- [Presenter] Welcome to another video
in stock market trading for beginners series.
In this video, I will show you how to get
market profile charts and volume profile charts
at low cost.
Watch this video till the end as I show in detail
how to set up Sierra Chart with all settings
and an appropriate example.
Now, three most common questions asked by beginners
who wanna get started in market profile are as following.
Number one, how to access market profile charts
to get started.
Number two, which software for market profile charts
one should use and number three
what is the cheapest way to access market profile charts.
So in this video, I attempt to answer all these questions.
So let's get started.
Now, I'll try and keep this video as short as possible.
So market profile, volume profile and order flow charts
are extremely hard to procure.
If you look at the entry barriers, that is for beginners
in this particular field is too high as the cost to procure
market profile charts and volume profile charts
is just too high.
For accessing market profile charts,
you need a combination of proper software to display
the chart and data to feed into the particular software.
In some cases, software is free but profile indicators cost
a lot and in other cases software and data is sold
as a package at exorbitant cost.
Now, let's first look at the alternatives available
and I'll be only covering those alternatives
that I have tried and then I'll give you the name
of the software and how to set it up in detail
once we finish this alternative section.
Now the reason why I'm covering these software as well
is that every trader has his own choice
of a particular software so you can explore
these softwares as well.
So the first software is Esignal's Software
and this you have to opt for the signature version
of the software and then add market profile indicators
as an add-on.
Now cost would typically be between Rs 14000 and 16000
per month and you will get software
plus the entire data package.
The second software which is quite popular
is Linnsoft Investor/RT.
Now the core package and profile package
will have to be selected if you wanna use this software.
Core package cost somewhere around Rs 3500 per month
and profile package will cost you somewhere
near Rs 2000 per month.
Total cost for the software alone
would be about Rs 5500 to 6000 per month.
And then, you would have to shell out additional
Rs 6000 per month through Esignal data
and the total cost for this particular software with data
would be somewhere around Rs 11000 to 12000 per month.
Now Ninja Trader is a very popular software.
The core platform is free
however if you wanna access TPO chart
that is market profile chart and volume profile chart,
you will have to buy this through external vendors.
Now this is where a lot of traders get into trouble
because if you opt for a monthly subscription
for these indicators in Ninja Trader,
it will cost you somewhere
around Rs 3500 to 5500 per month,
and additional data cost would be around
Rs 2500 to 3000 per month.
So in a cost of about Rs 8000-9000 with Ninja Trader,
you can completely get ready for market profile charts
but there are also some vendors who sell market profile
indicators and various other fancy indicators
for a lifetime fee of Rs 50000 to 100000.
Now, I feel this is a serious waste of money
and all beginners who are interested in market profile
should avoid doing this.
I'll show you a very cheap way of getting started
with market profile and then if it suits you
and you start making money with it
then you can go and invest in various expensive softwares.
So in my opinion, Esignal, Linnsoft and Ninja Trader
all are good softwares but I think for beginners
this is not at all suitable.
Another option which is coming up these days
is a website called Trading View Dot Com.
Now at present, only volume profile
indicators are available.
I was checking the website and there was some indications
that market profile indicators would be launched as well
but I could not find a timeline about it.
For now, volume profiling indicators is only available
under the Pro version which you have to subscribe
for about Rs 2500 per month
and you can get volume profile indicators in that.
But market profile, TPO chart, those sort of indicators
have not yet been included as to my knowledge,
so in case it does get introduced in the future
then this would turn out to be
one of the most cheapest option
to access market profile charts.
Another option is Amibroker software.
This is the most popular software at least in our country.
Now the professional edition for this software
has a one time fee of about Rs 23000
and the standard edition cost about Rs 19700.
Now data for Amibroker can be procured
for as little as Rs 2000 per month.
For market and volume profile charts,
you will have to use a AFL that Ami broker
formula language extension.
This is available freely on Google.
There are some generous users
who have actually coded market profile
and volume profile charts and uploaded on Google
so you can try this option.
I had tried to check this Amibroker software
plus this market profile AFL option
but I thought that charts were not that accurate.
But it is entirely up to you
and I don't want to discredit all those wonderful people
who have actually uploaded this AFL for free,
and you should certainly check this out.
The last option is by far the cheapest option available
for market profile charts.
Now due to data feed problem
in the Sierra Chart software.
This is realtime but you would have to manually import data
every five minutes, 10 minutes or 20 minutes.
A typical market profile data gets printed
after 30 minutes of activity so you can explore this option
because I use this in my day to day trading,
and to analyze markets overall.
Now, cost of this software is just Rs 2300 per month
and Excel data would cost another Rs 1500 per month.
So with the total cost of Rs 3800 per month,
you can get access to Market Profile, Volume Profile
and Market Depth Chart.
Again, the thing is why I am suggesting this option
is that most of the beginners who want to begin in a field
like market profile, they don't know whether that field
is suitable for them or not.
And which is why you should initially invest
as little money as possible in software
and data just to see whether this particular field
is for you or not.
In case you go in and make let's say 50,000, 100000
on a market profile software or indicator
and then one month down the line
you realize you're not suitable for this particular method.
Then that money actually gets wasted
which is why I think Sierra Chart is one option,
you should certainly explore.
What I'll do is now step by step, I'll get you to set up
this Sierra Chart software so that you can set it up
on your computer by yourself.
Just a standard disclaimer here.
I don't get any commissions.
I don't have any affiliations with Sierra Chart.
I don't do that stuff in this channel yet
so let's get started with setting up Sierra Chart.
So let us now see how to set up this Sierra Chart software.
Now once you go to sierrachart.com
and sign up for an account then you have to subscribe
to service package five which contains
all the market profile indicators.
Now these are more than enough
if you're a beginner to start with market profile
and you don't need any fancy softwares
at this stage at least.
So once you've completed account set up,
go and subscribe for this particular package.
This will cost you about $33 USD per month
which would roughly come to
about Rs 2200, 2300 per month.
Now this is the Excel sheet that is in Excel data format
for you to import data into Sierra Chart.
It has to contain symbol, date, time, open, high, low, close
and volume open interest data is complete optional.
Now there are some particular formats
which have to be followed.
It will take you just about 10-15 minutes initially
to set this up with Sierra Chart,
and then easily with the click of a mouse button,
you can import all the data every 10-15, 20 minutes
as per your convenience.
Now, the Excel sheet format should be as following
symbol name should be present,
date should be in the format, YYMMDD.
That means year year, month month and D-D, that is date.
Time should be in the format of hhmmss
which means hours minutes and seconds.
So if you look at the previous sheet,
date is in the format.
This is 2018, August 6th.
I hope this particular point is clear.
For time, this is 9:19:59.
I hope this is clear as well.
So now let me just show you how to set up
the Sierra Chart software.
Now, this is where I open up the Sierra Chart interface.
What you need to do is you first need to go to edit,
import and load into the data.
Once you install Sierra Chart, you're data will be stored
in your main hard drive Sierra chart program name
and then data section.
Here you see, I have bank nifty data already
so I'll double click this and bank nifty data
gets plotted in a simple bar chart format.
Now is the time to set up for a market profile indicators.
What I'll do is just go to chart, chart settings.
The price display format should be set to one.
Tick size should be set to one as well.
Now, number of days of data that you need to load
depend on the amount of data you have.
In this sheet, I have loaded for 90 days data.
I'll set it to that
and then click on this apply global symbol settings section,
click apply and the click okay.
Now, let us go ahead and plot the market profile data.
Go to analysis study section
then scroll down to TPO indicator.
So this is the TPO profile chart, double click.
It will come up here.
Go to settings and in this section,
click 30, enter 30 value and just click apply.
So now you see that market profile chart
in a block format has come up.
In case, you prefer letter format,
I think there is a setting here in this section.
Letters if you click, it becomes,
it come out into letters.
So I hope this particular section is clear.
There are a lot of settings that you can experiment with
and in case, you wanna get started
in this particular section.
Go to the description link here
and we're in the default Sierra Chart.
Help file would help you understand how to set up
these charts further.
So this was just a basic set up of how you needed to
set up the Sierra Chart software.
Once you click on okay and every time
as your Excel sheet updates, the only thing you have to do
is go to edit, click import and load data
and double click on this file
and this will get updated so it is as simple as this.
So in case you get stuck at some stage while setting up
this market profile software,
you can leave a comment below
and I'll tell you what to do exactly when.
It's fairly simple if you just follow the instructions
on this video, you will be able to set it up.
So now, I'll just take you through a section
of how to get started in market profile
and then you can go ahead and put this up on your desktop.
So this particular video was long due
as I had received a lot of requests from users
to help them set up market profile chart.
The way to get started in market profile.
I'll ask you to first go through
my 10 Part Series on Market Profile
which I have completed on this channel.
The other thing is that avoid getting into the trap
of fancy Market Profile Softwares.
There are so many Market Profile Softwares
which are so expensive.
It's just not worth starting
with those particular softwares.
As a beginner, if you are going to start
in Market Profile, all you need is Volume and TPO Chart.
That is volume profile chart and TPO chart
and then you can see if this particular field
suits you or not.
Everything else at this stage is not required.
It will simply make softwares vendor rich
and you won't achieve anything with that.
Now there are so many fancy softwares that those indicators
are actually visually appealing.
And I have seen a lot of beginners committing this mistake
by simply going and buying those expensive softwares
and later on realizing that market profile is not for them.
So see if this complete market profile series that I've done
it suits you as a creator and once you start practicing
the principles I've mentioned and you start making money,
then invest in expensive softwares.
I think for starting in market profile,
the basic things that you need is already covered
in this video, so in case you are finding
any difficulty in setting this up
or with any other topic in Market Profile,
just leave a comment below
and I'll get back to you as soon as possible.
Thanks a lot for watching this video guys,
I hope this helps you a lot, thank you.
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