Market Profile charting is a powerful tool and is considered to be one of the best technique to analyse any world or Indian indices/ stocks. Professional Technical Experts use Market Profile Software for analyzing and for trading decisions/ online trading. In India, trading professionals are using market profile software in Ninjatrader platform mostly for Nifty charts technical analysis. There are a few market profile trading strategies that can support a trader in taking objective trading decisions.
Market profile indicators are well known for its accuracy in forecasting the market. Market Profile is perfect for understanding where the value areas are in any particular market, whether it is Nifty, BankNifty or any other stocks. Market profile indicator include Value Area High, Value Area Low, Point of Control and various parameters that determine where the market participants are positioned and at what price crucial support and resistance are formed and take decision. Market Profile Indicator is typically based on price and volume information, and they combine these factors in a way that displays price, volume, and time frame on a single chart. Market profile charts can be used as a complete trading system or as part of a larger trading system that also uses other charts. Market profile software can give deep insight on how Institutional and FIIs are behaving in the market based on intraday, multi-day profiles whereby major decisions are taken for trading/ investing. In short Market profile charts are convenient tools that can be used by both short-term investors and long-term traders.
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Market Profile TPO Count reflects an imbalance between OTF(Other Time Frame) Buyer and OTF (Other Time Frame)Seller.Market Profile TPO figure above POC shows number of OTF(Other Time Frame) Traders willing to Sell.Market Profile TPO figure below POC shows number of OTF(Other Time Frame) Traders willing to Buy.
For Example: If Total TPO Count is 504(316/177) ratio typically means 316 Selling TPO above POC and 177 Buy TPO below POC.Refer to the below Market profile Tpo count image2045.
TPO Count is done by Bell Market Profile-Pro software now and hence manual calculation should be avoided.
IB Range (Initial Balance Range) in Market Profile:
The Initial Balance Range Input setting specifies the number of TPO Profile sub periods which makes up the initial balance range.
If the Initial Balance Range Input is set to 2, Then the Initial Balance Range will be the price range of the first 2 sub periods for every TPO Market Profile. If Tpo Size Time Period Length In Minutes is set to 30, then the Initial Balance Range will be a time period of 1 hour.
What is price range,poc, value area,bell curve, selling tail & buying tail in Market Profile?
The total height of the entire profile from high to the low is called as the Price range. As per this screen shot example, the range is 203 to 196, which is greater than the IB(initial balance). Some time, prices travels above or below the initial balance. Then it is termed as a range extension. In this screenshot example, the range travels below the initial balance, shows a seller range extension.value area is calculated based on 70% of the trading activity taking place, one standard deviation from the mean The price range where 70% of the trading activity takes place, one standard deviation from the mean. In this screenshot example, it is the area between 201 to 198. If You closely observer it will be in form of bell curve. The value area represents the acceptance level of price range also called as balance area. The point of control(POC) is the longest line of letters &near to the center of the range. In the screenshot example, 199.40 is considered to be the point of control(POC). At this area most of the trading activity takes place and is considered to be a fair value for the day. M letter period is the closing range and # shows the day’s close at 197.75. The closing price is considered to be very important as it as acts as reference level for the next trading day activity. When there is a series of single tail letters on either extreme ends , it is called as a single print buying/selling tail. This kind of tail represents a strong reaction by the Other time frame trader(OTF). In this screenshot example, you can find both single print buying and selling tails. Since both are very small with 3 ‘K”letters on the top,shows the response from the other timeframe traders (OTF)were too strong. The buying tail shown by the three “K” letter period proves that the other time frame(OTF) buyer responded fast to lower rates. similarly, three “M” letter period at the top of the Market profile represents that the othertimeframe (OTF)sellers responded fast when the rates moved above value.
And hello to market profile
Bell Market Profile-Pro is designed on NT8 for active trading community to help what is actually traders visualize happening in the market.Market Profile on Ninjatrader has been one of the best tools used by professional traders since many years. Ninjatrader Market profile will show where trading is occurring and gives actionable levels to trade.