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For nexusfi.com (formerly BMT) members who use Sierra Chart and would like to play around Peter J. Steidmayer's Time Variable Profiles, I have posted in Elite section a study which emulates them :
This experimental study is inspired by J. Peter Steidlmayer’s recent work on time variable profiles:
It should typically be applied to a 30-minute chart of a given instrument.
It draws successive profiles.
A new profile begins if the current …
Important: I have not reverse-engineered anything proprietary. I have just built something which seems to correspond to the specifications given by Peter J. Steidmayer in his various seminars.
Simply, a new profile begins if the current profile contains at least 12 30-min bars and if the price breaks out of the range of the 9 last bars.
The profile letters are displayed in red if the volume of the corresponding 30-min bar belongs to the 20 highest volume of the 300 previous bars.
Im new to sierra charts and Im trying to add this custom study you made. Im having trouble with it. Can you walk me through how to implement t to my charts/platform? Thanks!
These Time Variable Profiles.... Is it just me, or is this a similar concept to Point & Figure charts - the way you get rotations and trends?
The 12/9 parameters seem a bit mechanical as well - although I guess they are configurable. Basically, to my thinking, he's looking for a breakout from the last 4.5 hours of trading highs/lows, when the market has been moving in a bracket for 6 hours or more?....
the idea from what i understand is to trade closer to the volume. not the way most of us have been trained ...trading from the edge. most of us are having problems so i would say he is spot own. if you trade from the edge you are taking the risk of price discovery. there is no volume at the edge. so who know where that level will hold. if you trade from a fat point of control on the other hand... price should hold for a little while any way. it gives you time to bail out of your trade with a much smaller loss if things do not go your way... if things do go your way other traders are not going to jump in and take the other side of a strong move out of a fat mode or p.o.c....so your trade should run much faster and longer. cut your losses short and let your winners run... you have heard of this...
Sorry for the over one year reply. I think there is still a point missing on the idea apart from what you have said. Trading new orders as put by Peter would mean trading not necessarily in the fat high volume node on the chart but on where the DOM indicates there was a supply of orders waiting bigger than the middle.
The entire thread looks very clarifying though. I'm not sure if there is a continuation of this discussion anywhere else.
most of the stuff i reviewed was dated. i have emailed them multi-times. no answer i do not for sure what the hell is going on. i have not read or see any thing recorded that says he uses the limit order book for any thing. that does not mean ....he does not . i just have not seen it. were it.... you will not find any thing any where i looked.
