Marke et Profile e Softwar re Checkl list WindoView W ws Janua ry 2011

r since we introduced d the new WT W softwar re almost 1 10 years ag go we are constantly asked Ever ques stions such h as - What's the best Market Profile Softw ware availa able? What t features s should I look k for in a Market Profi ile Softwar re Application? What v vendors of ffer Marker r Profile Charting? Etc.. help traders answer these and other o quest tions about t Market Pr rofile softw ware we de eveloped To h this marker pr rofiles softw ware check klist. While most of th his checklis st relates to o the Mark ket Profile, man ny of the questions an nd stateme ents also ca an also be used for T Technical A Analysis sof ftware. Just t add, modify, or dele ete items and requirements uniq que to you and your trading situation. Plea ase note, ev ven though h we developed this checklist, c it t was not a and is not d designed to lead you into a subscrip ption of Win ndoTrader Blue. But, , on the ot ther hand c candidly, w we know fr rom experience that wh hen prospec ctive subsc cribers include Windo oTrader Blu ue in their s search and d evaluaw will gain n subscribe ers. tion process, we So ome of the e Benefits s of Marke et Profile S Software ket Profile software it tself, we al lso get the question - how does s In addition to questions about Mark elp my trad ding? Well, thats alm most impos ssible to an nswer beca ause almost every tra ader trades s it he g, and exe diffe erently bas sed on their different ways of interpreting, , evaluating ecuting trad de. For exam mple, the following f picture has been used d by many educators to illustrat te perspect tives - look k at it t and quick kly say the first thing you see - the young lady or the e old lady? ?

Well, guess wh hat, either way you answered a th he questio n youre rig ght from m your perspective. Its the same with w lookin ng at Marke et Profile ch harts som me of see o one thing w while other rs see mething ver ry different t. Taking that into ac ccount, we offer some e of the wa ays we use e Market som
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Profile charts in our preparatory work and our trading. For example, Market Profile charts, when configured to the users requirements, can potentially help identify, interpret, and evaluate . . . . . . balance and bracketed trading areas for determining potential, high probability trade locations for trade execution (entry, management, and exit points). . . . trends and trend strength for determining potential, high probability trade locations for trade execution (entry, management, and exit points). . . . the value area and value area relationships to determine market bias based on ones timeframe (long or short). . . . volume and its probable impact on price being contained or continuing through predefined key reference levels. . . . high and low volume areas in order for determining potential, high probability levels where the market might reverse direction or continue in the current direction. . . . key reference points / levels and the quality of those levels, such as previous excess highs and lows (both intraday and end of day), and areas of acceptance and/or rejection. . . . the type of opening, initial balance, initial auctions, and range extension (or the lack thereof) for determining potential shape of the session before it fully develops. . . . the initial balance for determining the sessions potential extremes and whether session will potentially be a directional or balanced session. The foregoing is offered to illustrate just some of the ways traders using the Market Profile in their trading use it to identify, interpret, evaluate, and execute trades. It is no way the holy grail, the magic bullet, or the answer to being a successful trader. The Market Profile, in our opinion, is a tool, a tool to help us make more informed, higher probability, decisions nothing more - nothing less. As you know, trading is a profession that demands and requires a substantial investment of time, energy and money, and, above all, unconditional commitment to the long-term. Remember Software does NOT guarantee SUCCESS?

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Mark ket Profile e Software e Checklis st

The following Market Profile e software checklist c is offered o as a support too ol to help yo ou collect in nformation Market Profil le software applications s and vendo ors/providers s that can p possibly mee et your crite eria to supon M port your tradin ng or investing. ons Requir red Feature es and Fun nctionality: The Applicatio Data Req quirements: Do D you requi ire real-time e data? Will W delayed data satisfy y your requirements (fo or example, there are p providers wh ho offer 10 minute m delay y data cover ring most of f the predom minant exch hanges and markets - o obviously, th he advantag ge here is th hat you don't have to pay the real-time exchange fees)? Will W end-of-d day work for r you if you only look at t the marke et after it is close? Is s there some combinati ion of the ab bove that w will fit you be etter, for ex xample, real l-time for th he active co ontracts you trade and delayed d dat ta for those that dont r require real-time data? R ts: Market Requirement What W market ts do trade? ? What W exchan nges are the ey on? What W specific c contracts do d trade or invest in? al Data Requ uirements: Historica How H far back k do you want to look at data? Do D you want to use it for back testing? Do D you need it for a long g-term analysis?

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Chart Display Requirements: What are the smallest time increments you want displayed on your charts? How do you want them displayed By tics? By minutes? Volume? Chart display requirements in addition to traditional Market Profile: Volume Profile? Cumulative Profiles? Merged Profiles? Expanded Profiles? Multiple Profiles? Multiple Time Templates? Overlay Charts? Bars? Candlesticks? Point n Figure? Equi-Volume? Line? Kagi? Renko? Range Bars, Etc. Technical Analysis Indicators / Oscillators Moving Averages, Bollinger Bands, Keltner Channels, MACD, Average True Range, RSI, Stochastics, CCI, Advance-Decline, VIX, Accumulation-Distribution, Money Flow, etc., etc., etc.. Bottomline, does the application meet your requirements? Chart Display Enhancement Requirements: Colors? Colors by Time Period Volume? Vertical Lines? Horizontal Lines? Trendlines? Shaded Areas? Crosshairs? Support & Resistance Lines (manual & automatic)? Zoom? Docking? Orphan Windows? Multi-Level persistence (saving)? Customizable object positioning? Mouse-over tips on navigation, toolbars, and menus? Drop-down and right-click menus? Access to property management configuration options? Trading Methodology or System Requirements: Make a list of ALL of the display features and functionality required to provide you with an edge in your identification, interpretation, evaluation, and execution of high probability trading opportunities. Risk / Money Management Requirements: Does the software provide any risk or money management features or functionality? If so, what are they and how can you benefit from them? Order Management Requirements: Does the software support on-screen order entry, position management, and position termination? What brokerage firms are compatible with the application? Software Provider Expectation: Expectations of subscriber What does the provider expect from their subscribers? Can you meet these expectations if you do, will the relationship be win-win? End-User-License-Agreement (EULA) - What does the providers EULA require from their subscribers? Can you agree to these requirements if you do, will the relationship be win-win? The Applications Elective or Optional Features / Functionality: Alerts Does the application have visual alerts based on both time and location? Does the application have audio alerts based on both time and location? Back-Testing - Does the software offer back-testing capabilities? How does it work? Cancellation What is the providers policy regarding cancellation?
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Compatibility Is the application compatible with other applications such as Microsoft Excel and Google Docs? How easy and straightforward in the importing and exporting of information? Can the process be automated to maintain reports in a current state? Cost One-time fee? Monthly? Annually (discounted)? Lifetime payment (discounted)? Does it fit your budget? Demonstrations - Online Tours? Webinar Tours? Personal Tours? Extensibility Can you add third party apps? If so to what extent are they available? What do they cost one-time or on-going? Are there reviews by current users? Flexibility Can it be configures to meet your concept of an ideal display? If so, how and can you do it or does it take a third party? If not can it provide workable alternatives? How manageable? Installation How easy is it to install and set-up? Are there easy-to-follow printed materials? Are there helpful videos? Is there personal assistance for the installation and initial configuration? Invalid Entries Procedure for handling? Performance Boot up / execution / configuration / display refreshing? Print Options Does the application support printing? Replay Functionality Does the application support replaying of previous sessions? What are the limitations? Training What types of training are available? Is it free if so, for how long? Are there different levels of training if so, what are they and what do they cost? Trial Period Terms? Conditions? Full version or trial / sample version? Saving Work What is the procedure for saving charts and workspaces? Scalability Add to or delete features and/or functionality as wants and/or needs change? Scripting Language - Does the application provide user a user scripting feature for the designing, configuring, and implementing custom indicators, oscillators, and studies? How easy is it to learn, make changes to, and become proficient in using? Are there training sessions available? Does support cover individual scripting? Support Channels Phone? E-Mail? Chat? Forum? Blog? KnowledgeBase? User Videos? Bug Reporting? Support Ticket? On-Demand? FAQ? Remote Connectivity? Support Team Availability (Days and Hours)? Accessibility (How to Contact or Access)? Responsiveness (Policies per Channel)? Technical Proficiency? Trading Experience? Is the support team available to help the configure the application to the users methodology? Glossary? Links? Are there different levels of support if so, what are they and what do they cost? System / Hardware requirements What are the minimum hardware requirements? If you hardware is below the minimum requirements what would it cost to meet the minimum requirements? Processor - Speed? RAM? Video Card(s) Types? HardDrive Capacity? Internet Connection? Other Applications? Upgrades Costs? Frequency? Procedures? Ability to go-back to prior version? Manual Process? Automatic Process? User Education - Does the provider offer educational support to help the user maximize the applications capabilities? If so how? User Interface How friendly is the user interface in regards to both learning how to use it and using it? How friendly is the navigation? How easy is it to navigate to or find the control to configure it the way you want the displays to look? Vendor How long has the company provided software for traders? What do their subscribers say about them? What do their operating values and mission statements communicate?
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As you can see, we have attempted to address all of the issues related to selecting a software application for displaying the Market Profile. Please, remember, even though we develop this checklist for traders who use the Market Profile, it is designed to help any trader make an informed decision as to what software application best meets their requirements and criteria. And, last but not least, our goal with this Market Profile software checklist is to make it an invaluable tool for every trader considering subscribing to a Market Profile software application. To achieve this objective, we invite your ideas, suggestions, and critiques. Thank you in advance for your input and feedback. The WindoTrader Team

For a list of Market Profile Software Providers and links to their websites, please go to: http://www.windotrader.com/market-profile/software

WindoViews is a WindoTrader Corporation monthly publication for EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY. WindoTrader Corporation makes NO warranties, express or implied, as to the potential results obtained from reading or using the information provided. WindoTrader Corporation does NOT warrant the accuracy, completeness, timeliness or non-infringement of this information in any manner. WindoTrader is a registered trademark of the WindoTrader Corporation. Market Profile is a registered trademark of the CME Group (Chicago Board of Trade). Nothing herein should be considered as a trading recommendation of WindoTrader Corporation or the CME Group (Chicago Board of Trade).

Copyright 2011 by WindoTrader Corporation |

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