i am wanting to write the code to plot the value area high and low on my tradestation chart. it seems like this should be a built-in indicator (just like floor trader pivots) however it is not. Is there a place to find the code? If not is there a place that clearly defines the rules, which i could use to code it up. THANKS!
I don't know about finding the code for Trade Station but I did a Google search using the words "market profile trade station" and that showed a number of results for what I think you're looking for. If those don't work out and you're going to write one yourself then the value area rules are defined here: http://www.mypivots.com/Investopedia/Details/40/calculating-market-profile-value-area
New to ET but been an MP trader for years. Lookd like this thread died out. Anyone still out there haha? I'll start it. A pullback to Fridays high volume area and POC will get me long. Looks like the risk is about 3 points with at least 9-10 points of reward. I would like to get long as early in the day as possible because the bottom of the IB seems to be holding lately.
Hello, Yes. Lets try to start this up again. Fridays high was at yesterdays VAH (value area high) and Fridays low was at a VAL just two days ago. The 1177 looks like a great long as long as I see responsive buying in the order flow. What do ya think? I have some nice Point & Figure charts to post that are annotated with key breakouts and breakdowns. I even annotated some footprint charts. Art
Hi Guys, glad you are trying to start up the thread again...........and also find point and figure charts interesting. Keep going. Regards, email
Ahhh yes, the vertical histogram. MP and Point & Figure are super tools - I was taught by Pete Steidelmeyer and Robin Mesch, who of course apply the methods to the extreme. The bottom line: if you spend any "reasonable" amount of time at a new price level, the market accepts that price and the sooner you hop on board in the direction of that bias the better. If a price breaks out and order flow quickly corrects it back to the previous trading range, that's one thing. If a price breaks out and new order flow establishes a fresh trading range with that price breakout, then the earlier you get in the better.
Size being traded at those prices, and market participants not letting that price retreat back to the previous trading range prices. "New Value Area" I think they call it. To me, it's all about time. The more time a price spends at a new level, the more the market accepts it as "Fair Value".
Glad to see there is some life out there. I am going to post my pre market ES perceptions here so others can hold my feet to the fire and hopeful we will all learn something while making $$$. Art I'll include a P&F chart and footprint chart from the previous days trading