ThinkScripter » Time Price Opportunity http://www.thinkscripter.com thinkScript Indicators for thinkorswim Sun, 29 Jan 2012 16:11:22 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Time Price Opportunity (TPO) Profile http://www.thinkscripter.com/indicator/time-price-opportunity-tpo-profile/ http://www.thinkscripter.com/indicator/time-price-opportunity-tpo-profile/#comments Sun, 27 Sep 2009 19:45:30 +0000 ThinkScripter http://www.thinkscripter.com/?p=1743 Continue reading →]]> 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

TPOZoom

DX

EUR

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