[Pt] Daily Market Profile / TPOA great mentor of mine once told me, trading is like driving. When you are driving, there are directions and road signs to follow. The key areas and levels from TPO market profile are the road signs in trading, you shouldn't trade without them much like you shouldn't drive without road signs, as you will get lost.
From Wikipedia: "A Market Profile is an intra-day charting technique (price vertical, time/activity horizontal) devised by J. Peter Steidlmayer, a trader at the Chicago Board of Trade (CBOT), ca 1959-1985. Steidlmayer was seeking a way to determine and to evaluate market value as it developed in the day time frame. The concept was to display price on a vertical axis against time on the horizontal, and the ensuing graphic generally is a bell shape--fatter at the middle prices, with activity trailing off and volume diminished at the extreme higher and lower prices." If you are unfamiliar with the concept, search for Market Auction Theory, Market Profile, and TPO on the web.
What's cool about this script?
As a professional trading, you should be drafting a trading plan and drawing all your key areas and levels before entering a trade. If you are trading with market profile, with this script, you no longer have to spend the time it takes to manually draw those key areas and levels. All are automatically generated with this script to give you the visual cues in your trades~!!
**IMPORTANT** Please note that due to the limitation on TradingView, there can only be limited number of boxes and lines that can be generated per indicator. Hence, this script only aims to provide you with as many key areas and levels as possible. This may be mitigated by having multiple instances of this indicator. Please use at your risk and discretion.
This script provides a comprehensive set of indicators / elements of daily TPO market profile, which includes the following:
- Market Profile based on TPO
- Point of Control (POC)
- Value Area (VA)
- Single Prints (SP)
- Excess (EX)
- Naked vs Visited (Touched) POC and VA
This script also includes the following key features that hopes to provide value in your trading:
- Automatically generated key areas and levels, including all the elements above
- Those key areas and levels will fade away as they become less significant, based on number of crosses and touches
- Customizable display settings
- Customizable session for generating the MP
- Two positions for MP placement
Setting descriptions:
