The MarketDelta Blog

One of the most popular indicator technical indicators within MarketDelta is the Profile indicator. It can be accessed when adding a technical indicator or better yet, accessed from the chart toolbar. It is the 4th icon up from the bottom on the right side. For this blog post, I want to show how to do something that is a common request for Market Profiles, but do it on our traditional chart or Footprint chart.

Many traders like to see the overnight and day activity split apart. Using the settings below, this is now possible on charts other than Market Profiles. NOTE: The Market Profile enablement is necessary in order to use the Profile Indicator. Here is a link to a video and more information on this indicator.

Chart Definition

Pay special attention to the “Time per Profile” box settings. These numbers represent the number minutes defined for the overnight and day sessions.

More Info On Dynamic Profile Settings
The Profile Indicator has been enhanced to allow for dynamic profiling. This feature has been an option within the Market Profile charts for some time. Dynamic Profiles take two periods. The first period (minimum bars period or MPB) represents the minimum number of bars that each profile must contain. The second period (breakout period or BOP) determines the bars used to form a range which must be broken in order to start a new profile. For example, consider a dynamic profile with a MPB of 12 and a BOP of 8. Once the profile reaches 12 bars, on the 13th bar, the high and low of that 13th bar will be compared to the highest high and lowest low of the previous 8 bars. If that 13th bar breaks out of the range of the previous 8 bars on the high or low side (or both), then that 13th bar becomes the first bar of the new profile. If it does not break out of that range, it becomes part of the current profile, and then the high and low of the 14th bar are tested to see if they broke out of the range of the previous 8 bars, and so on.

There are a couple of advantages to the Profile Indicator implementation of dynamic profiles over that within the Market Profile charts. The Profile Indicator can build off any periodicity, not just time-based periodicities. Therefore, the dynamic profiles can be built on top of volume bars, range bars, tick bars, Renko bars, or point and figure bars. In addition, The Profile Indicator can be access in the RTL language with the PROF token, allowing users to access historical data values such as the POC, Value Area High, Value Area Low, and so forth. A new result has also been added to the PROF token titled “Avg POC” which allows the to specify a period and chart the average POC over the past X profiles historically.