ThinkScripter - Custom ThinkScript Indicators for thinkorswim » TPO

Volume/TPO Profile Updates

ThinkScripter — Sat, 21 Nov 2009 19:22:00 +0000

In an effort to reduce the processor load incurred by these studies I have separated the daily version of the Volume and TPO Profiles into separate studies for 1) today only and 2) all historical days. The update is posted in the PRO Subscriber area of the forum as usual. Here is an updated video on how to set up the now three variations of the studies.

[See post to watch QuickTime movie]

Daily Volume and TPO Profiles

ThinkScripter — Sun, 25 Oct 2009 13:58:58 +0000

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

Time Price Opportunity (TPO) Profile

ThinkScripter — Sun, 27 Sep 2009 19:45:30 +0000

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.