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sergio83

Free Market Profile Charting Tool

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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

 

wholedays.jpg

 

asiawestdays.jpg

 

 

 

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.

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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

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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

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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 :haha:

 

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.

 

sergiompodsopenoffice.png

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Hi gram;

I don't use or have MP software, I just need the daily VAL, POC, VAH for reference; so the question is if you know of a site from where I could download this info daily.

Many thanks in advance.

Zyx

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Hi Sergio83,

I'll repost this as I see my e-mail did not show up.

I'd appreciate having a look at your software tool. I am also interested in using MP for forex and perhaps for commodities.

 

 

 

Many thanks,

Cheers,

gram

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Hi,

 

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

 

wholedays.jpg

 

asiawestdays.jpg

 

 

 

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.

Your tool seems excellent. If you don't mind yet another request, please send the spreadsheet to me at

 

keoki.1@verizon.net

 

In advance, many thanks.

 

George

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Hi,

 

Going forward, there is no issue with you contacting each other but just posting your email address openly is not good practise. If I could suggest that anyone who wishes to request this file, private messages sergio83.

 

Thanks,

 

TheNegotiator.

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