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""First identify the price at which the greatest volume occurred. Then, sum the volumes occurring at the two prices directly above the high-volume price and compare it to the total volume of the two prices below the high-volume price. The dual price total with the highest volume becomes part of the value area. This process continues until 70% of the volume is reached." - From Mind Over Markets - |
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Yes, this is precisely what my program does. I got the methodology from the thread you cite, and it works. But again, I don't see how you can know "the price at which the greatest volume occured" with a thirty-minute chart, or for that matter, a one-minute chart. Only a one-tick chart will tell you precisely where the volume occured. With any other period chart you are taking averages, which leads to fuzzy results.
I asked ant about it and he said he doesn't use volume, he uses TPOs, which is why I asked the question "what's a TPO." I asked him and he never responded.