Continuing from TPO Part 3.
This lesson is focused on an all-in-one template, merging TPO, Volume Profile, and Candlestick data.
It is known as the TPO Chart Template.
Each aspect of the template will be explained in this tutorial.
Continuing from TPO Part 3.
This lesson is focused on an all-in-one template, merging TPO, Volume Profile, and Candlestick data.
It is known as the TPO Chart Template.
Each aspect of the template will be explained in this tutorial.
Key Points of the Lesson
UTILITY
All-in-one template that makes the relevant data easily accessible.
Includes TPO, Volume Profile and Price Candles.
Empowers you to be able to find better trade setups.
IMPLEMENTATION
Specialized software: Exocharts Web.
Load standard CC TPO template.
Leave default template settings (recommended) ⇒ Changing Tick Size will change VA end POC.
FEATURES
A/B TPO ⇒ Example 30%/70%.
Shows the time spent above/below the POC.
Helpful when comparing with the Volume POC.
A/B VOL ⇒ Example 100M / 243M.
Shows the volume above or below the POC.
Helpful when comparing with the Time POC.
Total Delta (D) ⇒ Example 1M.
Shows the total Delta for the daily session.
Volume (V) ⇒ Example 390M.
Show total Volume for the daily session.
Initial Balance High (IB H) ⇒ Example 2300.
Initial Balance Low (IB L) ⇒ Example 22500.
Average Candle Range (ACR) .
Average candle size in the current daily session.
Can be used like The Average True Range (ATR).
Useful for multi-day ranges ⇒ Increasing candle size upon breakout/breakdown?
Rotation Factor (RF)
Each 30-minute column is given a score of +1,0 or -1.
RF is the running tally for the daily session.
Shows direction of the attempted price move.
High positive RF ⇒ Generally bullish.
Low Negative RF ⇒ Generally bearish.
Daily TPO Statistics Column.
Shows number of TPO blocks, total Volume and total Delta horizontally.
Helpful to use high Volume and Delta transaction levels ⇒ Can provide a price rejection, scalp trade possible.
TPO session Open and Close.
Arrow next to the Open and Close.
Double-click the daily TPO profile to merge or expand.
TPO letters in heatmap colours.
Heatmap split into four zones of twelve.
1st red, 2nd yellow, 3rd green, 4th blue.
Visual aid to see (must disable VA):
Most time spent ⇒ lighter.
Less time spent ⇒ darker.
Volume Profile.
At the right of the TPO profile.
Helpful to see POCs (Time vs. Volume).
Zoom in to see Volume % (or preferred setting) and Delta colour (blue= positive, red = negative).
TIPS & TRICKS
POC and VA calculations will depend on the setting “use volume for VA POC calculation” checkbox.
30 minutes, Tick Size 50 recommended.
Many negative RF days during sideways price action:
Price doing a “bad job” attempting to go lower.
Market likely to rally upwards.
Advantage of Volume Profile and TPO together ⇒ Can easily see discrepancies.
Time vs. Volume discrepancies can provide crucial information ⇒ Possible to fade (counter-trade) a move.
TAKE HOME MESSAGE
Easily view relevant daily statistics.
Compare Time vs. Volume on one screen.
Use this information to significantly increase the probabilities of your trade setups.