UPDATE MARCH 2010: The various profile studies (Volume/TPO) have been implemented natively by TOS and replace my thinkScript versions. I will leave these studies in the PRO bundle for those interested in looking at the code but I recommend using the new TOS versions henceforth. – Eric
After numerous subscriber requests, I put together a daily version of both the Volume Profile and TPO Profile scripts. Whereas the original profile studies total all data displayed on the current TOS chart, the new versions will display only one day’s data and the associated profile. The daily volume point of control (VPOC) is shown as the yellow bar. I have modified the original Volume and TPO Profile studies to allow the user to move them further to the right to mitigate the overlap when running concurrently with the new daily version. Note: Subscriber update has been posted to the forum along with setup instructions.
Daily Volume Profile
Daily TPO Profile
Eric – This looks awesome
Thank you. I appreciate the support! Now if I could just get Mrs. ThinkScripter to feel the same about all the time spent in front of the computer
Eric,
Thank you, thank you, thank you!
Brian
P.S. This is the best money I have spent in a long time and I really appreciate your hard work. You could (should
) be charging much more. The Volume Profile has been worth $$$ for me in the last few weeks.
Hey Brian, sounds great. I have a question for you, would you please email me at GregoryHohman@gmail.com Thanks! gh
Thanks for the kind remarks Brian.
-Eric
Nice work! This is great…
What other studies are turned on in your screenshot of the daily volume profile?
Just the Bollinger Bands, Volume Profile Total, and a custom user study I am working on….I have removed the custom study arrows as they seem to be confusing people about what a Volume Profile is.
Eric
Have you ever thought about plotting the value area (region in which 70% of trades are donte) in this study?
Yes – However, what is a trivial calculation provided you have a looping capability is not so trivial without. The normal means of properly calculating the value area requires that you start with the VPOC and add volume bars above and below until 70% of the volume is captured. This would be easy if thinkScript had a looping capability but it does not. It will require a novel solution which I have not found as of yet.
-Eric
What does TPO stand for?
Dennis,
TPO stands for Time Price Opportunity. In essence, the profile counts the number of times a price is traded throughout the study period and displays them as a histogram.
-Eric
Hello Eric, i do not understand this…how this work i want to have the script to see market profile develops intraday, i have to pay? how much, i thought this was free……this market profile shows you what?: VAH, VAL, Mean and Mode??
Thank you
This is not a true Market Profile indicator. TOS does not provide time and sales data in thinkScript needed to create a trade for trade accurate Market Profile study. This is a very good approximation of the Volume Profile created by subdividing each bar’s volume into the appropriate price levels. There are no Value Areas plotted as this would require an iterative looping capability not available in thinkScript. The peak volume price is indicated by the highlighted bar or bars. Yes, this indicator is part of the Pro Subscriber package.
-Eric
So, is the $75.00 the minimum donation amount? I”m only interested in getting this one particular script.
Please clarify.
Same here. I only want to pay for this script, don’t need the others.
Also, does this work in tick and different minute time frames (1, 3, 5, 10, 15 min, 30, 60, 2 hr, 4hr, etc)
Kerry,
The profile scripts work on all charts. The smaller the time frame, the more accurate the profile. My apologies as I no longer offer single scripts due to some unfortunate incidents with copyright theft.
-Eric