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Market Profile, developed by J. Peter Steidlmayer and the Chicago Board of Trade in the 1980s, tried to tackle the time and volume problems in financial markets for day-traders. The basic concept behind the theory was that events, including stock and commodity prices, cluster around a mean over time. This is the familiar bell-shaped curve we see in a normal distribution in statistics theory.
Prices with only a single letter can be evidence of the longer-term investor taking advantage of perceived price excess (too high or too low) while prices with many letters represent the value area, or fair value, where short-term traders are comfortable both buying and selling.
Markets continually move from a state of balance to imbalance to balance. Balance, according to Steidlmayer, represents a developing (or consolidating) market whereas imbalance constitutes distribution (or trending). Longer-term investors tend to move the market to new price levels in the distribution phase while short-term traders, along with institutions, have a tendency to trade with each other during periods of development.
Unlike traditional technical analysis and charting techniques where only price movements are measured, by using the Market Profile theories, the trader can now study the underlying nature and strength of the market.
I would like to find a Market Profile or a price histogram that I can overlay onto a bar/candle chart, something similar to the Profile display on this website: http://www.sirtrade.com/market.htm
Just to clarify some things. J-chart is not based on the same principles as market profile. Market profile uses volume and fixed time intervals to locate value areas and points of control. It uses statistical analysis to indicate the distribution of trading activity.
J-chart is time independent and does not use volume at all, only price action. It defines the states of trading activity as either building equilibrium or breaking equilbrium (chaos). The basis is fractal theory and the formation of perfect equilibriums. Anyway suffice it to say that j-chart has nothing to do with market profile and vice versa.
thanks for the indicator,
would anyone be able to reprogram the indicator to have options for market profile of the week, of 5min,15min,30min,1hr and 4hr bars
I have not tried Beluck's indicator, or the one posted by abaker, but how would you read something like this?
How would you have a clue as to what it is saying?
Market Profile
Linear Mode
