Welcome to the Traders Laboratory.

Market Profile Are you a market profile trader? Post here.

Like Tree1Likes
Reply
Old 12-26-2010, 08:58 PM   #1

Join Date: Dec 2010
Posts: 17
Ignore this user

Thanks: 3
Thanked 8 Times in 6 Posts

Free Market Profile Charting Tool

Hi,

I'm new to the Market Profile.
After 6 months studying forex in my free time I finally found a method that I understand and which doesn't make me enter a position for some strange reason when a line (that i don't exactly know why has been placed there) is touched from the price.

I read here and there few books of Wiley Steidlmayer and I appreciate the theory behind the TPOs analysi. It gave me a more complete knowledge than many other books around which to a beginner like me looks like without rhyme or reason.
I instead less understood the part about the Market Profile with Volumes, maybe I'm not ready for that, even if I think would be really usefull.

So my analysis with MP are only about price movement and Bell Curve fullfilment, NO Volumes... also because finding the right, free datas about volumes would be impossible.

I'm a beginner so I don't wnat to spend money for something that will probably make me loose more money.

After have looked for a free software with TPOs I gave up and choose to make my own.

I finally developed an Excell worksheet (actually is made with OpenOffice Calc) with which is possible to visualize Market Profile charts after have inserted Highs and Lows from a simple copy/paste from the MT4 History Center.

Thanks to macros I've written is possible then to calculate automatically Value Area, Point of Control, Initial Balance, TPOs Count.

The file generates the profiles for an whole week.
In one sheet every day is splitted in asian and western session. In the other there are the whole days which are then joined toghether for shape the weekly market profile.

I use it with the forex spot, but I don't know if it is a good idea... I use the forex spot only because is the most accessible (I use alpari) to a beginner.

The truth is that I'm sharing this tool I made because I want to know if it is the correct way to interpret the MP with the Forex.
For instance I didn't know what to use as Initial Balance in a market opened 24h. So I choosed to consider the asian session as IB for the whole day, but I'm not sure this is the correct thing to do.

Maybe market profile should be used only with futures? but how can I trade futures in an easy way as the forex can offer?
do you have any market to suggest me which would be better to trade with the MP?

These are two images from my worksheet... you can also appreciate a perfect Bell curve for the weekly profile







I hope that my work can be of any itnerest for some other beginner and to receive some usefull help or suggestion on how to better use this tool.

If want the worksheet, just send me a private message on this forum or leave your email.
ahmedalhoseny likes this.
sergio83 is offline  
Reply With Quote
The Following 2 Users Say Thank You to sergio83 For This Useful Post:
Mesuteryilmaz (05-07-2015), mgrg (02-01-2012)
Old 12-27-2010, 08:46 AM   #2

Join Date: Dec 2010
Posts: 2
Ignore this user

Thanks: 0
Thanked 0 Times in 0 Posts

Re: Free Market Profile Charting Tool

My email : premal24@yahoo.com . Please forward me the worksheet. I am using Market Profile for sometime now and would be able to guide if there is any change needed in the work you have done.
premal24 is offline  
Reply With Quote
Old 12-27-2010, 11:29 AM   #3

Join Date: Nov 2008
Location: Shingle Springs
Posts: 42
Ignore this user

Thanks: 5
Thanked 13 Times in 9 Posts

Re: Free Market Profile Charting Tool

There is a website by M. Jardine, who wrote a book on the Subject and posts futures trades, in advance, once a day or so when he is not traveling. He will not post a trade he dislikes (naturally) but the point is more about set-ups in advance that he think will work. enthios.com
djohnsonhot is offline  
Reply With Quote
Old 12-27-2010, 09:01 PM   #4

Join Date: Dec 2010
Posts: 17
Ignore this user

Thanks: 3
Thanked 8 Times in 6 Posts

Re: Free Market Profile Charting Tool

Quote:
Originally Posted by premal24 »
My email : premal24@yahoo.com . Please forward me the worksheet. I am using Market Profile for sometime now and would be able to guide if there is any change needed in the work you have done.
Hi I sent you the file.

I've a first question for you..

in my worksheet there's the possibility to chose the price scale step. With that I mean that each row of letters covers a range of price that I usually set at 10 pips. So if the High of a TPO is at 1.3449 and the low at 1.3441 it will place only a letter at the value 1.3440.

So changing this value (you can change it from the last sheet) you can obtain different view of the profile with different POC VA etc.. so what should it be the standard setup? 1 pip?

@djohnsonhot
thanks for the site
sergio83 is offline  
Reply With Quote
Old 12-27-2010, 10:40 PM   #5

Join Date: Dec 2010
Posts: 1
Ignore this user

Thanks: 0
Thanked 0 Times in 0 Posts

Re: Free Market Profile Charting Tool

sergio83
My email is ca.brett@gmail.com
I would love to have the script for the MP you have worked on, it looks pretty good
Thanks
Davis72 is offline  
Reply With Quote
Old 12-28-2010, 08:43 PM   #6

Join Date: Dec 2010
Posts: 17
Ignore this user

Thanks: 3
Thanked 8 Times in 6 Posts

Re: Free Market Profile Charting Tool

Today a strong move after the american Initial Balance brought the price to develope the POC exactly in the same level where was built the POC for last week.
Intersting, I don't know what does it mean, but interesting

I would say that america thinks the value is there at 1.3115, if price goes up again is probably going to go down at 1.3115 again..?
For sure during the american session last week has always been bearish.

sergio83 is offline  
Reply With Quote
The Following User Says Thank You to sergio83 For This Useful Post:
mea109 (03-20-2012)
Old 12-29-2010, 02:58 AM   #7

Join Date: Apr 2008
Location: san diego
Posts: 1
Ignore this user

Thanks: 0
Thanked 0 Times in 0 Posts

Re: Free Market Profile Charting Tool

I would be interested in having a copy of your profile tool to experiment with.
My email is shenhill@yahoo.com. Thanks

Adjusting the pips would be ideal, as volatility changes you may have to tune up for better picture.
shenhill is offline  
Reply With Quote
Old 12-29-2010, 01:07 PM   #8

Join Date: Dec 2010
Posts: 2
Ignore this user

Thanks: 0
Thanked 0 Times in 0 Posts

Re: Free Market Profile Charting Tool

Sergio83,
Please do post me at alphabet1@rediffmail.com

Thank You
Sandew is offline  
Reply With Quote

Reply

Thread Tools
Display Modes Help Others By Rating This Thread
Help Others By Rating This Thread:

Similar Threads
Thread Thread Starter Forum Replies Last Post
Market Profile Trading Concepts Soultrader Market Profile 57 08-15-2012 11:20 PM
A Theory of Market Action: Part IV - The Theory madspeculator Market Profile 48 05-08-2010 08:54 AM
Critique of MP. A Theory of Market Action: Part III madspeculator Market Profile 0 01-22-2010 04:09 PM
How Accurate Is Market Profile? Michael Deys Market Profile 2 10-04-2009 11:56 PM
Free Market Profile Webinar subq Market Profile 22 02-25-2008 10:08 PM

All times are GMT -4. The time now is 12:55 AM.
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.
CS to VB integration by DeskLancer
2006-2011 Traders Laboratory, All Rights Reserved.