Extended Naked POC line to terminate in RTH only ?

[xiinteractive]

I have NT8 Lifetime and I use OF+ a lot. I also track VPOCs especially the naked ones. I do like that the OF Suite allows me to see the naked VPOCs and I do like that by default they will terminate when they are crossed by price action... HOWEVER, I dont want them to terminate during ETH because the VPOC was created in RTH by RTH price action volume and anyone who tracks these can tell you from experience, that when they are touched in ETH it just makes them all the more probably to attract price action during RTH.

I want to know if there is any way I can make these continue to display until they are covered during the RTH session ??
Ultimately it should be a user choice and not hard-coded. Anyone who uses these should be able to configure it to stop by either (1) any price action cover or (2) only an RTH price action cover.

The exact thing applies for the Extended Naked Value Area

[NinjaTrader_Spencer]

Hello xiinteractive,

Thank you for your post.

A possible solution would be to use a second Order Flow Volume Profile and set the Trading Hours to the RTH template and having the Naked POC visible.

You would possibly need to make a the profile and other lines invisible if you do not wish to see these for the RTH Profile.

This may be done by setting colors to 'Transparent' and/or unchecking the Visible options.

[xiinteractive]

yes I agree that the solution you offered would be a valid workaround, but I am aware that the Volume Profile can use up valuable resources and I really do not want to add additional processing weight to the chart that has to be recomputed every time I load a chart such as changing the time frame which I do often enough that this would cause additional performance concerns.

As a trader I am aware very much aware that the issue of levels being tested is a matter of preference and that there are different opinions on the subject. There are a number of people that will consider a price point as covered any time price action crosses that level in any hour of open trading. I am also aware, as well as most traders are, that ETH trading volume is a mere fraction of what RTH trading hours are, and almost anyone who trades can tell you that a price level created in ETH is not any where near as strong as a price level created during RTH. This is similar to the concepts of Multiple Timeframe Analysis where a price level on a daily chart is stronger than a level on an hourly chart.... same as a four hour chart level is much stronger than a level created on small time frame such as a 1 minute chart. Anyone who knows anything about trading and charts and Volume Profile can tell you that a daily chart VPOC is ALWAYS created by trading volume in the RTH session. With this in mind, it is also solid reasoning that ETH price action may cover a naked VPOC, but that it is done with low volume trading and in such, does not constitute a valid cover of the level that was created with a much larger amount of volume. The same principle is easily visible when a price pivot point is created in ETH and then very easily violated during RTH, but a level created in RTH is much stronger than one created in ETH which can make it difficult to exceed that level in ETH.

With this in mind, and is a strong case, it is clear to see that many a trader would want to be able to set the naked VPOC (a daily RTH level) to only be covered during RTH.

Since the NT8 software is apparently unable to do this, then I would ask that this feature for a configuration parameter be added as soon as possible. Again I say, as I didn't in the original post, that the developers would make this behavior selectable in the configuration screen. This would mean a check box or a select box that allowed the user to select (1) cover only in RTH or (2) cover in any session.

As a software engineer by career, I can tell you that this should be a very simple request to implement.

Thank you for your offer of the workaround, but I'm requesting that you add this feature to the configuration screen for the naked VPOCs. I sincerely hope that you can do this without getting a million votes for it because I am making a VERY VALID point here that should have been thought of when this feature was designed and implemented originally.

[NinjaTrader_Spencer]

Hello xiinteractive,

I have submitted this as a feature request to the Development Team. I will follow up with an internal tracking number for your reference as soon as it is created.

Thanks in advance for your patience.

[xiinteractive]

did you create the internal tracking number?

[NinjaTrader_Spencer]

Hello xiinteractive,

Thank you for your post.

The internal tracking number for your Feature Request is SFT-5759.

[xiinteractive]

Adding a little more info on this topic for SFT-5759.

Please bear with me a bit while I flesh out some ideas on this issue...

* The typical way of considering a VPOC is that it is either "naked" or "covered". The purpose for this designation is for traders to have a way to score the relevance of VPOC in future trading.
* The idea of naked or covered is usually derived from whether or not that VPOC has been revisited and touched or traded through. This type of "cover" is the same as we do for other common levels such as the OHLC levels of Open, HOD, LOD, Close.
* Every trading software platform I have looked at treats VPOCs the same as OHLC levels in that if any price movement covers that price point in any session, then it is considered "covered" and the extended line for the Naked VPOC ends at the candle that traverses that price point. This is a very simple way to evaluate the condition and it is simple to program in the platform. Hence it has become kind of the definitive way to evaluate naked VPOCs.
* I have spent a considerable amount of time studying VPOCs over the last few years. I am convinced that the above over-simplified method of evaluating the naked/covered condition is not accurate. I presently have a method of using a HorizontalRay drawing tool to mark these VPOCs so that I can see them until I consider them "covered". I would not trouble you with explaining my rule set on this topic in an effort to get NT to code them into the platform. Also, no doubt that over time my rule set may evolve even more.
* The fix that I outlined above (02-07-2023, 12:41 AM post) will work for most people and the default should be to only cover the Naked VPOC in RTH price action. This could be easily implemented and would be a good move on NT's part to meet traders needs for naked VPOCs.
* There is another level of fix that I would find even more useful and it is this. Allow a third choice that lets me enter a date/time when I consider the naked VPOC covered. This way, NT does not need to be concerned with my rules or other peoples rules that will evolve over time. Just give us an "End Time" field way to specify when the naked VPOC HorizontalRay should end.

Is this possible?

[xiinteractive]

You did not answer me back yet on my last post above (07-18-2024, 07:04 PM). Please do.

I am expecting that it will be some time before this proposed enhancement makes its way to a product release, so I am wondering:

• is there a way that I can install some custom code that would Extend the current Order Flow Volume Profile indicator and add the "End Time" field to "Extended naked POC" line ?
• can it be coded as an importable add-on in a way that adds the field to the existing indicator, or would it need to be a completely separate indicator?

an add-on would suit me fine.