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How to ACTUALLY use Volume Profiles — Transcript

by Andrea Cimi · 4,940 words · 689 segments · language en · Watch on YouTube

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0:00In this video, I will show you probably
0:01the best trading indicator out there.
0:03And it's not one of those technical
0:05indicator like RSI, MACD, blah blah
0:07blah. It's literally the money
0:09indicator. And this indicator is called
0:10the volume profile. And it's actually
0:12showing you where most money in the
0:15market was traded. A lot most retail
0:17traders use normal candlestick and price
0:19action concepts like higher highs,
0:20higher lows, support and resistance, and
0:22the classic stuff you find on the online
0:24retail trading space. But in the
0:25professional worlds, in hedge funds, in
0:27the floor of world champions, they use
0:29these type of indicators. And for good
0:31reason, because if you use this
0:32indicator correctly, and we're going to
0:34learn how in this video, it can allow
0:35you to truly follow the smart money on
0:38the charts. And what are the actual
0:39areas where they pour in a lot of money
0:42that eventually moves price action. So
0:44for all of those who are kind of not
0:46into indicators, price action is more of
0:48an indicator than volume. Volume is what
0:51drives price. So you could consider it
0:53some sort of leading indicators towards
0:55price. In this video, I'm going to teach
0:56you all the basics on what the volume
0:58profile is and how to use it in a very
1:00simple way to apply it right away in
1:02your trading and see some radical
1:04improvement in the way you open your
1:06trades, you find areas and your overall
1:08trading performance. So let's get
1:10started. So this is how a volume profile
1:12looks like. It basically show you at
1:14every level of price how much volume of
1:17transactions happened in the
1:19marketplace. And we define a transaction
1:21simply as a buyer being matched with a
1:23seller. Okay. So volume profile shows
1:25you the distribution of trading activity
1:28inside of a session. For example, this
1:31is a daily volume profile. You could use
1:33a weekly volume profile. You can use a
1:35one minute volume profile. So you can
1:37see the distribution of trades inside of
1:39any time frame you want. And what you
1:41will notice is there's going to be a lot
1:43of areas with big volume and a lot of
1:46volume and areas with lower volume. And
1:48this is the main thing we want to take a
1:50look at high volume areas and low volume
1:52areas. So you you have areas with high
1:54distributions of volume and areas with
1:57small distributions of volume which
1:59means that a lot of trading happened in
2:01these areas and less trading happened in
2:03these areas. Then these levels where
2:05there's a lot of volume specifically in
2:08a few levels of price we call these high
2:12volume nodes or HVN. the areas where
2:15there's a little less volume and you
2:17have these valleys compared to these
2:19peaks in volume. These valleys we call
2:21them low volume nodes. High volume node,
2:24a high volume node, a low volume node.
2:26This is another low volume node. This is
2:28a high volume node. This is a low volume
2:29node. Another low volume node. This is a
2:31big high volume node. High volume node.
2:33This is clearly a valley because you see
2:36volume decreasing. So this is a low
2:37volume node. This is a high volume node
2:39again. Another one over here. Another
2:40one over here. And then you have
2:42ultimately the lower in the lower area
2:44another low volume node. So this simply
2:47means there was a lot of trading over
2:48here. There was a lot of trades taken
2:50also by big institutions and there was a
2:53lot of exchange of contracts a lot of
2:56trading activity from both sides of the
2:59market from the buying side and from the
3:01selling side. When you see low volume
3:03nodes instead, this basically means that
3:05there was few trades happening there,
3:07right? You didn't have a lot of buying
3:09pressure and a lot of selling pressure.
3:11Typically, what you have in the low
3:12volume nodes is one side of the market
3:15is exerting a much harder pressure on
3:18the overall auction on the overall price
3:20compared to the other one. So low volume
3:22node are let's say the more directional
3:25sprints of the markets. So if you have
3:27to kind of visualize it on a price
3:29action level, this type of volume
3:31distribution where you have low volume
3:33here and then a lot of volume here, a
3:34lot of volume here will probably
3:36something like this. Price going down
3:38really fast, especially here, right? Not
3:40a lot of retracements going on. And then
3:42when we start having this big volume
3:44areas, you'll see price spending a lot
3:46of time there, right? Cuz when a lot of
3:48time is spent, a lot of time is being
3:50spent there trading, exchanging a lot of
3:52contracts and stocks and cryptos,
3:54whatever it is. Then you have a slightly
3:55lower volume here. So you're probably
3:57going to have a phase of expansion
3:58typically and then a lot of volume in
4:00this area. So a lot of time spent here
4:02as well. So all throughout this area,
4:04you'll typically have a lot of price
4:06action. And instead, you're not going to
4:08have a lot of price action having gone
4:10on on the lower area where there's lower
4:12volume. So typically you're going to see
4:14both. You're going to see when there's a
4:16lot of volume, there's typically a lot
4:17of price action. When there's low
4:19volume, there's less price action. So
4:22how much time is spent on a specific
4:25range typically determines also how much
4:27volume is traded at that specific uh
4:29range of price. And as you can see we
4:31have this different coloring between
4:33this gray area and this yellow area.
4:36Well, this differentiation is based on a
4:38statistical concept called the normal
4:40distribution or the Gaussian
4:42distribution which is something of you
4:44guys might have learned at school, some
4:45of you might have not. But put it in
4:46very simple terms when you analyze a
4:48sample of data typically throughout
4:51several observable phenomenons and let's
4:52say these are some numbers that you can
4:54quantify somehow they will tend to fall
4:56under this type of shape this type of
4:58bell. The classic example I make is with
5:01the length of penises. So the
5:02distribution of a population's penile
5:05length will also fall under a very
5:07similar curve where on this axis you
5:10have penises of the length of 6 cm 7 8 9
5:1310 blah blah blah up to 18. So for
5:16example, you're going to have very a
5:17very low amount of people with a penis
5:19shorter than 10 cm. Very few people with
5:22a penis above 15 cm and most of the
5:25people being in the average range
5:27between 11 and 14 or in the distribution
5:30of height of males in a population. You
5:33can see there's a lot you can see most
5:35of the people are going to fall under a
5:37height between 160 cm to 175
5:41approximately. very few people are going
5:43to be in the lower percentiles. So in
5:46the very short people and very few
5:49people will be in the highest
5:50percentiles where people are really
5:52really tall and going to the 6'4
5:54heights. So the same concept can be
5:56applied with volume where you have a lot
5:59of volume traded at these prices less
6:02and less volume traded at upper prices
6:05less and less volume traded at lower
6:07prices. So the normal distribution of
6:10volume in this specific sample falls
6:13under this range of price. So
6:15statistically speaking everything that
6:17falls under this range is considered
6:19normal. Anything that happens outside in
6:22the outer percentiles of our statistical
6:24distribution is to be considered
6:26somewhat an anomaly. Just like a super
6:28tall guy or a super short guy are
6:31anomalies. trading activity happen at
6:33upper prices and or at lower prices
6:36compared to this distribution is to be
6:38considered some form of a statistical
6:40anomaly inside of that session. And so
6:41what we'll typically see is 68%
6:45of the samples that we take into
6:47considerations 68% will fall under one
6:50standard deviation. Okay, this is a
6:53negative and a positive standard
6:55deviation. 95% of the samples will fall
6:58under the second standard deviation.
7:00negative standard deviation and positive
7:02standard deviation and 99.7%
7:05of samples will fall under the third
7:07standard deviation either negative or
7:09positive. So what we typically plot
7:11inside of a volume profile distribution
7:13is the first standard deviation only. So
7:16where 68%
7:18more or less we typically round it up to
7:2070%. This is where 70% of the volume was
7:24traded throughout that session. So let's
7:25imagine a profile where this is the
7:27current distribution and this is the
7:29standard deviation. Well, it means that
7:31most of the money was traded inside of
7:34this area. So, anything that happens
7:35outside is to be considered an anomaly
7:38that could revert back to the mean. So,
7:40whenever, for example, we are inside of
7:43a volume range. One of the very common
7:45type of trading that we can look for is
7:47reversal trading and rangebound trading
7:50setups where we basically sell the tops
7:52and buy the bottoms whenever we go
7:54outside of the first volume standard
7:56deviation because we both have the
7:58statistical reference of anything that
8:01happens out is an anomaly statistically
8:03speaking. But aside from statistics
8:05alone, we also know that compared to the
8:08distribution, these are cheap prices
8:11where smart money could buy. And these
8:13are premium prices where smart money
8:15would prefer to sell, where it's more
8:16likely to see aggressive sell activity
8:19or aggressive buy activity pushing the
8:21auction back in a situation of balance
8:24and maybe target the highest volume
8:27areas as a very probable target or the
8:30other side of the distribution. So, for
8:32example, when we see a breakout that
8:34fails, we call this a failed auction. We
8:37might, for example, want to buy here
8:38with a stop-loss below here, targeting
8:40either the other side as a take-profit,
8:43or if you want to be more conservative,
8:45targeting the point of control or the
8:47highest volume node inside of the
8:49distribution as a take-profit. And these
8:51are all trading setups that can have a
8:53very decent win rate with typically a
8:55high risk-to-reward ratio. Another way
8:57you can trade these is trend following.
8:59So let's say before there was a
9:01distribution of price here that created
9:03a lot of volume. Okay. Whenever you see
9:05a new distribution of price happening
9:08above the previous one and a big chunk
9:11of volume being traded at higher prices
9:14than the previous biggest chunk of
9:15volume. That's when you can qualify that
9:17we're in an actual trend. Not just using
9:19price action like this, okay? With highs
9:21and lows that can be momentarily
9:23breaking out but then breaking back in
9:25and then creating, you know, all of
9:27these fake outs. Well, just take a look
9:28at where the total distribution is.
9:31these anomalies and let's trade it when
9:33we have a serious breakout, right? And
9:35we see volume breaking out, not just the
9:38high, but the whole range moving up
9:40because that's where the money is.
9:42That's where most of the money is being
9:43traded. So, we want to follow the money.
9:45So whenever this happens, you can either
9:47buy over here to have even a higher
9:49risk-to-reward or wait for a very strong
9:52breakout that spends some time outside,
9:55enter on the test, stop-loss under the
9:57main high volume node, and that's also a
9:59very high win rate, high risk-to-reward
10:01type of setup. So this is all the basics
10:02on what it is and already a little hints
10:05on how to use it. But of course, you're
10:07going to ask yourself, where how do I
10:09get this type of indicator? Where can I
10:10find it? And the truth is, you can find
10:12some free versions of this online. So,
10:14one option you have is to go for Trading
10:16View's volume profile indicator. So, you
10:18look for volume profile and you have the
10:19session volume profile, which is
10:21something you need to pay for, by the
10:23way. It's not included in the free
10:25version of it. And you're going to get a
10:26first level of volume profile. Let's go
10:28on the future contract. And yes, as you
10:31can see, we have a daily version of the
10:33volume profile. But the problem with
10:35these volume profiles is they're a
10:37little bit weird. They're not based on
10:39actual trading data. They're based on
10:41something called tick volume, which is a
10:42very rough approximation of actual
10:45trading volume. Plus, they are grouped
10:47in a weird way that personally I don't
10:49really like. You can kind of customize
10:51it, I think, with the row size and stuff
10:53like that. But the problem with these
10:55type of volume profile is they're a
10:57proxy of real volume. You could use
10:59them. I personally don't because for my
11:01trading, I want to access real data. And
11:03if I have to pay for it, I might as well
11:05just go for the real deal, which is for
11:07example what we have on deep charts. And
11:08on deep charts, if you open a new price
11:11chart and select, for example, the S&P
11:13500 or anything else here, you not only
11:15get a normal price action chart, but you
11:17also get real volume from the CME
11:20exchange, which requires more powerful
11:22computational data this platform
11:24provides, which is also why it's a
11:26desktop type of platform because this
11:27data is processed mostly by your GPU or
11:30CPU. So, I can right click on my chart,
11:32go on indicators, and search for deep
11:35profile. And I have a lot of them. I
11:37will just add the deep profile and you
11:39can start seeing it now on the screens
11:41and this is going to be based on the
11:43actual volume from the exchange. So
11:45let's kind of compare it to the normal
11:48type of volume profile and see if there
11:50is any difference. Let's put this one
11:51here and let's put this other one over
11:52here. We have to connect to the data
11:54feed. So it loads the rest of the last
11:56few days of data. Now let's compare this
11:58session as an example in this type of
12:00tick database volume chart where a
12:02volume is considered such where you had
12:05at least one tick up or one tick down
12:07and that constitutes one volume but for
12:10every tick up or every tick down there
12:12could be countless contracts being
12:14traded. So it's a proxy again. So it's
12:16not going to be as precise as this. And
12:18as you can see if the point of control
12:20of this distribution is now here around
12:23the prices of $69.99
12:26here the point of control is at 69.87 so
12:29several points below. So you don't have
12:31the same level of reliability and the
12:34the level of details that allow you to
12:36take truly informed trading decision
12:38because again this is a proxy which
12:40approximately gives you the same value
12:43area. Okay, like this is pretty decently
12:45similar. Uh even though even here you
12:47can see that this volume area ends here,
12:49but the actual value area here ends up
12:52below all of these lows. So slightly
12:54below. As you can see, there's some
12:56considerable differences here that makes
12:58me if I want to pay even around the same
13:00price, I'm going to go with the real
13:02deal. I'm going to go with the actual
13:03volume profile. And so on these
13:04situations, for example, we can see that
13:06the last distribution of volume was
13:08here. So this is the previous session
13:10volume profile, right? And so this is
13:13what we can consider the first standard
13:15deviation, right? And what volume
13:16traders typically will do is they will
13:18consider the area around the 70% the
13:22upper limit of the first standard
13:24deviation and the area around the lower
13:26standard deviation as an overall area of
13:29support and resistance as we discussed
13:31before. And around all of this area is
13:33where you had a lot of trades trying to
13:35break out and revert back to the mean.
13:37Bounce from the downside, bounce from
13:38the upside all the way to the mean. And
13:40this is the first time where instead we
13:42had some volume over here which is
13:44probably going to lead to a breakout at
13:46this point. But let's see. We don't
13:47know. It's still the London session. And
13:49another reason why I would use for
13:50example a deep charts volume profile is
13:52that you can go down here in the daily
13:53volume profile. Go to the settings and
13:55set it not only with volume but with
13:57volume and delta which is a very
14:00interesting type of data. So instead of
14:02just having a normal profile, this
14:03profile shows you the delta of volume at
14:07each level. So you have to know that the
14:09way volume is calculated is the normal
14:11volume is total buying pressure and
14:15total selling pressure. Delta tells you
14:17the total buying pressure minus the
14:20total selling pressure. So you have the
14:22net level of pressure at each level of
14:25price. This is what we call a delta
14:28profile. So it's not just a volume
14:29profile. That's why it's called the deep
14:32profile, right? It's in the name. It's
14:34the deep profile. It's the deeper level
14:36of information than just volume. And you
14:38can see that here there was a a big sell
14:40order at the very top right over here
14:43that brought price back into a situation
14:45of balance, right? And then you clearly
14:48saw a very big cluster of aggressive
14:51buying happening all the way at this
14:54level of prices. And that's exactly
14:55where buyers step in again in the rest
14:58of the session and pump all this way up.
15:00This is something that you probably have
15:01seen. Fabio Valentini, one of the best
15:03scalpers uh out there, use a lot this
15:06delta profile where you can also clearly
15:09see from the previous session where was
15:11the area with most selling. Well, it's
15:13clearly this one. There's no doubt about
15:15it. It's numbers, right? So, all of this
15:17area we can extend it. Let me put a
15:18little bit of a background. And this is
15:20where the battle happens a lot of time.
15:22This is where sellers take control of
15:24the auction over and over and over again
15:26multiple times and again here a lot a
15:29lot a lot of times. And another
15:30information that the deep profile gives
15:32us is this yellow line here which is the
15:35volume weighted average price which is
15:37also known as the VWAP. And the VWAP is
15:40simply the average price of the entire
15:43session weighted by volume which is this
15:45one over here. We can set it up and we
15:46can also have the developing VWAP which
15:48a lot a lot a lot of traders love to use
15:51especially institutional traders because
15:52it's the most common reference points to
15:55you know it's one of the most common
15:57levels or mathematical formulas used in
16:00the institutional space for best feeling
16:02algorithms best execution algorithms and
16:05stuff like that and another very
16:06interesting thing that we can do is we
16:08can go down all the way to filter split
16:11time and have it split it RTH which
16:13basically mean it's going to split the
16:15profile in two different profiles. One
16:17being the cash session or the regular
16:20trading hours, the stock market session
16:22and the other one being the Asian
16:23session and the London session. So for
16:26example, I can also have between the
16:28indicators I can search for volume which
16:30is the classic volume indicators that
16:32you know shows you volume by time
16:34instead of volume by price. And you can
16:36clearly see you know the regular trading
16:38hours are the hours where most volume is
16:40traded. So you might want to have only
16:43the volume profile for the so-called
16:45cash session, the regular trading hours,
16:47because that's where most money is
16:48traded anyways. And consider these
16:50areas, so the areas, the value areas of
16:53the volume profile of the cash session
16:55instead of the entirety of the session.
16:58And you'll see that those are the areas
17:00that responds best for price action
17:02ideas, for breakout ideas. So this is
17:04how I personally like to keep my volume
17:06profile looking. So to summarize a way
17:08we can use this for example is the first
17:11use case would be to see approximately
17:14roughly where these volume profiles are
17:16going right and whenever we see a shift
17:19in volume it's not just a shift in
17:21market structure it's a shift in where
17:23the real flow of money is going which is
17:26a much more statistically significant
17:28indication than simply highs or lows
17:31that can be widely random at times. So
17:34as we like to see bulks of price action,
17:36we want to see bulks of volume because
17:39that's where the money is going. So
17:40instead of just using the classic market
17:43structure, we can use volume market
17:45structure, also known as the auction
17:46market theory model. So the first way is
17:48to determine a bias. So we know the
17:51trend is up if we see volume going up,
17:53if we see the money going up. The second
17:55way we can use this is to qualify
17:57support and resistance quote unquote or
17:59supply and demand areas where if we
18:01already know that we're in an uptrend,
18:04this is the previous session value area,
18:05the point of control. We know that for
18:07example, if we want to look for buy
18:08opportunities, we might wait for around
18:11this area, the lower part of our
18:13distribution. We want to see price
18:14failing below and then entering our
18:17trade together with a trend and maybe
18:18target the other side of the value area.
18:21Or if we spend some more time inside
18:22here, but then we break out and spend
18:24some times inside, then opt for a
18:27breakout type of trade. So the first is
18:29bias. The second use case is as a
18:32support and resistance area. And lastly,
18:34we could also use it as a trigger, which
18:37is the final use case that I will show
18:38you today. And I'm just going to go on
18:40templates in the full version. I'm going
18:42to select Andrachimi ES 5 minutes. And
18:45this is a template that you can find
18:47inside of deep charts where you can
18:49simply already have the split volume
18:50profile for each session, the cash
18:52session and the London plus Asian
18:54session, the extended trading hour
18:56session or electronic trading hour
18:57session. A composite volume profile that
18:59tells you the entirety of the volume
19:02distribution of the chart you have that
19:04I typically like to go on up over here
19:07price settings and maybe I want to load
19:09for example I don't know 90 days of
19:12price. I'm going to apply it save. It's
19:14going to build a chart because there's a
19:15lot of data that needs to be processed.
19:16There you go. And now I have 90 days
19:19worth of market data and I have a very
19:21beautiful overall profile distribution
19:24of the current volume. So I can use this
19:26as a long-term bias. Then I can use
19:28sessions, the daily sessions as my
19:30intraday bias. Plus, and finally, I can
19:33use the volume profile of each and every
19:37single one of the candles. As you can
19:39see, the more I zoom in, the more I can
19:40see there's a volume profile in each
19:42candle. And I can see through order
19:44flows, so through shortterm volume
19:46trading activity, if there's absorptions
19:49or if there's initiative phases. For
19:51example, I can see from the volume
19:53profile distribution of this candle,
19:54there was a lot of buying happening over
19:58here. Let's zoom in and see it with our
20:00own eyes. Make the text a little bigger.
20:02Yep. And as you can see, a sell candle
20:04happened here, which means sellers took
20:06control of the auction. And here I can
20:08see that there is something happening
20:10over here that most price action traders
20:13won't be able to see which is there is a
20:15buyer here which was trying to buy this
20:18market but a huge seller blocked his way
20:20up. So there was a huge chunk of volume
20:23over here that shifted from being up
20:25here. So the first distribution was over
20:28here. This is where this was the main
20:30let's say value area and now the value
20:32is shifted and we have a lot of volume
20:34traded over here. So, we not only have
20:36an engulfing type of pattern where you
20:38have one candle being bigger than the
20:40previous one, but we can also have an
20:41extra confirmation with volume that
20:43allows us to have a even deeper edge to
20:45understand who's really in control. And
20:47after that candle, you see price melting
20:49down right after we've failed to break
20:52out the main value area of the daily
20:54distribution. And so when you see a
20:56pattern like this and when you see such
20:58a shift in volume in the shortterm time
21:00frames as a confirmation of your main
21:03idea in the higher time frames which is
21:05the one we talked about before where we
21:06have a statistical anomalies in this
21:08session and we might as well fade it
21:10back to the mean. That's our trigger
21:12with a stop above here and trading all
21:15the way until here. Or another example
21:16here of the opposite type of setup where
21:18we have yes a distribution of volume
21:21around this area. So this is our current
21:23value area and in the following session
21:25what happens is and of course we only
21:27take a look at this cash session forget
21:29about the London session for a second
21:30and consider this cash session instead
21:33even though as you can see these areas
21:34are pretty much working all the way also
21:36in the London session multiple times.
21:38What happens here is we start the
21:40session on the lower side. We go we
21:43shoot all the way up to the other side
21:45of the range. We fail to auction above.
21:47We drop back inside reverse back to the
21:49mean. But then we break out again. And
21:51when we break out again, it means we're
21:53starting to spend a long time there. And
21:55for example, this is the opening range.
21:56And when we break out of the opening
21:58range, we can buy this market with a
22:00very conservative stop-loss right below
22:02here and basically take this entire
22:04session for a 1:3 risk-to-reward ratio
22:07with a really, really high win rate.
22:08when we have a qualified breakout
22:10outside. So you can either again fade
22:13the bottoms and the tops of the volume
22:15profiles of the first standard deviation
22:17of volume or trade the breakouts when
22:19you have serious confirmation that we're
22:22actually moving out of the current area
22:24of fair value. And these my friends are
22:26some very easy examples on how to use
22:27the volume profile. And by the way a lot
22:29of people ask me how about the point of
22:31control? How should we use the point of
22:32control? Should we enter on the point of
22:34control? I would not look at the point
22:36of control as a singular level because
22:38that can be random at times. I prefer to
22:40look at distribution of volume. That has
22:42much more meaning than how much volume
22:44was traded in a single level. Cuz look
22:46at this. Yeah, this is the point of
22:47control. This is the level where most
22:48money was traded. But look at the
22:49following one. It's basically the same
22:51amount of volume. This one is basically
22:52the same amount of volume. This one is
22:54the same amount of volume. There's not a
22:55huge difference. It's just maybe also
22:57randomly. This is the main point of
22:59control, but who cares? Like this is the
23:01high volume node. It's more important to
23:03find a high volume node than the actual
23:05precise point of control because again
23:07as we said that can be due to
23:09algorithmic activity that was not meant
23:11to be at that specific level but more in
23:13an area of price. Okay. And as of now
23:15you've just seen me you know show you
23:17past stuff. Okay. So another thing that
23:19people might say is yes in hindsight
23:21everyone's good to cherry pick a couple
23:23example and I totally get that. I need
23:26to do that to show some examples. If you
23:28want to see some live examples, we're
23:30going to trade with the volume profile
23:32every week inside of this channel. So,
23:33if you haven't subscribed yet, do it now
23:35and click the notification bell so you
23:37don't miss out on the practical
23:38implementation of the stuff, which is of
23:40course the most important part. If you
23:41want a specific in-depth full tutorial
23:44on how to set up your volume profiles,
23:47all the little nitty-gritty details and
23:49the nerdy stuff on how to properly set
23:51up your volume profile, all the
23:52different types of volume profile like
23:55the deep swing profile like the fixed
23:57range profile like this one, the comp,
23:59how to set up the composite volume
24:01profile, and all of these beautiful
24:02tutorials. I'm going to make an in-depth
24:04tutorial on the Deep Charts YouTube
24:06channel. I'm going to leave the link
24:07down below and in the next few days
24:08you're going to see a tutorial there
24:09that I might link all the way over here.
24:11That's all for today folks and I will
24:13see you in the next one.

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