The clarity a TPO bar type can give us

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arnie
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The clarity a TPO bar type can give us

Postby arnie » 25 Sep 2014

This thread serves only as a reminder that there's a PM requesting a TPO bar type for voting

https://www.multicharts.com/pm/viewissu ... no=MC-1648

I'm using ABC's unstacked TPO study which is an awesome study but does weight on MC resources. Loading more then 5 days of data can make MC unresponsive :( and when using only 5 days, if one resizes the price scale manually it moves frame by frame alike, really slowly...

The advantages of having such bars allow us to remove all the noise that candle wicks can produce. Allow us to better view resistance/support since candle wicks sometimes difficult their reading.
Also, a TPO bar type allow us to plot on it any type of study we want to use whereas when using market profile charts that will not be possible.
A TPO bar type allow us also to take notion how markets can be really precise in breaking certain areas by only 1 or 2 ticks. Since each tick is represented by a single letter, it becomes really easy to notice by how much an area was broken.

For those who are discretionary in their trading, chart patterned oriented this type of bar can be very helpful.

Here's one of my charts as an example

Image
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Re: The clarity a TPO bar type can give us

Postby arnie » 30 Sep 2014

Here's an example of a 5min chart.
ABC's TPO study and standard candles.

Image

If on a 30min chart and more then 5 days loaded MC can become unresponsive, imagine a 5min chart.
On average, a 30min chart with 5 days loaded draws 1062 text. A 5min chart, with the same 5 days loaded draws 2806 text.
It's just impossible to go above 5 days on a 5 min chart :(

I just hope management consider offering this bar type built in MC.
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Re: The clarity a TPO bar type can give us

Postby ABC » 01 Oct 2014

I agree that MC quickly reaches it's limits with text and trendlines when you are use quite a lot. I'd love to see this getting improved, right now MC.NET is running circles around MC in this regard.

arnie, maybe a paintbar would work for you that simply spans from the high to the low. This wouldn't give you the letters, but you could either place one letter above (or below) each bar or color them with a distinct color for every bracket. It's not great, but might work as a "poor man's unstacked profile".

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ABC
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Re: The clarity a TPO bar type can give us

Postby arnie » 01 Oct 2014

arnie, maybe a paintbar would work for you that simply spans from the high to the low. This wouldn't give you the letters, but you could either place one letter above (or below) each bar or color them with a distinct color for every bracket. It's not great, but might work as a "poor man's unstacked profile".
There are situations where a workaround do the trick, for example, setting a line as bar high and as bar low which mimics a transparent channel. It has its limitations but I can live with it till management decide to built it in MC or not.
This situation with the TPO bar type there's no workaround possible, or it is or it isn't.
The letters allow/facilitate to count the range of each bar, it allow/facilitate to see by how many ticks a previous area was broken, how many ticks we are away from an area.

If that wouldn't be the case I would use a simple HL bar with a thick width.

I'm sure .NET would manage this much better, at least the TPO (market profile) study works wonderfully.
Unfortunately a TPO bar type in the .NET platform would be useless for me since all the studies I use are in the standard platform (as you know ;) ) and the advantage of having this type of bar is the chance it give us to use our studies where a market profile chart can't.


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