Hey Guys,
I have been getting multiple requests for the Definition of my 30 minute Footprint Chart. Here it is: http://www.charthub.com/images/2009/04/03/30_Minute_Footprint_Chart.png
I find it really easy to track high volume areas with this chart setup. You'll find some other goodies on the chart also.
As always, when I supply a definition, I recommend you study the settings to help you better learn how to set up your own charts in a way that is best for you.
Hope it helps.
MG
Hi MG,
ReplyDeleteThe 30m volume on the bottom has an orange line. Can you explain that and give us some hints on what your looking at there? Thanks for your time.
You Rock
mic
Mic,
ReplyDeleteYeah. No problem. The orange line is a Session Statistics indicator. It tracks average volume over x number of days at a specific bar/time. So, 'A' period is measured against other 'A' periods over x number of days.
This is really important as volume is usually higher on the Open and decreases into the noon hour. Then, it increases into the close. So, volume going up or down doesn't necessarily mean much unless placed in a context.
This indicator offers statistically relevant information on volume and thus interest. It also makes it easy to see if you are having a low or high volume day statistically. On low volume and low range days, for instance, your targets may be smaller than on more volatile days.
Hope this helps,
MG
hii
ReplyDeletecan u explain how you set up this chart as I can not find how to implement this chart on my market delta