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(EFS) Market Profile PRO

18. May 2011
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eSignal Study:  Draws the Market Profile on the chart.  Instead of outputting TPO (Time Price Opportunities) as letters, they are merely lines in the form of a histogram (as shown in the example image).  

IB (Initial Balance, first 60 minutes of trading) is indicated by small red ticks on the histogram.  

Value Area is the first standard deviation (contains 70% of TPOs in a profile) and is colored blue.

POC (Point of Control, the price the most TPOs occurred) is indicated by a completely red bar on the histogram as well as a red line drawing on the chart.  This line gives you a history of the POC as it develops.

Range Extension is any lines above or below the IB on the histogram. 

The histogram for the current day is considered "developing" (DVA, DVAL, DVAH, DPOC, etc), since they are all values that can (and will) change throughout the day.

As always the colors and behavior of the script is highly customizable! 

PRO TIP 1:  If you are using a RTH chart (Regular Trading hours) and a 5-minute interval, you may want to set the histogram to draw "RightToLeft" and set the offset to 78 (390 minutes in RTH divided by 5 minutes is 78 bars).  This will put the histogram at the right edge of each day's trading.  This will allow you to more easily see the previous day's value area from the current day's trading.  It will also allow the current day's histogram to grow without getting in the way of the developing bars (until late in the day, as expected).  You can see this in the example image.  Otherwise, setting the histogram to draw from "LeftToRight" with an offset of 0, will put it at the left edge of each day. 

PRO TIP 2:  This script is designed to draw a TPO (Time Price Opportunity) every bar.  Therefore, if you are on a 3-min chart, it will add a TPO every 3 minutes.  The original idea behind Market Profile was to have a TPO every 30 minutes.  Therefore, it's recommended to run on a 30-min chart with a time template of regular trading hours (RTH) between 8:30-15:15 CST.

IMPORTANT: This script requires the neoLibrary.efsLib.  You can download it here (free).

 


  
 

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