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Direct MessagesDate/Time: Sun, 12 May 2024 07:43:12 +0000
[User Discussion] - Does SC have an equivalent to the emini-watch indicator, "Better Pro-Am"?
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| [2013-10-06 04:36:52] |
| reggytrades - Posts: 29 |
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It helps to follow the 'smart money' or the big lot players, or hedge funds. It paints the bars based on the size of the trade. So probably would only work for futures? From emini-watch.com: "The second part of the puzzle is knowing what the Professionals and Amateurs are doing. You want to follow the Professionals and "fade" (do the opposite) the Amateurs. The Better Pro Am indicators have PaintBars for Professionals and Amateurs as well as accumulation / distribution volume patterns Like No Demand, Profit Taking and RAMBO." If not could somebody port it to SC, or ask emini-watch for a port? |
Attachment Deleted.  FireShot Screen Capture #122 - 'Pro Am Indicator I Emini-Watch_c - Attached On 2013-10-06 04:36:36 UTC - Size: 85.5 KB - 1182 views |
| [2013-10-06 05:18:09] |
| M5amhan - Posts: 468 |
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i feel obligated to tell you this even though it doesn't help answer your question.. following the smart money/hedge funds and fading amateurs to consistently profit in the market is a myth, but its a very good selling point for vendors to sell product because i mean amateurs suck and hedge funds make millions, right? why not just copy the people that already put in their 10,000 hours and cheat off of them by looking at their orders? there is a lot of flaws in this. 1) in today's world hedge funds and institutions can disguise themselves as 2 or 3 lots using HFTs (hitting the market 100s of times with small orders) or hide orders all together with dark pools so they wont disrupt the market. 2) trading for retail traders is a highly personalized profession, and these hedge funds and institutions are trading an entire different game than we are. you dont know if they are getting into a trade or exiting, hedging a larger trade previously put on, how long they are holding for, if they are going to add or even what stage of scaling they are in, and if they are entering pair trades or not. 3) the smart money isnt always right, there are so many firms out there trading pretty decent size and they aren't all colluding together taking the market in one direction, they pay a lot of money for their research and they want to exploit it to the fullest. even if you were to somehow magically know what they are doing, you dont know who is going to be right or not or how much heat they are going to take before they take the loss.. it could be a lot more than we could ever handle. 4) believe it or not retail traders can move markets in mass, and it happens all the time. just because volume is low in a certain direction does not mean that isnt the direction the market is heading, i mean look at this years rally as a prime example. all i heard the whole way up is "these dumb retail traders buying this market up" and "this low volume is going to get crushed by sellers" .. im ranting, i think you can see my point though what you are looking for is overall market pressure and price structure, the most efficient way to gauge that is with basic candlesticks. every single professional trader out there will tell you that, not vendors or educators, professional traders. you may be smarter than the "smart money" and not even know it unless you study the real market and not peoples orders that are studying the real market. ok rant over, i just needed to put that out there because i have seen so many traders brainwashed by this fallacy and loose a ton of money over it |
| [2013-10-06 05:20:55] |
| reggytrades - Posts: 29 |
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OK, thx.
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| [2013-10-07 10:16:16] |
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Post #2 is 100% correct. We have pointed out something similar to this several times on this Support Board. It is always concerning when we hear someone say they want to follow the smart money. You will never figure that out and the smart money is not always right. Anyone who tells you, to follow the smart money is not being honest with you even if they can show validity with what they are saying some of the time. It would never be consistent or better than other methods. The main reason you will never figure it out is simply because a large order will match up with many smaller orders. What is the chance of a large order exactly matching up with another order of the exact same size at the right moment in time? It is unlikely. And then there are all the other reasons given in post #2. And if you have a large order match up with another large order, what does it mean? There is both a buyer and a seller. It means nothing. Having said all of this, this is the reason why there are studies like Cumulative Delta Bars-Volume. This provides a much more objective longer-term analysis of buying and selling pressure that does not consider single orders, but uses the volume of all of the trading activity for a period of time Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service: Sierra Chart Teton Futures Order Routing Date Time Of Last Edit: 2013-10-07 10:25:45
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