How do I see Market Profile charts on Tradestation?
Trader Barabara sent me the following question the other day.
I think it might work, too. I will probably take your course, but I do have a few questions. First, I recently started with Tradestation and am working my way around it. So, my first question is, where is this info? Is it what appears with the Matrix? Is it the Market Depth (which I can’t seem to fathom at all)? I can’t find anything that shows prior days’ info – is this available somewhere, or do you have to print off each day’s data? If so, then how long back is the data good for? I assume one needs this info for some period of time, but at some point it may become irrelevant to the current trading (stale data). Thanks for your help.
I’m not a Tradestation user, so my ability to answer specific questions is going to be limited here.
As I understand it, the Market Profile charting (or the equivalent) isn’t a part of the base charting package. It doesn’t seem to be the Matrix or Market Depth things - as I understand, anyway. I could be totally wrong. A quick search on the discussion forum comes up with a couple of related entries, though. One of them looks to have code for programming a custom indicator. There also may be an already developed third party add-on which provides the correct functionality.
Any Tradestation users out there are encouraged to add their input.
The point I would make, though, is that Market Profile charting (or any variation thereof) is not a requirement for using the price distribution methodology of market analysis. It’s about looking for the dense trading areas and the thin ones. Those can be quite readily seen by looking at a normal bar or candlestick chart by just examining how many bars/candles can be seen passing through a given price point. That really is all MP charting does.
Struggling with support & resistance and knowing what the key market levels are? Check out the Price Distribution Analysis methods I use.
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Posted on July 16, 2009 at 11:26 am
renee wrote :
There is a way to set up a market profile chart in TS, I have not totally figured it out yet but I have seen examples in the Tradestation support forum.
It involves using an ActivityBar study, found in insert Analysis Technique.