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Where to get market profile feed for forex?

  • #1
  • First Post: Feb 22, 2012 10:04pm Feb 22, 2012 10:04pm
Hello,

I'm starting to study market profile.
Where can I get a real time market profile information about the FOREX market?
Volume in MT4 is useless.
  • #2
  • Feb 23, 2012 10:59am Feb 23, 2012 10:59am
Quoting lalilo
Hello,

I'm starting to study market profile.
Where can I get a real time market profile information about the FOREX market?
Volume in MT4 is useless.
I don't know, I'm not sure such a thing can exist in the spot market.

For obvious reasons volume from any of them is incomplete so ultimately useless, I remember a few charting packages attempting something similar but it was the same, pretty useless.

Maybe you'd be better off trading futures rather than spot?
  • #3
  • Feb 23, 2012 9:16pm Feb 23, 2012 9:16pm
Quoting pipmutt
I don't know, I'm not sure such a thing can exist in the spot market.

For obvious reasons volume from any of them is incomplete so ultimately useless, I remember a few charting packages attempting something similar but it was the same, pretty useless.

Maybe you'd be better off trading futures rather than spot?

No plan to trade futures in the future

I think market profile data exist for the FOREX market, but google wasn't helpful much...
  • #4
  • Feb 23, 2012 10:38pm Feb 23, 2012 10:38pm
Quoting lalilo
Hello,

I'm starting to study market profile.
Where can I get a real time market profile information about the FOREX market?
Volume in MT4 is useless.
True Spot Forex volume can't be obtained. You can study currency futures MP volumes since they have a central exchange and true volume, though.

There are MT4 MP indicators but they operate on how long price is at a level and not volume. Its a loose translation, but the longer price is at a level the more liquidity which means more volume.
  • #5
  • Feb 23, 2012 11:44pm Feb 23, 2012 11:44pm
Quoting lalilo

I think market profile data exist for the FOREX market
I don't see how
  • #6
  • Feb 23, 2012 11:56pm Feb 23, 2012 11:56pm
I see it somewhere. But I think use tick volume
  • #7
  • Feb 24, 2012 1:32am Feb 24, 2012 1:32am
Traditional market profile is time based, not volume based, so it can be used in the forex market.
It's hard to obtain for free, I use Investor R/T with DTN IQ feed, but I believe there is a thread around here somewhere where some generous coder has complied one for MT4 free of charge.
  • #8
  • Feb 24, 2012 1:34am Feb 24, 2012 1:34am
PS you could use a Volume profile of 6E etc (the futures derivative of Eur/Usd) and execute your trades in the spot market, since they are highly correlated
  • #9
  • Feb 24, 2012 2:01am Feb 24, 2012 2:01am
Quoting Jonnyislost

Traditional market profile is time based, not volume based, so it can be used in the forex market.
Time and price, but without volume I can't really see it's usefulness. How do you use time and price information, a brief outline would do.
  • #10
  • Last Post: Feb 24, 2012 4:51am Feb 24, 2012 4:51am
Quoting pipmutt
Time and price, but without volume I can't really see it's usefulness. How do you use time and price information, a brief outline would do.
Basically as the session progresses the profile builds, the 'fattest' part of the profile would be where the price has the most time which represents 'accepted' prices.
It's just another way of organizing data to highlight accepted and rejected areas. Price has a tendency to gravitate towards accepted areas and either bounce or pass through the rejected areas very quickly.
Obviously there's a lot more too it though. Have a look for Jim Daltons 'Mind over Markets' for a good intro
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