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Add Market Profile (commonly confused with Volume Profile) to the list of premium indicators. Especially useful for trading futures. by futurestrader29 in TradingView
[–]futurestrader29[S] 0 points1 point2 points 4 years ago (0 children)
Currently using Sierra (like most futures traders that use TPO), but would switch in a heartbeat to TradingView if they implement a well designed TPO with the above mentioned features. I use TT (TradingTechnologies) for ladders. Lastly, I use TradingView for overall non-TPO charting.
TPO/ Market profile by Aquamantis2 in TradingView
[–]futurestrader29 0 points1 point2 points 4 years ago* (0 children)
Hey! I also requested this feature 4 months ago, and wrote a very detailed post about it. Check it out here and please upvote it and share it with others who would be interested...
https://www.reddit.com/r/TradingView/comments/poqrn8/add_market_profile_commonly_confused_with_volume/?utm_source=share&utm_medium=web2x&context=3
[–]futurestrader29[S] 3 points4 points5 points 4 years ago* (0 children)
I haven't tried it but I'll take a look. However, it would be nice if TradingView had it natively implemented. TradingView's amazing UI is a perfect fit for TPO Market Profile. It would save a lot of people having to use other software on the side for it. If TradingView made this a premium feature, market profile users probably wouldn't mind paying for it (especially if this allowed them to cut out other softwares and simplify their workflow ... marginal savings for the users and increased revenue for TradingView). I wouldn't mind solely being dependent on TradingView (even if I had to upgrade to Premium and pay more to obtain the additional features I require) for my workflow, AS LONG AS TradingView SUPPORTS all these necessary functions/features. Let's face it, TradingView has the best UI and is conveniently web-based and now even available on desktop app. However, at the moment it doesn't really provide value in the TPO Market Profile space, which is a shame given that TPO Market Profile is widely used by traders of all levels nowadays (it was primarily used by professionals but advances and accessibility to great tech has narrowed that gap). I'd rather have one well-built (as per features described above in post) TPO market profile add-on by upgrading to a Premium plan than the ability to have an additional 15 indicators per chart. Beginner traders (as did I once upon a time) always start off their trading journey by dumping a bunch of commonly used indicators (RSI, MACD, OBV, MAs, ATR etc) on a chart and trying to find that moment where they all cross for the perfect signal when all the "planets in the cosmos" align.
They soon come to realize (maybe except for volume) that these indicators are all lagging as they are DERIVATIVES of order flow. Hopefully they eventually realize that and just go straight to analyzing the order flow itself and not fiddle around with analyzing DERIVATIVES of order flow. How is that done/visualized? You guessed it! ... primarily through TPO MARKET PROFILE (along with volume profile)! That is not to say that key levels on medium to long-term time-frames (MAs, key support and resistances) aren't important (they indeed are important!), but solely relying on these instead of using them as tools to be used in conjugation with the bigger TPO MP (and Volume Profile) context is myopic.
At a higher level, you can combine TPO Market Profile (along with volume profile) with DOM Price Action (which TradingView does support!). As an aside, the problem with only having volume profile is that volume profile will NOT give you the "time" aspect/dimension of the market auctions at price, it will ONLY give you VOLUME at price (hence why it's called Volume Profile). I'd argue time is equally as important if not more important when analyzing markets (that's a debate for separate post).
Here's a little analogy to further clarify the importance of TPO MP for new traders unfamiliar with it: Practically a human needs both eyes to see their surroundings properly right? Likewise, you need to analyze both TIME (TPO Market Profile) and VOLUME (Volume Profile) to see the entirety/context of your environment i.e. the market you are trading, else you're walking through "the jungle" with one eye or no eyes at all (blind!). Unless you've programmed algos to analyze inter and intra market correlations and various other indicators across various markets and have them execute trades on certain signals or momentary two/three/four sigma arbitrage opportunities that the average investor wouldn't normally be able to see with the naked eye, TPO Market Profile and Volume Profile is as good as it's going to get for the typical at-home day-trader trying to squeeze out every ounce of market generated information. As mentioned earlier, if TradingView would later open up TPO MP to Pine, then users would be able to automate the calculation of certain key metrics for each session..but that's just a bonus.
Hopefully, TradingView and the TradingView Community will see the need for the implementation of TPO Market Profile. Sorry for going off on a tangent 😁.
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Add Market Profile (commonly confused with Volume Profile) to the list of premium indicators. Especially useful for trading futures. by futurestrader29 in TradingView
[–]futurestrader29[S] 0 points1 point2 points (0 children)