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
I’ve taken the ThinkScripter Volume Profile indicator and crafted a supplemental version, the TPO Profile. The Time Price Opportunity method is used for the creation of Market Profile histograms. Volume is completely ignored, and instead, we count the number of times a given price occurs throughout the chart (i.e. A Time Price Opportunity). This proves to be especially useful on charts without volume like the SPX or currency pairs. With this new tool in hand, we can see a more complete profile of the price action in the SPX for the last 20 years as pictured below. The study is set up in the same way as the Volume Profile with respect to extension space to the right of the chart. The red bars mark the most frequently traded price(s). Member’s update will be published this evening.
TPO Profile
all i can say is… WOW !
Thank you.
-Eric
WOW, indeed.
What’s the performance (CPU) impact of running this and volume profile?
Has Think or Swim gotten off their asses and offered you a job so you can implement this natively?
I haven’t noticed any increased hit on performance but I will dig deeper and see what I can find.
No, no job for me
I see a note regarding performance and wanted to find out if there is a consensus that the TOS platform has become much more demanding of the hardware used. I started to get the performance errors a couple of releases ago (and I only have one additional chart with a few studies on it) and TOS Support has not been able to resolve. I bought a newer machine with a good graphics card and still get the error (albeit less often.) Anyone else have the same experience? Any tips on how to troubleshoot or best practices on number of studies or an explanation of what drives the platform to extremes?
Thanks!
Rick
Eric,
I have not forgotten you.
Is the TS_ TPO PROFILE indicator available ?
Thanks,
Garry
I noticed your examples were all based on a weekly chart. Does this and the volume profile script work on an intra-day basis as well?
Thanks in advance!
The current version of the Volume/TPO Profile aggregates all the data for whatever chart you put it on. So, on a chart of today only, the profile represents today. On a five day chart, it represents all five days of data, etc. I have another version in work which will plot one day’s data on charts of multiple days. You can see a preview of that version
Nice work! Does your TPO Profile also offer a TPO summary for a quick look at the overall TPO count of each distribution, as well as the count at the price of the greatest number of opportunities, like eSignal does?
http://www.esignal.com/esignal/features_exp.aspx?name=all
Stuart,
In short, no. There is no way currently to add alphanumerics onto a TOS chart from thinkScript. This is purely a visual tool.
-Eric
Hi,
I am new here. How can I get a volume profile script to test out? I could not find the link to it and instructions.
Thanks,
Jeff
Jeff,
The Volume/TPO profiles are part of the PRO subscription package.
Eric
Eric,
I can only find one native TPO study in ToS. Your studies offer me more flexibility plus I’ve become used to them.
Is there any reason why I shouldn’t continue to use your TPO studies?
Thanks,
John
The only concern would be the increased computational load. You can certainly use them as it suits you.
-Eric