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Using MP on FOREX ?


Hello all

I have a few questions on using MP to trade foreign currency:

1) Can anyone give me an idea of how well MP works with FX ? I use MP with futures but really want to give it a try with FX.

2) What platform/ data vendor would people recommend to use to plot/chart MP on FX ? I would prefer to use my current broker to trade (Thinkorswim) so at this point just need to be able to chart/plot MP for FX.

Alternatively is there a calculator I can use to get MP levels for FOREX pairs and how do I use the calculator correctly ?

Thanks in advance
You can use Sierra Chart, and Ensign also has a Price Histogram study (not the individual TPOs just a profile)...Both use FXCM feed.

I honestly don't know why TOS hasn't implemented some sort of volume histo or something, even if not full fledged MP...They have gone so far as to develop "A.I." Studies but not a volume profile. Weird. They seem very committed to developing tools based on feedback from their customers/clients, and I like TOS especially for their options analysis capability. That sure would be nice of them to make a volume histo study. ha ha

Getting back on topic....Sierra Chart is probably your best bet for spot FX if you want traditional MP. They don't have my favorite layout, but it works.

My favorite is Muly's TPO Profile for NinjaTrader, but no way in hell would I use Forex.com as my broker, nor MB Trading for that matter. Not to mention MB doesn't provide historical data so MP wouldn't really be feasible with them as your feed anyway.

Hope that helps.

I use MP with spot FX and I am always open to hear what others may have found in their journeys as well.
Actually your wrong about MBT. They do have history and I use it daily into a custom app.
quote:
Originally posted by blazing

...Alternatively is there a calculator I can use to get MP levels for FOREX pairs and how do I use the calculator correctly?

Here's a Market Profile Calculator. There are some instructions here.
quote:
Originally posted by roddavis

Actually your wrong about MBT. They do have history and I use it daily into a custom app.



No, don't think so.

You are probably referring to NT's historical database, but it's not MB providing the historical data.

Do the math on their commissions as well when you get a chance. Standard lot (100k) transactions are anywhere between ~$10-15/RT depending on the pair. That is insane.
Wrong again, they do have historic data. We were never discussing commissions and with regard to the ability for me to join the bid, ask or move between the spreads, currently paying $5/100k was a very small price for me to pay. Your experience may differ but the company AND its development tools AND data is why I am there.
quote:
Originally posted by roddavis

Wrong again, they do have historic data. We were never discussing commissions and with regard to the ability for me to join the bid, ask or move between the spreads, currently paying $5/100k was a very small price for me to pay. Your experience may differ but the company AND its development tools AND data is why I am there.



LOL uhh sure okay. You may want to let MB Trading know that they offer historical data, as they don't seem to think they do so either. See attached for confirmation that you were wrong.

But I'm sure you know more than they do about their services.


Unfortunately for you, you are the one that is wrong.



Don't attack people over things you are not informed about. It makes you look ignorant.



Click image for original size
roddavis Wrong




Also, it would behoove you to be aware of how much commission you are actually paying. You are paying $5/100k PER SIDE (or more depending on the pair). That is at least $10 a round trip.

Most futs brokers charge half that or less. If you are trying to engage in exotic scalp type maneuvers such as trading between the bid/ask, etc and are paying commission that high....you are fooling yourself. That is laughable.


Reaper
I was not attacking.
Now I am attacking. I am sorry you live your life in a world where you take what you are told as 100% truth. We developers share a very healthy forum on developing custom applications via the MBT SDK which supports HISTORIC DATA REQUESTS. The data is nice, fast and tradeable. But please you go on telling me different.

As far as prices. Yep, those are their posted rates and yet again your ignorance leads you down the rosier path or blindness. I trade large volume and for anyone out there that does the same, feel free to call MBT and get a custom rate as I did.

So lets see, let me help you. I don't have anything I stated above because you don't see it. There, we finished now?

For the rest of you, get the MB Trading sdk and be happy like hundreds of others. Then again don't, I really don't care about anything but the prevention of the spread of stupidity across this planet.

And it is not $10 per round trip, not only are you ill informed your reading comprehension is poor as well.
I was not attacking.
Now I am attacking. I am sorry you live your life in a world where you take what you are told as 100% truth. We developers share a very healthy forum on developing custom applications via the MBT SDK which supports HISTORIC DATA REQUESTS. The data is nice, fast and tradeable. But please you go on telling me different.

As far as prices. Yep, those are their posted rates and yet again your ignorance leads you down the rosier path or blindness. I trade large volume and for anyone out there that does the same, feel free to call MBT and get a custom rate as I did.

So lets see, let me help you. I don't have anything I stated above because you don't see it. There, we finished now?

For the rest of you, get the MB Trading sdk and be happy like hundreds of others. Then again don't, I really don't care about anything but the prevention of the spread of stupidity across this planet.

And it is not $10 per round trip, not only are you ill informed your reading comprehension is poor as well.
BZZZZZT! WRONG AGAIN ROD!


LOL sure whatever you say.

MB Trading tells me they don't offer historical data, but you tell me they do....wonder who I should listen to? I even posted the screenshot of their rep telling me that.

See, here is where you went wrong. I am a trader. I trade for a living. I am not a developer or a part-timer at this. Therefore, as a trader who trades and doesn't develop, I was not discussing their custom sdk/api development application or whatever it is, I was discussing their standard platform and rates. You jumped into the conversation telling me I was wrong about something that I was not. That makes YOU wrong. See, if we had been discussing their sdk, etc and you said they offered historical data, you would have been right, but you were too quick to spout off at the mouth, so therefore this time you are wrong

LMFAO



Oh and re: commissions, Mr Developer-

Straight from their website:

"Our FCM MB Trading Futures, Inc. has nothing to hide. We offer true, tight spreads with no markups/markdowns and openly display a low commission rate. Commissions are based on total dollar amount of the executed order at the rate of $0.50 per 10,000 traded, each side."

Here ya go: http://www.mbtrading.com/forexCommissionRates.aspx



So yes, Rod, it is in fact AT LEAST $10 per round trip on a standard lot.

There is no redox, it is what it is, says it right there plain as day.

ha ha ha ha man oh man Rod. Little slow on the uptake it seems.


I did notice the tactic to weasel out by claiming you have a "custom quote", if that is true (which somehow I doubt, considering how quick you came to shill for MB on this site)...it still doesn't make what they say on their site any less obvious about the standard comm rates...so in other words...you were, and still are...WRONG



Okay Rod, have fun with your "spot FX floor trader tactics". LOL

That was fun.


-Reaper


Yes I am shilling you got me there:

For the rest if the developers who continue to follow the thread.

1. Get your free historic data from MBT here or don't!
http://sdk.mbtrading.com

2. For those that think it is $10 per round turn. Feel free to buy 50k worth of a pair you will be charged $2.50. Sell it and you will be charged $2.50. Your round turn will be $5 or dont!

3. Lower commissions. If you are high volume, call and get a quote or don't!

4. I drive a Mercedes I love, I drink Starbucks because its convenient and I shop at Nordstroms for the selection and quality. I'm a shill for all of them too!

Hey there Rod aka Mr. Wrong, just pointing out what MB says on their page.

I'll take that over your word any day.

In any case, feel free to get back on topic. We were discussing MP on spot FX, and you decided to magically step in and take up for MB out of nowhere. I provided supporting documentation directly from MB's website...so far all you have done is offer hearsay and opinion. Which, when compared to documented facts like I produced, makes you wrong. Next time specify what you are talking about before calling someone wrong when they are not.


Thanks for letting this thread stay on topic moving forward. I appreciate your cooperation.


P.S. My wife drives a Z4 (me, being a Southerner, I'll take a truck any day). But even she, at 5'9" and a buck-twenty-five is not weak enough to drink Starbucks or shop at little prissy Nordstroms. ha ha That says plenty about who I am dealing with here. And just wanted to let you know how impressed everyone is that you claim on an Internet forum to buy expensive things. Very impressive indeed. There is nothing more impressive to me than an unsubstantiated claim made by someone on an Internet forum.


Okay, moving forward-

Alright guys, now that troll is out of the way, let us continue the discussion on spot FX MP applications.


I have been using 240 minute profiles and find they are extremely helpful. You can merge them as needed to get a broader picture. You will most likely want to drop the TPO's from 30m to 15m to make sure you have enough to build solid profiles with.