Support Board
Date/Time: Sun, 24 Nov 2024 04:46:17 +0000
Time Point of Control for Bars
View Count: 90
| [2024-10-29 20:06:03] |
| robrg2675 - Posts: 4 |
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Does a study highlighting the time point of control on a candle exist? It would be like the Volume Point of Control for Bars study, but instead of marking the price where the most volume transacted, it would mark the price where price spent the most time while forming the candle. Thanks in advance.
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| [2024-10-29 20:21:08] |
| John - SC Support - Posts: 36238 |
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We do not have a study like this. And as we think about it, we are not sure how you would even determine this. You could look at the time stamps of the trades, but unless you have some particular method for assigning the time between trades to a particular price, it would seem that a Trade based Point of Control would give you what you want. You can get the Trade Based Point of Control (i.e. the price at which the most trades occurred) by using the "Volume by Price" study and setting the "Volume Bar Calculation Method" Input to "Number of Trades". You would also need to set the Input for "Value Area, POC, Peak and Valley Based on Total Volume Always" to "No". The information for the Volume by Price study can be found at the following link: Volume By Price Study For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
| [2024-10-29 23:44:27] |
| robrg2675 - Posts: 4 |
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Ok. I'm not sure how difficult it would be to implement, but it would be a matter of tracking how much time price spent at each price level, and then adding them up to see where it spends the most time. For example, on a 1-point range candle (4 ticks per point), if price spent 5 seconds in the first tick, 5 on the second, 10 on the third, 5 on the fourth, goes back to the third tick for another 10 seconds, then up to the fourth for another 5, and then up to finish this candle and start the next one, the third tick would be the TPOC. This since price spent 20 seconds there, versus only 5 for the first two and 10 for the fourth. Here is an example of a study on another platform that highlights both VPOC and TPOC on each candle. |
| [2024-10-30 00:02:04] |
| John - SC Support - Posts: 36238 |
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The point is, how do you know how much time is being spent at a particular price. Each trade defines the price at which the market is at. A trade itself is instantaneous. So it sounds like you would assume the price stays at a particular position based on how long it is until the next trade. But this implies that the longer the time is spent at a particular price means either A) There are a lot of trades at that price (the point we were making above) or B) there is not much trading occurring, and the fact that the price stayed at a particular price level really has nothing to do with anything. Anyway, we find this an interesting topic, hence the reason we are giving our thoughts, but it is really up to you as to how you want to handle this. As mentioned previously, you would need to look at each trade that makes up the bar and determine how you want to handle the times. You would need to create a custom study to do this. Refer to the following: How to Build an Advanced Custom Study from Source Code For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
| [2024-10-30 02:32:32] |
| robrg2675 - Posts: 4 |
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I now see what you mean. Thank you very much for the insights.
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