Dear Developers,
while it is great idea to include volume analysis, in my opinion, it is of no much use in current form. Volume profile was developed by P Stedenlmyrer who mentions in his books that the whole basis of the profile is a distribution. He clearly explains for anyone who bothers to read that distribution can start at any point in time and can and at any point in time. In other words it a function of a price action. To make it of any use one would have to compare several distributions. Practically this means one would have to draw them manually. Currently, there is a provision to make one custom range profile and that is it. You are supposed to be one of the best in the industry. Because of this people like me are forced to pay high subscription costs for services such as MD.
Their developers understand the concept well, one can draw profile on the range of prices same way as rectangle in Multicharts, There anohter product spesialising on volume analysis ( ranchodinero) they also have this provision. See how its done, no need to invent the wheel. This is of critical importance. Profile tools should be made as indicators so users have some flexibility. Ideally I would like to see a profile tool next to rectangle and oval on the toolbar which would also DISPLAY TOTAL VOLUME for the range ( with a provision for more statistics by custom programming ). Same about dynamic cumulative profile. Simple and powerful
thnk you
VOLUME PROFILE NEW TO 8.7
Re: VOLUME PROFILE NEW TO 8.7
Follow up: Another VERY IMPORTANT element is having ability to draw custom profiles as described above on Daily / weekly charts using daily data. Most investors and part time traders do not have expensive real time subscription and even for those who do it takes time to download several years worth of minute data. Here you have the opportunity to be one of the first in the industry. Trust me on this one: such a simple to create for pros tool will bring thousands of new customers, myself included.
(technical explanation: one could say that since we do not know exact volume distribution during the day accurate profile cannot be created. NONSENSE. All you need to do is to assume volume is normally distributed throughout the range and that it ( or if you want to be real fancy you can distribute volume evenly on long trend days and normally on the rest) . This will serve the purpose of profile 100 % well since it is designed to see total volume and which way it is skewed. No one examines them for. microscopic changes. You can have a disclaimer : ("off daily data approximation). Once again, I guarantee lots if new subscriptions because of this. Anyone even remotely interested with volume analysis ( and these days lots of people are ) can just grab Multicharts and no need to worry about fees for lifetime. this is quite a treat for customers./)
thank you for your attention
(technical explanation: one could say that since we do not know exact volume distribution during the day accurate profile cannot be created. NONSENSE. All you need to do is to assume volume is normally distributed throughout the range and that it ( or if you want to be real fancy you can distribute volume evenly on long trend days and normally on the rest) . This will serve the purpose of profile 100 % well since it is designed to see total volume and which way it is skewed. No one examines them for. microscopic changes. You can have a disclaimer : ("off daily data approximation). Once again, I guarantee lots if new subscriptions because of this. Anyone even remotely interested with volume analysis ( and these days lots of people are ) can just grab Multicharts and no need to worry about fees for lifetime. this is quite a treat for customers./)
thank you for your attention
- arnie
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Re: VOLUME PROFILE NEW TO 8.7
This has been already requested.
Please vote:
https://www.multicharts.com/pm/viewissu ... no=MC-1315
https://www.multicharts.com/pm/viewissu ... no=MC-1316
Please vote:
https://www.multicharts.com/pm/viewissu ... no=MC-1315
https://www.multicharts.com/pm/viewissu ... no=MC-1316
Re: VOLUME PROFILE NEW TO 8.7
Thank you/. Tool. Yes. Requested. But the idea to have VOLUME DISTRIBUTION OFF DAILY DATA APPROXIMATION not there. In my subjective opinion this will be very useful. I spent years struggling with volume analysis with no tools. I know the meaning of terms "pain" and "frustration". This will make a lot of customers like me much happier
Re: VOLUME PROFILE NEW TO 8.7
Is Multicharts planning on developing a Tool that can draw a Volume profile anywhere on the chart as many have requested/suggested? Without this ability Volume profiling is extremely limited and almost useless as an intraday analysis tool, IMO.
- Henry MultiСharts
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Re: VOLUME PROFILE NEW TO 8.7
jbmiguel, we have just added it in MultiCharts 14.0 Beta 1. Go check it out and share your feedback in the corresponding MC 14.0 Beta 1 thread!Is Multicharts planning on developing a Tool that can draw a Volume profile anywhere on the chart as many have requested/suggested? Without this ability Volume profiling is extremely limited and almost useless as an intraday analysis tool, IMO.