Global Trade Live has introduced a revolutionary tool for the Forex trading community, known as the Market Profile. This tool isn’t a trading strategy in itself, but rather a crucial component for currency market analysis, providing comprehensive insights into price and time information. Here, we delve into the distinctive characteristics and operational parameters of this innovative tool.
What is a Market Profile?
A Market Profile is a visual representation that amalgamates price and time data in the form of a distribution. It doesn’t function as a technical indicator but as an image illustrating the most traded price levels and associated volumes. It assists traders in recognizing when the market is transitioning from a state of equilibrium to imbalance. By scanning the number of ticks and volumes traded at specific prices or over a price interval during a given period, traders can identify the prices that the market accepts or rejects. Moreover, it helps pinpoint resistance or support price levels to predict future price movements.
Key features of the Market Profile
One of the essential attributes of the Market Profile by Global Trade Live is its ability to display the most commonly traded price levels. It also doubles as a tool for identifying support and resistance levels. Furthermore, it is versatile enough to be incorporated into scalping, intraday, or swing trading strategies. Another unique feature is its ability to reveal the hidden volume of trades.
Operational Parameters of the Market Profile
The Market Profile comes with an array of operational parameters. It permits users to set their desired session for the tool to analyze, with “Daily” being the default setting. The tool also enables users to determine the number of sessions it should consider for the market profile, and it can be customized to display the market profile in a single color or in colors based on the direction of the bar.
Additionally, the tool offers the possibility of shifting the session to the left or right, displaying key values such as VAH (Value Area High), VAL (Value Area Low), and POC (Point of Control) on the chart, and adjusting the font size for these key values. It also includes a unique feature, the Point Multiplier, which controls the number of chart objects displayed. Lastly, the tool has an option for delaying the update of the Market Profile, which is known as Throttle Redraw.
Independent Testing and Updates
For those interested in the efficacy of the Market Profile, independent testing of this product is available on the forexroboteasy.com website. Here, users can observe real-time testing results and subscribe to updates on the performance of this tool.
FAQ Section
What is the Market Profile?
The Market Profile is a tool by Global Trade Live that provides a graphical representation of price and time information in the form of a distribution. It helps traders determine the most traded price levels and the associated volumes.
Can the Market Profile be used for trading strategies?
While the Market Profile is not a trading strategy itself, it can be used as a component in scalping, intraday, or swing trading strategies.
Where can I see the independent testing of the Market Profile?
The independent testing and performance of the Market Profile can be viewed on the forexroboteasy.com website.
We invite readers to share their experiences of using the Market Profile. This article is an independent product review, and we look forward to hearing about your experiences with this tool in the Forex trading market.
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