
there are several on the TS forum fwiw, i think they are relatively weak, which is why i pay extra for investor RT with the market profile option.
Thank for been the first one to reply. And, where is TS forum?I think that you said TradeStation forum. BTW, did you say this chart is weak, like to know why it's weak? Can you recommend the best place to get a RT? Too many questions, but thanks ahead.
ok , i think i misunderstood you. i thought you were looking for a TRADESTATION program to chart market profile. in retrospect i think you mean a market profile charting program LIKE the one above for tradestation. i use investor RT for my market profile. it runs about $60 a month with the market profile module. ensign also has a decent one.
Sorry, If I don't sound very clear at the first, for I am hurry to get it setup like the one I just posted. Ok, you are not the only one told me RT is good, howeveer I haven't use it yet. So, once I got RT setup, how do I get a clear interpretation (explanation) or lines like my posted picture (zone, river). You must know your entry and exit price on the chart. Does RT provide that kind of tutorial materia or not? I think that you said, e-signal also has a decent one.
i don't consider market profile a TRADING SYSTEM. it is a charting system and a way to put price action into framework. it complements classic (bar or candle) charts. but if you are looking at it as a trading system to provide signals so to speak, i think you will be disappointed
It may be just an issue of terms we use. If you are using RT, then please share with me: How do you utilize your MP chart for trading purpose? Please give me a real example. Also, have you ever heard of this one: http://www.profiletraders.com/services.php (Thinking to try it out.)
i do not give away specific setups to non-clients. that's a longstanding policy. i can speak in generalities. i use market profile on several timeframes. i also primarily use a volume based market profile instead of a time based one. technically speaking market profile is a trademark of CBOT and uses TPOs not volume, but that's primarily because of the technology that was available in realtime when MP was invented. now, that we have realtime price and volume data and 24 hr markets, i find volume profiles are more robust. but still used with the concept of POC and to a lesser extent value area. market profile helps identify key reference areas. locations of importance. these areas help filter trades, keep you out of bad (lower probability trades) trades, and help identify extremely low risk/reward trades. it's a different way of looking at the market. price acceptance, rejection, and value. NOT squiggly lines and indicators. i use no indicators at all, and i trade futures for a livin' if you want to learn about MP, CBOT has a decent free pdf file that is quite extensive.