This is the ultimate Market Profile ® assistant. It tracks the Developing Value
Area (high and low:
The DVATool and all our other indicators are available to Premium Members.
This is probably one of the most useful and comprehensive tools for the Market Profile ® trader. It is used on a bar chart and keeps you in touch with what Market Profile ® is doing across multiple markets by automatically alerting you to events and plotting Value Area (VA) and Point of Control (POC) lines across your bar chart.
The DVATool was originally designed to track the changes of the developing value area and developing point of control across a time period. It has since become far more than that. The DVATool now also plots single prints (see lower down for more details on Single Prints) on your chart and will carry forward yesterday's VA and POC and plot those lines on today's chart for you.
You need to be running eSignal 7.9 or higher to use this tool.
The DVATool is installed as part of the
You need to be authorized to use this tool.
What the DVATool plots
Developing Value Area High
Developing Point Of Control
Developing Value Area Low
Value Area High
Point of Control
Value Area Low
To configure DVATool:
- Right click on an advanced chart that has DVATool loaded.
- Select Edit Studies... from the menu.
- Click on the Study drop down in the top left corner of the dialog box and select DVATool
- Change the parameters and click okay.
Here is a list of the parameters and what each one of them does. At the time of writing this there were 40 parameters, however, a lot of the parameters deal with enablement, color, style, thickness, and type of line being draw for each of the 6 possible lines to be drawn.
|Tick Size||The size of a tick in the symbol that you are charting. This value is picked up from a database on the web that matches the symbol that you are plotting to a tick size. If the symbol is not in the data it will defaults to 0.1. This parameter is the biggest GOTCHA that you need to watch out for and the lines will not plot correctly if this is not correctly set. (For example, you should change this to 0.25 for the ES or to 1 for the YM.)|
|Decimal Points||The number of decimal points that this symbol is typically formatted to. This figure is automatically picked up from a data base on the web but if your symbol is not in the data base then this value will default to 2.|
|Use Special Formatting||If this option is checked to true then all numbers will be displayed using their default standard format. For example, bonds will be shown in 32nds instead of decimal.|
|StartTime||The time at which to start collecting MP info. (Default: 09:30)|
|EndTime||The time at which MP info collection stops. (Default: 16:15)|
|ShowDVAFrom||The time at or after which to start showing the 3 DVA lines: DVAH, DPOC, DVAL. (Default: 10:15) This parameter keeps the DVA lines off your chart until they have some significance - keeps the chart less cluttered at the open. You usually don't look at the DVA lines until at least one (and more often two or three) bracket has been formed.|
|First Bracket Length||The number of minutes in the first bracket.|
|First Bracket Letter||The letter that represents the first bracket that corresponds to your symbol and the start time and your time zone. (Ask in our support forums if you are unsure what letter to use.)|
|Bracket Length||The number of minutes in all subsequent brackets.|
|Compute On Close||If checked on then MP data will only be updated when a bar/candle closes and a new one opens. This is useful if your processing a lot of information on your computer and want to reduce the computational overhead of this indicator.|
|Show...||Enable the lines that you want to see.|
|Color||Select a color for each line|
|Thickness||Select a thickness for each line|
|Style||Select a style for each line|
|Plot Type||Select a plot type for each line|
Single Print parameters
|Show ... Singles||If you wish to disable the showing of any of these types of Single Prints then uncheck the options that you don't want to see. They are all checked on by default.|
|Show Singles Labels||If checked on it will give details of when and at what price the Single Print was created for that line. This is very useful to see the age of the Single Print.|
|Alert when Single created||
This will put an alert into the built in eSignal alerts
window and popup the alert window when a new single is created. This is
useful if you are trying to watch the creation of Single Prints on many
symbols. Make sure that the Alert popup is enabled:
|Alert when Single filled||This is the same as the alert above except that it will show up when a Single Print is filled.|
Graphic Button and Clipboard
|Show Graphic Button||If enabled, this will put a button on your chart. If you click this button then it will display a Market Profile ® graphic in a popup box for you and also copy that graphic onto the clipboard. The graphic on the clipboard is useful if you want to then paste the information into a chat room window, email, or other windows application or even to post in a forum.|
|Button Bottom||Positions the bottom of the button from the bottom of the chart. This is useful for repositioning the button if there is already another button at that location and they are on top of each other.|
|Button Left||Positions the left edge of the button from left of the chart in pixels.|
|RF Popup Alert||(RF = Rotation Factor). If this box is checked then the current rotation factor will be added to the alert list and if the alert list is set to popup then it will, showing the new rotation factor from the just-closed bracket.|
|RF Sound Alert||If this parameter is checked to true then a sound file is played at the end of each bracket to let you know that a bracket has just completed and a new one is starting.|
|Basis||The basis for determining when one bracket ends and another starts is typically Time which is the default setting. Time brackets can be changed in the parameters mentioned above here but they are typically 30 minutes in length. If you change the basis for the creation of brackets to Volume then a new bracket will begin after X number of contracts have traded. X is set in the following BracketVolume parameter.|
|BracketVolume||Number of contracts per bracket. This is only used if the Basis parameter has been set to Volume. After this many contracts have been traded then a new bracket is started. (Note, you do not have to use a volume chart, you can use a time based chart.)|
|ShowGraphic||If this parameter is set to true then the Market Profile ® graphic will be drawn on the chart. The location that it is drawn is determined by the GraphicOffset parameter.|
|InvertGraphic||If this parameter is set to true then the Market Profile ® graphic will be rotated around the vertical (Y) axis. The bell curve will form to the left instead of to the right. This is useful if you have the MP graphic offset to the right of the chart and wish to watch the bars develop towards the growing Value Area.|
This is where to draw the Market Profile ® graphic. The
default is 1 which means that the graphic will start 1 bar to the right of
the rightmost bar. You will need to shift the chart to the left to see the
graphic. (Do this by holding down the left mouse button and dragging the
chart to the left.)
If you give the GraphicOffset parameter a higher value then the MP graphic will start further to the right - useful if you're inverting the graphic with the InvertGraphic option mentioned above.
If you give the GraphicOffset parameter a negative value then it will be drawn with the bars. The current bar (rightmost bar) is number 0, and the second to last bar is -1 etc. So a value of -30 will start the MP graphic 30 bars back.
|GraphicForeColor, GraphicBackColor, IBForeColor, IBBackColor||Allows you to change the fore and background colors for the MP graphic letters.|
|debugPW||For testing purposes - ignore this parameter|
Play with the parameters and see what you can come up with. There are so many features in this one indicator that you will be amazed at what it can do.
Try loading the indicator twice and setting it to Time Basis on one and Volume Basis on the other. Change the offset of each one and then compare the graphics side by side.
Load the indicator twice and make the settings identical except invert one of the graphics and set the offset value so that the inverted graphic is 1 number less than the standard one. This will create a symmetrical graphic pattern with a bulge in the value area. This may help you better understand Market Profile ®.
This image shows the DVATool loaded twice onto a 5 minute ES chart. The number 1 shows the DVATool set to a Volume Basis of 60,000 contracts per bracket. This is also represented by grey developing high and low value areas. (Note that for both the settings on the DVATools shown in this graphic we have turned off all the lines except for the developing value area high and low.) DVATool 2 shown in yellow is set to 30 minute brackets (standard) and the lines for the DVAH and DVAL are also colored yellow. The structure of the Market Profile ® graphics here are very similar. What can be noted is that the volume based graphic is (1) weighted more to the upside and (2) has a much smaller IB.
The chart below is a 30 minute ES chart showing only the Regular Trading Hours (RTH). In this chart we are demonstrating the DVATool's ability to find and mark single prints from previous trading sessions in order to give us a "heads-up" that a single print may be below or above us. The single prints in this chart are market as thick white dotted lines. The other 3 lines that you see market on each day are the Value Area High (VAH), Point of Control (POC), and Value Area Low (VAL) lines for each day. These are the final values from the same developing lines from the day before.
The chart that you see below shows just the Developing Value Area High (DVAH) and the Developing Value Area Low (DVAL) lines on the 2 minute ES chart up to the close of the market at 16:15. Being able to watch the developing VA lines change on a bar chart gives you an understanding about how the value area in the market is developing. Is it compacting? i.e. are the two lines coming together? Is it moving up/down? Or is it expanding?
If you have the
To make your alert window look like the one above make sure that Single Line Mode is on. Do this by right clicking in the alert window and you will then see a menu like this:
Now if you see a menu option called Single Line Mode in place of Double Line Mode you can click that to switch to Single Line Mode.
The DVATool has a number of features to highlight and help you trade Single Prints. Primarily you need and want to identify unfilled single prints from previous days. The DVATool does all of this for you saving you the time it takes to search out and find those Single Prints.
When a new Single Print forms on a symbol that you are watching the DVATool will alert you in a popup alert window and give you details of the Single Print that has formed. This tool allows you to watch (or rather it watches for you) many markets for Single Prints and keeps you on top of the game.
Once you've loaded the DVATool onto a chart you should right click on the chart and select Edit Studies... and then search through the parameters in the DVATool and enable/disable all of the Single Print features that you want. The parameters and what they do can be found higher up on this page.
Here is an example of the DVATool in action:
What you see here is a 15 minute RTH bar chart of the ES covering just under 6 trading days to the close of business on Friday the 3 June 2005. For convenience I have also loaded the AltDayColor tool so that you can distinctly see each day in a different color.
On 6/1 a single was created in the E bracket. This line remained a white dotted line like the one above it until the single was filled on Friday 6/3. When it was filled the line changed to red to let you know that the single had been filled.
The white dotted line above at 1200.25 shows us a new confirmed single that was created during the H bracket on Friday 6/3. This line will remain at this level until it is filled in the future at which point it (like the red one now) will turn red.
On the following trading session you will notice that the filled single (the red dotted line) will disappear.
You have the option to show filled singles. If you want the filled singles line to be removed from the chart as soon as the singles have been filled then you just need to check the option in the parameters list. Likewise you also have the option to change the color, thickness and style of each type of singles line that appears on the chart.
There is a third singles line that will appear on the chart from time to time. This singles line is called an unconfirmed single. Once an unconfirmed single has been confirmed by moving on to the next bracket then it will change color from cyan to white. If it is filled before it is confirmed then it will be removed from the chart.
Single Print strategies are being forward tested in this forum. This is a good place to ask questions about strategies involving single prints. You may also be interested in reading this page about Single Prints.
The number of Single Prints that are displayed on your chart depends on the amount of data that you have loaded into your chart. If you only have 3 or 4 days of data loaded then you will not see any Single Prints from days before that.
You can get around this problem by using a Time Template that forces the loading of 30, 60 or 90 days of data and by doing that you can display Single Prints that go back as far as the data the you can access.
Other indicators in this Pack/Series: