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I've spent a large number of hours customizing and tweaking SC to get a system that is similar to FT71's volume profile. What is pictured here is end of day 1/8/2013 with drawings updated for trading tomorrow.
Note: I don't really want to discuss the merits of VP or how to trade it.
Below are my settings for my 2500 volume chart.
ON High/Low - Used a High/Low for Time Period study.
IB High/Low - same, High/Low for Time Period study.
Yesterday High/Low/Close - Daily OHLC study
MID - Daily OHLC study set to 0 days back (hidden), then did the midpoint of 2 subgraphs to get the midpoint. VPOC - Volume Value Area lines
Horizontal Line settings
1- Default
2- O/S High
3- O/S Low
4- POC
5- CHVN
6- CLVN
7- Value Areas
8- LVN
I use the horizontal line tool settings almost exclusively for drawing on the RTH Volume Profile chart. Those drawings are copied over to my 2500v chart. O/S High and Low are used to draw the opening swing on the 2500v chart.
VP Chart
Quite a few settings for this page. I have the composite VP, daily RTH profiles and MCVPs. I also put the daily range with a 20 day average on here.
Cumulative VP
Use 1 Tick per Volume Bar, start date of your choosing. Maximum Volume Bar Width Type is kind of on your preference but I prefer window width with 66%. Must be right aligned. I like the "Draw Volume Profile Outline Only" but that is up to you.
Daily VP
These settings are pretty easy if you have your chart settings setup correctly. Fixed by time, days, 1. I like to do Extend point of control and Value area until intersection even though I draw over them to copy the drawings to the 2500v chart.
Micro-composite VP
When you set these settings up you will have to use the tool once (Draw volume profile) then when you go to studies and edit the settings make sure you check the box to use these settings as default so all of your future VP drawings will work.
I'm not a big fan of how SC handles the MC VPOC it is just kind of ugly and not very apparent but I highlight it anyways. I use right align and outline only. For the maximum width I use period and 33%. Keeps it small and out of the way. I can't remember if I changed the colors or not.
Thanks much for your post. I'm new to SC. I had a question about the midpoint study. Did you use the 2 Daily OHLC's HL average? If possible, I was wondering if you can post the studies collection?
Sure. Here are my settings for the 2 studies to get Mid. For the Avg of 2 Subgraphs you just select the daily OHLC that has the 0 reference days back and the High and Low for that study.
Thank you for posting your FT style charts, I appreciate it.
It looks like on your main chart, your purple mid line is actually developing as price unfolds. I'm trying to follow the instructions for showing the mid line, but for some reason, mine is just a straight line at the mid of the whole day and does not develop as the high/low of the day develops.
Could you share what type of line you have in sub-graphs section of the Average of 2 Subgraphs study?
Any help you can provide in getting the mid to be developing versus a straight line is greatly appreciated.
Sure. It's pretty easy. Only glitch I've noticed is that if you are constantly reloading your charts or reopening SC it will reset the midpoint to a straight line from the current midpoint. It doesn't go back and dynamically create the changing line.
I was able to follow all of that and have mid on my chart...the only problem I have is that no matter what I do, the line is straight the whole day...a straight line just adjusts up and down based on whether there is a new high/low...kind of frustrating, but thanks for the help.
See image.
What does your "Average" line settings look like if you click "Subgraphs" in the Study Subgraphs Average study?
Yea, true. I updated a few settings so my chartbook looks a bit different than my original screens. Also, I use IQ feed so you'll need to adjust the selected futures.