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Andytick

Building a VolumeProfile Indicator with EasyLanguage

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Hi,

reading here and there posts in the forum, from coding forum to trading indicators to array ecc... I've never found a code about Volume Profile.

Many codes about Market Profile (TPO) , market delta and something about Peak of Volume at Price (PVP) which is called "mode" in statistic language, but nothing about a good Volume profile accurate to the tick.

I've read posts from TAMS about ARRAY (very good and useful), code from DBantina about PVP (MODE) using tick chart, which could be a very good beginning, but nothing again about the Volume profile, so I've decided to create a new one searching someone who could help me.

This is my start and my steps:

(1)

I've a GKMarketProfileTL (see txt attached files) which uses trend lines, but it's a proxy and not accurate to the tick because it uses minutes chart (1 minute chart in the best way).

2qx6e1d.png

This indicator is not so useful because with trendlines, it's difficult to plot a volume profile for each day. Trend lines could be useful to plot a single Volume profile for the last day or for a cumulative profile made of more than one day. Then it's not so accurate (not to the tick ).

 

(2)

I've a second indicator which plots TPO MarketProfile (see txt attached below with its functions) which uses ASCII scripts as I'd like, but it calculates TPO and not Volume Profile. I've modified it to plot NOT only letters (put in inputs letters = false), but even ASCII scripts like "---".

soy4pg.png

af97id.png

The problem with this indicator is that it's very difficult to decode and modify for my experience. Maybe its functions are useful to plot ascii scripts instead of Trendlines.

 

So, watching these codes I'd like to create a Volume Profile code (indicator) which plots an histogram for each single day (session) using ASCII scripts instead of trendlines.

It should be accurate to the tick, so I MUST calculate it on a tick chart.

Doing this, I've copied a DBantina logic (code):

on a 1 tick chart based on Trade Volume, calculate a range of each day and reset it each day.

STEP ONE:

//I've made a counter for each tick of the chart reset each day

if date > Date[1] then begin

MyOpen = open;

MyHigh = High;

MyLow = low;

MyClose = close;

counter = 1;

end;

 

If Date = date[1] then begin

 

If high > MyHigh then

MyHigh = High;

If Low < MyLow then

MyLow = Low;

if time >= Sess1endtime then

MyClose = close;

If time < Sess1endtime and lastbaronchart then

MyClose = close;

counter = counter + 1;

end;

 

RangeDay = MyHigh - MyLow;

 

 

STEP TWO

Then I have to identify the lines for each day for each Volume profile Histogram:

 

TickScale = minmove/priceScale;

NLines = RangeDay /TickScale;

 

STEP Three

Now I've to create an ARRAY (dinamic) to identify the volume for each line of the histogram.

I Think that this is correct.

 

MyVol = iff(bartype < 2, Upticks + Downticks, volume);

Array: HISTO[](0);

 

if date > date[1] then begin

Array_SetMaxIndex(Histo, NLines); // resize the array each day

HISTO[iPrice] = 0; // rest to zero each day

TotalVolume = 0;

END;

 

STEP FOUR

Now I've to populate the array with volume for each line level on each tick (1 tick chart).

for iPrice = 0 to NLines

begin

Histo[iPrice] = 0;

end;

for jBar = 0 to (counter-1)

begin

jLow = (L[jBar] - MyLow)/TickScale);

jHigh = (H[jBar] - MyLow)/TickScale);

if ((jHigh - jLow) > 0) then begin

deltaVol = MyVol[jBar]/(jHigh - jLow);

for iPrice = jLow to jHigh

begin

Histo[iPrice] = Histo[iPrice] + deltaVol;

TotalVolume = TotalVolume + deltaVol;

end;

end;

 

NOW if my thoughts are correct, the array Histo[iPrice] should be the Volume profile data and I've to Plot them using a way that permit me to plot ASCII scripts as in the TPO indicator.

 

AM I correct ???

Could someone give me an help to coding Volume Profile

At this point I don't know how to go on :crap:

 

THANKS

AndyTick

GKMarketProfile TL.txt

TPO Pro5.0b.txt

nutpstr (function - numeric).txt

curletstr_AL (function - numeric).txt

curletstr (function - numeric).txt

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are you and Crazynasdaq the same person?

 

No.

Maybe you spoke about crazynasdaq for the post about ARRAY from which I've taken some stuff and ideas for my code, but I'm not the person You wrote about.

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here are my note:

 

1. pls wrap codes in code tags. the code tag is the # key at the top of the reply window

 

2. don't be so cheap with variables -- make the name more explicit. It doesn't cost anything, but will make debugging easier. e.g. I can't tell what jLow is.

 

3. you need to write out your logical operation in finer resolution.

you were doing well... until step 4.

Step 4 is the most involved -- you have loops and assignments and matchings...

you need to break down step 4 into more coherent thoughts.

Draw a flow chart... with lines and arrows illustrating data flow

 

try this too... plot out exactly which data goes into which slot:

 

14750d1257019257-array-easylanguage-1d_array.gif

 

 

4. put PRINT statements before and after every variable assignment...

this is the best way to track the data flow

see here for more information on print.

http://www.traderslaboratory.com/forums/f56/print-easylanguage-6000.html

 

 

have fun...

Edited by Tams

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Ok TAMS, I'll be more clear in my posts.

Now I've a Big question in my mind.

 

I need a 1 dimensional array or a 2 dimensional array made of 2 columns and N lines ?

 

2d9y02.png

 

I ASK an help on this because the logic tells me that I need a 2 dimensional array as showed in the image, but the DBntina code about PVP (calculate the mode and the volume of the mode ) uses a 1 dimensional array to calculate Volume and level price of the mode. http://www.traderslaboratory.com/forums/f56/ts-tick-tick-pvp-plotted-vwap-3647.html#post32650

Look at the code:

 

   
vars:         MyVolume(0),
	PriceDiff(0),
	StartPrice(0),
	PVPPrice(0),
	PVPVolume(0),
	V2VolLevel(0);	

Array:
	PVPVolArray[10000] (0);

MyVolume = Volume;

if date > date[1] then begin
	StartPrice = AvgPrice;
	For Value1 = 0 to 10000 Begin
		PVPVolArray[Value1] = 0;
	End;
	PVPVolArray[5000] = MyVolume;
	PVPPrice = AvgPrice;
	PVPVolume = MyVolume;
end;

If date = date[1] And StartPrice > 0 Then Begin
	Value2 = AvgPrice - StartPrice;
	V2VolLevel = 5000+(Value2*(1/(minmove/pricescale)));
	PVPVolArray[V2VolLevel] = PVPVolArray[V2VolLevel] + MyVolume;

	If PVPVolArray[V2VolLevel] > PVPVolume Then Begin
		PVPVolume = PVPVolArray[V2VolLevel];
		PriceDiff = 5000-V2VolLevel;
		PVPPrice = StartPrice - (PriceDiff*(minmove/pricescale));
	End;

End;

Plot1(PVPPrice, "PVP");
Plot2(PVPVolume, "PVPVolume"); 

END;

 

This code calculate the PVPVolume (numbers of contracts/shares) and the PVPPrice (level of price with the biggest Volume). So, its' possible to calculate Volume at price with a single dimensional array. He simply calculates one level price and the volume of that single price.

It uses a single dimensional array, but the logic behind it is not so clear to me.

Could someone help me to understand the logic behind ? Here are my dubts:

1 - he declare an array with a max dimension of 10000, but when he start to calculate, he splits the dimension from 10000 to 5000 and equal the array to Volume. Why ?

Array:  PVPVolArray[[b][color="Blue"]10000[/color][/b]] (0);

MyVolume = Volume;

if date > date[1] then begin
	StartPrice = AvgPrice;
	For Value1 = 0 to [b][color="blue"]10000[/color][/b] Begin
		PVPVolArray[Value1] = 0;     // OK !! He reset each day the array
	End;

	PVPVolArray[[b][color="Red"]5000[/color][/b]] = MyVolume;   // Why splits the array dimension ?
	PVPPrice = AvgPrice;
	PVPVolume = MyVolume;
end;

21j3cas.png

 

Now he populates the array and identifies the V2VolLevel for each price of the day, but always from half the dimension of the inital array dimension. Why half the dimension again ?

If date = date[1] And StartPrice > 0 Then Begin
	Value2 = AvgPrice - StartPrice;
	V2VolLevel = [b][color="red"]5000[/color][/b]+(Value2*(1/(minmove/pricescale)));
	PVPVolArray[V2VolLevel] = PVPVolArray[V2VolLevel] + MyVolume;
END;

 

Now my question at this point is:

Is the PVPVolArray[V2VolLevel] the array which contains all the volume at price Volumes ?

Or it's the array which contains ONLY the PVP Volume ?

Using this logic, is it possible to loop it to calculate the Volume at price for each single level of the day's range price ?

I ask this, because it seems to me that this logic is the most accurate and less CPU intensive to calculate, and then the code seems quicker and easier once you have understand the logic behind (not me now !!! :crap: )

 

PLEASE, could someone help me to understand

 

Then last step he identifies the volume level price and constrains the PVPVolume, always using half the intial dimension

If PVPVolArray[V2VolLevel] > PVPVolume Then Begin
		PVPVolume = PVPVolArray[V2VolLevel];
		PriceDiff = [b][color="red"]5000[/color][/b]-V2VolLevel;
		PVPPrice = StartPrice - (PriceDiff*(minmove/pricescale));
END;

 

AndyTick

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Andytick and/or Crazynasdaq

you are a criminal CRACKER!

 

 

The TPO Pro5.0b.txt indicator is a commercial

indicator: you have stolen the work of others !

(see password in the code)

 

Tams

and all the honest persons in this forum

be careful with these lawbreakers.

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Ok TAMS, I'll be more clear in my posts.

Now I've a Big question in my mind.

 

I need a 1 dimensional array or a 2 dimensional array made of 2 columns and N lines ?

 

I ASK an help on this because the logic tells me that I need a 2 dimensional array as showed in the image, but the DBntina code about PVP (calculate the mode and the volume of the mode ) uses a 1 dimensional array to calculate Volume and level price of the mode...

 

 

I believe DBntina uses the mid point of the array as starting point...

 

1. he can save one dimension in the array... because array takes up memory !

2. faster operation

3. opening tick is the starting point... all subsequent ticks are as a plus or minus of the previous tick... therefore no need for the price data.

 

 

CLEVER !

Edited by Tams

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Andytick and/or Crazynasdaq

you are a criminal CRACKER!

 

 

The TPO Pro5.0b.txt indicator is a commercial

indicator: you have stolen the work of others !

(see password in the code)

 

Tams

and all the honest persons in this forum

be careful with these lawbreakers.

 

Brownmar,

I'm not a CRIMINAL CRACKER as you say......

if I was the person able to crack a code, you think that I would need an help coding an indicator like Volume profile ?

I've found it on the web in a forum like this as many others have done before me and will do after me. I didn't know that it was a commercial code. Simply I downloaded it when I found it.

If you are so clever to understand that I'm a "CRIMINAL CRACKER" without knowing me at all, try to use google and search "MARKET PROFILE TPO"...........after some first links, you will find this Forums - Free Market Profile for Tradestation.

This is the web and if I find a useful stuff without doing anything illegal in searching it, I don't think to be a CRIMINAL, so be quiet with some words and use your brain in a more clever way instead of insult people you don't know at all.

Google could be a great thing for someone and a very bad thing for others, don't forget it !!!

Maybe you have to use a different tone and different words speaking about people you don't know at all, like me.

And an other time..........I don't know who crazynasdaq is, but I'm not him or her, whoever he/she is.

Edited by Andytick

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I believe DBntina uses the mid point of the array as starting point...

 

1. he can save one dimension in the array... because array takes up memory !

2. faster operation

3. opening tick is the starting point... all subsequent ticks are as a plus or minus of the previous tick... therefore no need for the price data.

 

 

CLEVER !

 

Great TAMS !!!

So a 1 dimensional array is a clever and better solution.

Now my question is:

is the PVPVolArray[V2VolLevel] the array with all the volume at price data ? Or I've to create a new Loop to find it using the same logic ?

 

AndyTick

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Brownmar,

try to use google and search "MARKET PROFILE TPO"...........after some first links, you will find this [url=http://www.elitetrader.com.

 

Tradestation has blocked that link because is illegal.

Try the link now.

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Great TAMS !!!

So a 1 dimensional array is a clever and better solution.

Now my question is:

is the PVPVolArray[V2VolLevel] the array with all the volume at price data ? Or I've to create a new Loop to find it using the same logic ?

 

AndyTick

 

 

see step #4 in post #4

 

try

numtostr( V2VolLevel, 0 )

text( PVPVolArray[ V2VolLevel ] )

text( StartPrice )

text( MyVolume )

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Tradestation has blocked that link because is illegal.

Try the link now.

 

Surely it's illegal, but it was there until I wrote the post for everyone who search it and it is still there. The link is not blocked and it's still reachable there.

I'm sorry about tradestation, but the fault is not mine and I'm still waiting for your apology about your words.

 

Andytick

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You have picked a good place to start with that code. Mind you I would say that I re-wrote it and sent it to Dbtina! :)

 

The way to do things is construct an array of volume and use a tick's price to index it (after suitable scaling so each change in price is '1'). That is exactly what I wrote and runs efficiently enough to process every tick. All the previous code I have seen uses messy, slow and inefficient loops. My intention was always to expand it to plot a volume profile though never got round to it.

 

One important idea. Again do not use loops to plot just add volume at the appropriate level when a tick arrives. If that happens to be at the mode (PVP, peak, wahtever you call it) You may need to loop through the whole array just for that tick to rescale things to the new peak. This depends on how you choose to scale in the first place and is avoidable if you use a fixed scale of n volume per x axis unit.

 

I have been away from TL for quite a while and have a lot of catching up to do, Once I have I'll take a proper look at what you are up to :D

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You have picked a good place to start with that code. Mind you I would say that I re-wrote it and sent it to Dbtina! :)

 

The way to do things is construct an array of volume and use a tick's price to index it (after suitable scaling so each change in price is '1'). That is exactly what I wrote and runs efficiently enough to process every tick. All the previous code I have seen uses messy, slow and inefficient loops. My intention was always to expand it to plot a volume profile though never got round to it.

 

One important idea. Again do not use loops to plot just add volume at the appropriate level when a tick arrives. If that happens to be at the mode (PVP, peak, wahtever you call it) You may need to loop through the whole array just for that tick to rescale things to the new peak. This depends on how you choose to scale in the first place and is avoidable if you use a fixed scale of n volume per x axis unit.

 

I have been away from TL for quite a while and have a lot of catching up to do, Once I have I'll take a proper look at what you are up to :D

 

Thanks Blowfish, your contribution will be very appreciated as one of the first developer of the PVP code. :)

AndyTick

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As Tams points out the array index itself is used to derive the price. The days starting price starts in the middle of the array.

 

V2VolLevel = 5000+(Value2*(1/(minmove/pricescale)));

 

converts a tick to be an integer. So whether it is the ES (.25 tick) or DAX (.5 tick) this will convert it do an array index. (Don't ask me how I struggled with that!)

 

Edit: Another way of looking at this is V2VolLevel is an integer representing Where the tick is in the array compared to the opening tick at 5000. It's not a very well chosen name to be honest. Im not sure I have explained it well enough?

Edited by BlowFish

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If date = date[1] And StartPrice > 0 Then Begin
	Value2 = AvgPrice - StartPrice;
	V2VolLevel = 5000+(Value2*(1/(minmove/pricescale)));
	PVPVolArray[V2VolLevel] = PVPVolArray[V2VolLevel] + MyVolume;

             [i]  {Plot new volume level here volume is PVPVolArray[V2VolLevel]
                the level to plot at can be got from V2VolLevel}[/i]

	If PVPVolArray[V2VolLevel] > PVPVolume Then Begin
		PVPVolume = PVPVolArray[V2VolLevel];
		PriceDiff = 5000-V2VolLevel;
		PVPPrice = StartPrice - (PriceDiff*(minmove/pricescale));

[i]                        {If we are here then we have a new peak volume, you might need
                         to rescale the chart unless you used a 'fixed scaling'}
[/i]
	End;

End;


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If date = date[1] And StartPrice > 0 Then Begin

Value2 = AvgPrice - StartPrice;

V2VolLevel = 5000+(Value2*(1/(minmove/pricescale)));

PVPVolArray[V2VolLevel] = PVPVolArray[V2VolLevel] + MyVolume;

 

{Plot new volume level here volume is PVPVolArray[V2VolLevel]

the level to plot at can be got from V2VolLevel}

Ok, Now I've understood that V2VolLevel is my price map level sets as integer. That's ok !!!

Now I've to loop it to add new volume when price touches again a map price level.

Could be a way of doing that to create a range of the day sets as the map price level which identifies High and Low of the day sets as integer as V2VolLevel ?

In this way I could create a Loop For X = Low of the day range To High of the day range and ADD Volume each time prices touch a price of the range a new time.

Something like:

 

For X = LowRange To HighRange-1

PVPVolArray[X] = PVPVolArray[X] + MyVol;

 

 

This step is not simple for me and my programming experience.

Sorry !!! :(

 

If PVPVolArray[V2VolLevel] > PVPVolume Then Begin

PVPVolume = PVPVolArray[V2VolLevel];

PriceDiff = 5000-V2VolLevel;

PVPPrice = StartPrice - (PriceDiff*(minmove/pricescale));

 

{If we are here then we have a new peak volume, you might need

to rescale the chart unless you used a 'fixed scaling'}

End;

 

End;

 

 

 

This step is harder then previous !!!! Rescale...........how to rescale ? :crap:

I'm very sorry, but here come out all my limits in programming

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Well there is a way to avoid rescaling. Lets take the case that does need rescaling first. If you look at GKMarketProfileTL (this is from dim distant memory) there is a parameter for number of bars that the profile occupies. In other words there is a fixed space on the X axis of say or 100 'bars' (whatever you enter for that parameter). So the profile occupies first bar of the chart to the 100th bar of the chart. This means that whenever the peak profile gets longer you need to rescale with respect to that maximum value. This is acceptable as it only occurs if the peak surpasses its old value.

 

An alternate way is that you have a parameter, N bars (or pixels or charcters) per X volume. That is an absolute scale. So for the ES you may have 1 'bar' (or ascii char) per 250,000 contracts. Using this method your chart simply 'grows' from the left. Every time the peak volume increases by 250,000 contracts you expand your chart 1 more 'chunk'. Of course this has the potential problem of the profile growing bigger than the screen but you could have a simple test to see if that has occurred and truncate it. The user would see that the bars are occupying the whole screen and could then manually change the scaling to say 1 'bar' per 400,000 contracts (or whatever). I like this approach.

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An alternate way is that you have a parameter, N bars (or pixels or charcters) per X volume. That is an absolute scale. So for the ES you may have 1 'bar' (or ascii char) per 250,000 contracts. Using this method your chart simply 'grows' from the left. Every time the peak volume increases by 250,000 contracts you expand your chart 1 more 'chunk'. Of course this has the potential problem of the profile growing bigger than the screen but you could have a simple test to see if that has occurred and truncate it. The user would see that the bars are occupying the whole screen and could then manually change the scaling to say 1 'bar' per 400,000 contracts (or whatever). I like this approach.

 

I like the second approach too.

It could be set by an input parameter in the Inputs panel, so if you enlarge your X axis to watch the chart wide, you could choose your input parameter to enlarge even your Volume profile or compress it if you'd like to watch the chart more tight.

The second approach is better :cool:

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all this CPU-intensive code is kind of just a pain in the ass...

 

from the 'keep it simple' school:

 

[ame=http://www.youtube.com/watch?v=mvjDZ3UH6D8]YouTube - Simple alternative to running CPU intensive Array loops[/ame]

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Actually my code is not intensive at all. Arrays are absolutely fine looping thorugh them isn't. I would go out on a limb and say there is no more efficient way to do things in El to that which I presented. None of the code I have submitted has a single loop in it except to initialise all data to zero. The sugestion i have made for histogram has not a single loop either. I also have non iterative code for VWAP & weighted SD's I decided not to share that as I believe it has commercial value (not that I have exploited that). Take a look I think it is a very elegant aproach (though of course I am biased).

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Actually my code is not intensive at all. Arrays are absolutely fine looping thorugh them isn't. I would go out on a limb and say there is no more efficient way to do things in El to that which I presented. None of the code I have submitted has a single loop in it except to initialise all data to zero. The sugestion i have made for histogram has not a single loop either. I also have non iterative code for VWAP & weighted SD's (many orders of magnitude faster than tradestations own, they get exponentially faster the more bars you load) I decided not to share that as I believe it has commercial value (not that I have exploited that). Take a look I think it is a very elegant aproach (though of course I am biased).

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all this CPU-intensive code is kind of just a pain in the ass...

 

from the 'keep it simple' school:

 

CPU intensive Array loops[/url]

 

Well Frank your chart is fine, and if I'm not wrong it's from Open & Cry platform.

I've tried it for the demo period months ago.

But what about yesterday Histogram with that pltaform ? and the day before ?

 

What I'm trying to do is a Volume profile histogram to plot on Multicharts or tradestation, something EL compatible, which plots not only today histogram, but could have an history of Volume profiles. Something that plot without using excel or other things, but simply charging data from my database and plotting it as a simple MACD or other indicators.

 

Blowfish codes That I use to plot PVP price (mode) is not CPU intensive at all and not seems to use loop at all, so my opinion is that Blowfish code is one of the best stuff from the 'Keep it simple' school.

If you have better ideas about this code, you are welcome. I would be very greatful to you if you have found a better way and you would share it with us, but at this time, Blowfish's code is the best I have to start and trying to improve.

AndyTick

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    • re: stocks.  Imo,we have a long ways to go down before we get to ‘value’ .  “Even at the March 23rd low...the Wilshire 5000-to-GDP ratio was at 101.38 percent, the 73rd percentile”   No place to be shopping for 'value' Yet, with all the fake money flooding in, the stock mkt could still soar.  But - up is not really up.  The long ‘bull of the last dacade + was actually ‘bull’sht.  Bullsht = steady injections of more fiat, taking on cash flow dependent corporate debt to finance ‘supply reducing’ buybacks,  malinvestments galore, capital DESTRUCTION - all clouded by a steady stream of FALSE msm narratives and fake numbers - from top numbers (ie GDP, etc.) all the way down to individual corp reports and reporting. ... ie Any ‘bull’ action now is in the  category of obese elephant bull sht... And as I have been posting for years, we can’t use dollars as a measure anymore.  ie  Up is not really up https://mises.org/wire/what-if-fed-did-nothing and using dollars as a measure is getting worse and worse.  ‘money’ not ‘working’ anymore. .. https://alhambrapartners.com/2020/03/31/what-is-the-feds-new-fima-the-potential-for-a-shadow-shadow-run-is-very-real/ https://alhambrapartners.com/2020/03/30/no-dollars-and-no-sense-eighty-argentinas/ ... ” Another day, another trillion dollars.”   re:  “all clouded by a steady stream of FALSE narratives. “  Yes, sweetheart the same thing has been happening in the covidity lockdown ... a steady stream of FALSE narratives  https://medium.com/@caityjohnstone/peoples-skepticism-about-covid-19-is-the-fault-of-the-lying-mass-media-91216ad7fcf3  ... I just chuckle now anytime I hear any US press comment on/ criticise Russia or Chinese ‘disinformation’ .  Imo, China’s ‘Police State’ is currently only a tiny click or two worse than our ‘Pharm State’.   Re:  trading.  It’s been a wild wonderful wide range last six + weeks  to trade.  I have been preparing for it a long time and still didn’t capture as much as possible... for one thing, didn't increase/balance sizing for  those outlier bounces as robustly as I should have, etc ... but still it’s been amazing.  First signs starting to show up that ‘volatility’ is slowing down ... will deal with that by up sizing all positions appropriately. I’m no longer ‘trading’ fx.  I’m now speculating in fx.  ... gradually scaling into a pretty good sized dollar short...  do you make a distinction btwn ‘trading’ and ‘speculating’?   btw atlas shrugged about a “secret coin”.... I’m just sayin’    later... maybe
    • Date : 2nd April 2020. FX Action – 2nd April 2020.A 10%-plus rebound in crude prices catalyzed gains in oil-correlating currencies, including the Canadian Dollar and Norwegian krona, and other commodity currencies, while helping give stock markets a lift after a sputtering session in Asia. The wake of ugly 6.6 mln surge in US jobless claims, which was about double the consensus forecast, weighed on global markets. US equities reversed lower as risk appetite eroded again, taking back earlier gains, while Aussie for example has more than given up intraday gains, with AUDUSD presently pushing on lows at 0.6019, down just over a big figure from the intraday high that was seen during the Sydney session.The massive gain in initial claims, which followed a similarly hefty rise the previous week, was well anticipated but provided a timely reminder of what is to come.USDCAD has dropped by over 0.6%, driven by a bid for the Canadian Dollar amid a 10%-plus oil price surge. The pair posted a low at 1.4079, though has so far remained above its Wednesday low at 1.4060. A Bloomberg report, citing sources with inside knowledge, said that China is moving forward with plans to buy oil for its emergency reserves. Beijing is reportedly aiming to build up a crude stockpile that would cover 90 days of net imports with the possibility of expanding this to 180 days. China is the world’s biggest oil importer and is taking advantage of the 60%-odd collapse in oil prices. USOIL prices posted a 6-day high at $22.55, but still remain down by just over 65% from the highs seen in early January. This level of price decline in Canada’s principal export, while it sustains, marks a significant deterioration in the Canadian economy’s terms of trade. Assuming that China’s buying spree won’t close this gap substantially, given the glut of crude flooding the market, and given that demand will remain weak for a historically protracted amount of time, CAD should remain apt to underperformance. In the medium term, USDCAD could retest its recent 17-year high at 1.4669.Both the AUDUSD and NZDUSD rallied, although both remained within their respective Wednesday ranges against the US Dollar.USDJPY and most yen crosses, in particular those involving a commodity currency, have gained concomitantly with the improvement in risk appetite, which saw the yen’s safe haven premium unwind some.GBP is again ranking among the currency outperformers today, gaining over 0.7% versus the Dollar and by over 0.8% against both the Euro and Yen on the day so far. Market narratives have been pointing to the impact of the Fed’s launching of a new “FIMA” facility (announced Tuesday) , which will start on April 6 and allow foreign central banks to obtain Dollars without selling Treasuries. This will run alongside the swap lines created with 14 central banks, and the two should ease strains in global dollar funding. This is seen as a particular positive for the Pound, given the UK’s recently proven vulnerability to global liquidity shortages, with its large financial sector and dependence on foreign investment inflows (equivalent to about 4% of GDP) to finance its large current account deficit.The Pound had underperformed even commodity currencies during the worst of the recent global liquidity crunch, which ran from about March 10th through to March 19th, before measures by the Fed and other central banks provided a mitigating impact. Sterling lost about 10% of its value in trade-weighted terms over this period, and tumbled by 12% versus the Dollar, hitting a 35-year low, and an 11-year low against the Euro. The worst now looks to be over for the Pound, especially with markets starting to bet that the UK will ask the EU for an extension of its post-Brexit transition membership of the Union’s customs union and single market. Neither the UK nor EU has the resources to conduct detailed trade negotiations under the prevailing circumstance of the coronavirus crisis. This is seen as Sterling positive as it will avoid the possibility of the UK leaving the transition period and shifting a big chunk of its trade onto less favourable WTO trade terms.Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • No one can specify that who can become successful in what time, it all depends on the skills you have applied and know;edge you have implied while trading.
    • On this Forum by Introducing yourself new beginner will get many things to learn, good links and videos also. Forex4you is a platform where you can learn about Forex as well as Demo account trading.
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