V. 6:5 (178-181): SIDEBAR: Creating Linked Histograms
Product Description
Creating Linked Histograms
Alphabetic characters were used to build the histograms in this article because it is a familiar scheme to users of CBOT'S Market Profile. However, you may wish to use arbitrary characters, with each character defining a time interval such as day, hour or minute.
A single character represents a given unit of the variable being represented. In our example, one character represented 100 shares of volume. If the unit is the smallest trading unit and the number of units becomes larger, or if a continuous variable such as time spent at price is being depicted, the diagram may become unwieldy. In this case, you would use an approximation in which each character represents a unit amount and a new character is added to the histogram only if the actual value of the variable at the price reaches a given threshold.
Alphabetic characters were used to build the histograms in this article because it is a familiar scheme to users of CBOT'S Market Profile. However, you may wish to use arbitrary characters, with each character defining a time interval such as day, hour or minute.
A single character represents a given unit of the variable being represented. In our example, one character represented 100 shares of volume. If the unit is the smallest trading unit and the number of units becomes larger, or if a continuous variable such as time spent at price is being depicted, the diagram may become unwieldy. In this case, you would use an approximation in which each character represents a unit amount and a new character is added to the histogram only if the actual value of the variable at the price reaches a given threshold.
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