MP on excel

[bobajob]

Out of interest for all of you to be converted from pivot points to Market Profile I have attached a file showing the high and the low only of each day. The red lines on the left side show the pivot levels. The market on the left are the same days as on the right, but on the right they are market profile. You can clearly see the support and resistance at work instead of the arbitrary pivot numbers.

Regards

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[gomes]

Hi, Nick
I downloaded your excel file. On first sheet (ES data) I didn't see MP, I think this is because I don't have a real time data feed into excel thats why I wasn't able to see MP. Correct me if I am wrong. And I have a question whenever you have a time to answer. On second sheet (daily analyze) I was able to create a MP with yesterdays data and I was amazed. But I couldn't see the Value Area numbers. I think I looked at everywhere on the sheet. If you please point me where and how I can see Value Areas I will appreciate. Thanks again for your hard work and sharing.
Best Regards Humberto

[ryker]

I'm working on MP with Excel and have developped a spreadsheet to be able to see MP in it. I'm using Bloomberg as a datafeed so if some other people have BB and are interested in it, I could give you a version of the spreadsheet.

If others are interested, let me know maybe I could do some quick changes in the spreadsheet to allow you to work with it from a csv file.

I'm interested in sharing it cause the spreadsheet is still in development and I would like to have some feedback concerning calculations and also for improvements.

I joined a screenshot of EURUSD market profile.

Ryker

[dalby]

this is one of the things i dislike about MP - is that people get so dogmatic about it.

i use MP. i also use floor traders pivots.

they BOTH work.

but so many times, I see adherents of MP theory saying that various NON MP levels are "arbitrary" or some such

floor trader pivots were invented, and have been used by floor traders for decades.


i could sit and cherry pick charts that would (falsely) "prove" that MP levels don't work either.

fwiw, despite many claims, MP also has "arbitrary" aspects to it. why should 70% be the value area? why not 75% 65% 50% etc.?

it's just as arbitrary.
it works, that's the point

[bobajob]

Ok dalby - first to your point - you're right maybe I should keep my trap shut with regard to pivots - but I must add that I give no credence to the 70% value area either. Go with what you know. That is why - gomes - you will not find any value area on my chart. Plus they are a nightmare do mechanically. Also gomes the first sheet is just data, that's it there should be nothing else. In my sheet that will update from quote.com - I have to add that ryker's sheet looks far better than mine in plotting MP. My sheet is for MP training offline and can be used to determine how the trading day is developing. I have used it for pattern recognition of MP instead of bar charts.

[bobajob]

by the way ryker - i'd be interested in your sheet too - it looks very impressive

[TinGull]

70% is because it's the closest round number to 1 standard deviation of a bell curve, which is what a perfectly balanced profile is. 70% is by no means an arbitrary number. It represents a statistical figure.

[dalby]

thegull i am aware of that - but it makes all kinds of assumptions about price variation in a "normal" curve vs. gaussian distributions

like i said. i USE market profile

i LIKE market profile

i also use floor trader pivots, and they both work

MP adherents ime are among the most dogmatic (just go to cisco-futures for examples) of traders, because I just see this constant "market profile is scientific and stuff and other methodologies are arbitrary" repeated time and time again.

there is no holy grail, there is no one best way.

[ryker]

Ok, I joined the spreadsheet.

Please note:

• You can plot many days as long as you have data (not too much because of restrictions in excel).
• This is note the last version but as I'm still working on it and have made a lot of changes in it, I can't share it for now. Probably in the near future .

Waiting for your feedbacks,
Thanks

[TinGull]

I completely agree with you. You had just mentioned in a previous post that 70% was arbitrary. There is no one way, thats what is awesome about the markets. MP gives a great way to look at the markets, and I do use MP levels for my trading. I also use floor trader pivots and the basic hi and lo of the current and previous day. I don't use fibs or anything else, though. That stuff starts to get a little esoteric for my palette, but lots of people have success with it.

Didn't mean any offense, so hope none was taken.