Tradingview is probably the most common go-to charting facility for traders.
Those that want to put price action under a microscope, will find that other companies provide such opportunities.
Exo Charts, as studied in the Footprints Module, provides in-depth data regarding volume at price on any time frame.
This tutorial will provide a great overview of how you can apply Exo Charts for different trading strategies, such as scalp trading.
It will also reveal how to use the "tick" feature on Exo Charts to consolidate or expand the number of transactions on the chart, to suit your analysis.
Time Stamps
1:42 – ALGO/BTC Previous COTW (DO NOT TRADE THIS)
- A nice example of an iH&S
15:25 – CHART TYPES (EXO CHARTS)
- Different chart types can help us traders to take better trades
- By reading these charts you can move away from the time frame and you can read momentum in a variety of different ways
- Because you do not have to wait for arbitrary TF close for confirmation you can enter a trade early
- There is less noise on the chart, only useful data one would like to see
19:14 – RANGE
- A range chart creates a new candle every 6 ticks (3 dollars) in a price change.
- Sometimes there can be slippage as well
- It is beneficial to see how long each candle takes to form on Exo
- With a range chart, you can measure volatility and identify S/R levels
- You can see buy and sell pressure and foresee potential reversal coming
- Mike likes to use this chart in a channel as it can give you a heads up
- Large candles mean there is a lot of big orders being processed
26:30 – RANGE Y
- It is a modification to remove more noise
- It calculates how far the price moves from the open
33:48 – TICK
- One tick is one transaction
- Mike likes to scalp off of these charts
- If candles are printing rapidly it signifies volatility is picking up
- You can see when bigger players are entering the market (how much volume was transacted in the certain amount of trades)
- If there is a very compact candle with a high amount of delta that signifies that there is absorption going on (big trades are happening and the price is not doing much)
- This chart type is suitable for scalp traders
43:45 – Q&A
- Mike likes the Tick-230 chart the most
- If the price is moving up and you suddenly see big market sells coming in it shows the top is heavily sold (useful with range chart). When approaching the resistance line, you can see if the top is getting sold. If longs are taking profit or people aggressively selling the top this can be an early indication that the price is at the top of the range. So, short would be the safer trade.
- If the price is going up and you see big market buys coming in and OI is going up that shows you the move up is healthy (trade with momentum)
1:01:55 – BTC TA + EXAMPLE
- When the price approaches a specific level, you should see the volume, how fast it is approaching and how big is the candle. If the candle is big it shows there is volatility and big orders being processed. If the candle is small and there is a lot of volume in it, it shows there is a struggle going on and if you see a negative delta and volume increasing on the next candle you can clearly see price is rejected
1:05:15 – SUMMARY AND WRAP UP