There was an article somewhere. Support and resistance lines were selected based on this density. Where the density is lower, there are correspondingly the reference levels.
grell:
There was an article somewhere. Support and resistance lines were selected based on this density. Where the density is lower, there are correspondingly the reference levels.
There was an article somewhere. Support and resistance lines were selected based on this density. Where the density is lower, there are correspondingly the reference levels.
Yes, they do look tempting at times. this non-semmetricity. High density coincides perfectly with low density of the adjacent interval.
That is, if there is a low density in the past, then in the future the price will approach it and make many bars there...
More likely the opposite, price will either slip or bounce with a light touch, levels with low density. In this figure you can see the overlap of red and blue density, hence.... Price will not linger at this point in the future.
It looks nice, but imho it is the traded real volumes (VSA) on the levels that make more sense and matter, not how many times/time the price lingers on them. Take for example the flat day of any national holiday in the USA, when rates of all pairs practically stand still - the indicator will show the maximal density, but the value of this information is very doubtful.
goldtrader:
It looks nice, but imho it makes more sense and importance have real traded volumes (VSA) at levels, rather than how many times/time the price lingers on them. Take for example the flat day of any national holiday in the USA, when rates of all pairs stand still - the indicator will show the maximal density, but the value of this information is very doubtful.
It looks nice, but imho it makes more sense and importance have real traded volumes (VSA) at levels, rather than how many times/time the price lingers on them. Take for example the flat day of any national holiday in the USA, when rates of all pairs stand still - the indicator will show the maximal density, but the value of this information is very doubtful.
I would have been happy to add (initially I wanted to do exactly volumes)
but where can mt4 get them.... no.
But it is possible to take a longer period, and this flatulence won't affect the readings much.
By the way, there's a 24-hour screenshot. for May 25th
I think tick volume as a levelling-off factor could be added. It might be more indicative.
sergeev:
on the screenshot for 24 hours. for May 25th
on the screenshot for 24 hours. for May 25th
It's been analysed for three days, isn't it?
grell:
I think tick volume as a levelling-off factor could be added. It might be more indicative.
Tick volume is better than nothing, but worse than real volume.
I think tick volume as a levelling-off factor could be added. It might be more indicative.
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There are three histograms in this indicator:
The blue one shows the density of the price between the lines. It is duplicated for convenient comparison with the red and green ones.
The green one - it shows the price density in the future by the same distance (it is regulated by the Future coefficient)
The red one - it shows the price density to the past by the same distance (regulated by the Past coefficient)
The thick blue line indicates the "width" of the histogram
http://www.enthios.com/
The Price Histogram (Market Profile) tool and its implementation in MQL5
https://c.mql4.com/messages/2009/12/MarketProfile_VirginpPOC.mq4
The indicator by Vizard for daily MP https://forum.mql4.com/ru/41204/page5#477925
Geronimo:
https://www.youtube.com/watch?v=LyaKQOAP5ek&feature=related - Webinar "Introduction to Market Profile, Part 1".
https://www.youtube.com/profile?user=ESdaytrader#g/u - ES Daytrade User Channel
Peter Steedlemeyer
Volume Trading Strategies
Market Profile and Language Understanding
Jack K. Hutson The Wyckoff Method
Eric Nyman, "The Road to Financial Freedom" p.189 - top paragraph - 3.1. Resistance, Support and Life Levels (Life Level), p.218 - 3.8. Workshop: defining levels and p.219 - bottom paragraph - here