The distribution of chips will be widely used, but how to use the chip theory is indeed an issue that many investors ignore. The author will first sort out the principles of chips to help you understand them first. There are a lot of theoretical things, which can be quite boring.

The exact academic name of "chip distribution" should be called "position cost distribution of circulating stocks", which reflects the number of positions held by investors at different prices.

Chip principle:

1. Profit chips are the main chips. Generally, it is difficult to see the main force shipping when the profit is below 30%.

2. The chips that cannot be sold are the main chips.

3. The chips that cannot be washed sideways are the main chips.

Chip distribution diagram

2. The composition of the chip distribution diagram

(1) Drawn in blue and gray (white background). The gray line refers to the chips whose holding cost is higher than the closing price of the day, which is a hold-up state, referred to as a hold-up; the blue line refers to the chips whose holding cost is lower than the closing price of the day, which is in a profit-making state, referred to as a profit-making order.

(2) The lower right corner of the figure indicates the proportion of holding orders and profit orders respectively.

To help you understand better, here is a simplified example to illustrate:

There are 1,000 x shares in circulation, and there are three shareholders A, B, and C respectively. The distribution of chips at the closing price on January 1 is as follows:

As can be seen from the above figure, as of the closing date on January 1, shareholders A and B were both in profit, while C was in loss. Holds 4 shares; b holds 3 shares; c holds 3 shares.

Assume that on January 2, A made a profit and sold his chips to D in batches. Then the chip distribution chart on that day will change as follows (dark gray represents the newly added D):< /p>

It can be seen that the chip distribution of No. 2 is obviously different from the previous day. This is due to the departure of low-cost A. At this time, most investors in the market are stuck. This is the result of the movement of chips reflected on the chip distribution chart.

Chip distribution mode: unimodal density, bimodal density, multimodal density.

Among the chip distribution modes, dense mode is the most common one. No matter how the chips are allocated, it will play a huge role in the future trend of the stock price. The intensive pattern of a small number of chips in the short term will have a certain impact on the short-term trend of stock prices. The mid- to long-term trend will be affected by the peaking of a large number of intensive chips. When analyzing stock price trends, investors can consider the following aspects: single-peak intensive form, double-peak intensive form, multi-peak intensive form, and chip divergence form. The single-peak dense pattern is a pattern that plays a very important role in stock price fluctuations. Bimodal intensive patterns and multimodal intensive patterns also play a very important role in stock price fluctuations. The form of chip divergence distribution also has the same impact on stock price fluctuations. Although the divergent distribution pattern of chips is not one of the dense distribution patterns, it begins to adjust the trend after the dense pattern appears.

1. Unimodal density

The unimodal density pattern is a relatively dense peak of wood chip density in the wood chip distribution pattern. Compared with other chip distribution patterns, this unimodal dense chip distribution pattern has almost no chips above and below. From this point of view, the stock price must have changed hands sufficiently before to form a single intensive peak of chips.

When a single peak is formed, the chips continue to change to a certain price. Chips above the peak density will continue to be cleared when the stock price fluctuates and adjusts, causing the chips above to continuously change hands to chips near the bottom. Under the dense chip pattern, during the continuous reduction of profit taking, the chips will become close to the single-peak dense pattern. In this way, in the process of gradually reducing the number of intensive chip transactions above and below the single peak, there is a trend of chips moving to the single peak area. No matter where the stock price forms a single-peak intensive chip pattern, the upcoming trend will form a larger market after breaking through the single-peak intensive pattern.

2. The two peaks are intensive

The double-peak intensive chip peak consists of two very significant intensive peaks, both of which can play a great role in the fluctuation of stock prices. Support or resistance. The upper dense peak will generally serve as a resistance position for the stock price, while the lower dense peak will generally form a very obvious supporting effect on the stock price. Generally, dense chip peaks can be regarded as pressure peaks and support peaks respectively. The place where chips are severely missing between the two chip peaks is the bottom of the bimodal chip pattern. Generally speaking, after a double-peak intensive chip is formed, the stock price will fill the chip area between the two dense peaks during the fluctuation process. The process of changing hands between bimodal dense flakes is of course the process of forming unimodal dense flakes. Once a single peak is formed, it will be a major turning point in the stock price.

3. Multi-peak density

In the multi-peak dense chip pattern, in two or more price areas, dense chip peaks will form the same number of dense chip peak areas. The upper dense peak is called upper dense peak, the lower dense peak is called lower dense peak, and the middle dense peak is called middle dense peak. Because the trends of individual stocks are different, there may be multiple rising peaks or multiple falling peaks.

(1) The rise is multi-peaked

As the stock price rises, the dense peaks below are gradually pushed to high levels, forming multiple dense peaks in the upper area. In the process of the formation of the main intensive peak, it played a role in fueling the flames. The main force, which has not yet fully shipped, promotes the emergence of dense peak chip areas, which is only one of its methods of placing orders. After the stock price continues to reach a high level in the process of rising, the real main shipping trend will appear.

(2) Multiple falling peaks

As the stock price falls, the dense peaks at the top continue to move downward, and the chips at the bottom gradually expand. This is the process of forming multiple peaks. When the main force trades for a long time, the dense chip area at a higher position during the decline is the result of the main force's high shipment. During the continuous decline in stock prices, the main force quickly shipped goods at the top. This results in a large number of dense chips on it. As retail investors continue to reduce their positions on the way down, there will also be some intensive bottoming peaks. In this way, when the stock price falls from the top, an obvious multi-peak dense chip pattern appears in the chip distribution chart.

The cost of 90% of the stock is 24.30 yuan. What does the 12% chip concentration mean?

The main problem is that the holding cost of 90% of shareholders of tradable shares is between 24 yuan and 30 yuan.

The lower the chip concentration, the smaller the concentration range. The chip concentration is generally distributed to the right in the shape of a needle point, and the longer the needle point, the better.

The more chips there are at this price, and the longer the needle tips are, the more they are concentrated together, which means the higher the concentration.

Calculation formula for chip concentration, price range (high value - low value)/(high value, low value) = (80.96-63.36)/(80.90 63.36)=17.6/144.26=12.20%, chips The larger the concentrated price range, the higher the concentration value, and the more dispersed the chips. The smaller the price range, the lower the concentration value, and the more concentrated the chips.

Through the announcement of chips, we can find out where the main players are in different stages: accumulation - promotion - distribution - closing.

First: Fund-raising stage (Figure 1)

In the capital market, money cannot make money. If a person wants to make a profit, he can only make money through the most primitive trading principles: buy low and sell high. In the stage where the main force is collecting funds, cheaper chips are also needed. But when everyone knows that the chips are relatively cheap, who will sell? During the accumulation stage, various false technical forms will appear, such as M heads, five-wave declines, etc.

Since the A-share market is dominated by short-term speculators, few people are able to make value investments. And the main force occupies an absolutely dominant position in the market, so the main force takes the opportunity to suppress and make the stock price go sideways for a relatively long period of time. As a result, few investors dare to hold shares for a long time, thus causing the stock price to rise in the last round of market conditions. Those who are stuck in high positions continue to cut their flesh, and only then can the main force absorb funds at low positions to take over.

Figure 1

In fact, the process of the main force collecting funds is a process of chip conversion. In this process, the main force is the buyer and the retail investors are the sellers. Only when the low position has fully completed the fund-raising, the main force will form a pull-up, thus ending the fund-raising stage. Correspondingly, in the chip distribution map, it is reflected in the high concentration of chips. As shown in Figure (1), it is the preliminary fund-raising work of Jinyi Industrial, which lasted for nearly two years, and the concentrated collection area of ??chips was around 8 yuan. This area is the approximate cost of the main attraction.

Second: Pull-up stage (Figure 2)

After the main force completes the accumulation of funds, the next step is to get the stock price out of its cost area and open up profit margins. During this process, the main force used part of the chips to suppress the market, and at the same time undertook the selling pressure, so that most of the chips remained stationary, locked in the accumulation area, waiting for high profits to be taken. For retail investors, the most common behavior is chasing prices. Therefore, in the process of raising the price, retail investors continued to chase the rise, and at the same time, fear of heights caused them to take profits. The main force took the opportunity to sell and buy at the same time, continuously raising the stock price, forming a seamless "salan lift plan." When the general trend cooperates, the main force of the promotion work is completed by retail investors themselves, and the main force only needs to use its bargaining chip advantage to reap the benefits.

Figure 2

As shown in Figure (2), the chip performance after the stock price increased from 8 yuan to 15 yuan. It can be seen that the chips continue to move upward and disperse from the concentration of 8 yuan below, but there are still a large number of low-level chips at 8 yuan. This also means that during the process of raising the stock price from 8 yuan to 15 yuan, the main force did not intend to completely ship the stock.

Third: Distribution stage (Figure 3)

After the stock price continues to rise, the profit margins of the main players are full, and the next step will be to complete the realization of profits. In the process of cashing out, the main force most wants someone to take over its chips, that is, retail investors. Since retail investors are eager for immediate benefits, they are more likely to be attracted by strong pull-ups. During the distribution stage, the main force took the opportunity to raise the stock price sharply again, and retail investors continued to exchange chips with it. Since the main force has more chips, it requires a larger change of hands to complete the dispatch. Therefore, as the stock price continues to rise to new highs, its trading volume continues to increase, and its turnover rate also continues to increase, giving the main force a better opportunity to distribute chips.

Figure 3

As shown in Figure (3), when the stock moved from the high point of 15 yuan to 29 yuan in the first wave, the original price of 8 yuan The chips at cost continue to move upward. When it reaches 29 yuan, the chips are generally concentrated around 18 yuan. It can be seen that although the overall chips are moving upward, the chips at 8 yuan below have not yet been distributed, which shows that the main force needs to carry out the final finishing work to completely escape.

Fourth: Closing Stage (Figure 4)

At the end of the chip distribution, in order to attract more retail investors to enter the market, let your chips be fully cashed.

The main force usually forms a phased sideways adjustment after the rapid rise, and during the adjustment process, it continues to pull up the big positive line in the market, making people feel that the pull-up market is not over yet. At this time, due to the crazy trend of individual stocks and the exaggeration by the media, retail investors lost their way and kept chasing higher prices. At the same time, the K-line of individual stocks that often trade sideways has a high turnover rate so that one can cash out his chips.

Figure 4

As shown in Figure (4), the stock is at the closing stage of this round of market conditions. During the 8 days of sideways trading in the stock price, the cumulative turnover rate reached 62%, which is often referred to as high turnover. We know: Generally, the turnover rate of individual stocks in a single day is less than 3%. Therefore, when the average change of hands in a single day is as high as nearly 8%, it is a typical abnormal behavior. As for Figure (3), in just 8 trading days, not only the original chips of 8 yuan below were almost exhausted, but even the chips near 18 yuan during the pull-up were completely transferred, and finally concentrated at the high level of 28 yuan . In the end, the main force successfully distributed all the low-level chips of 8 yuan to retail investors who were standing guard at the high level of 28 yuan.

Choose stocks where the main force opens positions simultaneously

Everyone knows that only stocks with the main force's participation can have real main rises. Without the main force's participation, it will definitely not be as durable as the stocks that the main force speculates. Therefore, we need to use the following two indicators to find the main stock operations of simultaneous position building and market control, so the success rate will undoubtedly increase a lot;

VAR1:=EMA(HHV(HIGH,500),21);

VAR2:=EMA(HHV(HIGH,250),21);

VAR3:=EMA(HHV(HIGH,90),21);

VAR4 :=EMA(LLV(LOW,500),21);

VAR5:=EMA(LLV(LOW,250),21);

VAR6:=EMA(LLV( LOW,90),21);

VAR7:=EMA((VAR4*0.96 VAR5*0.96 VAR6*0.96 VAR1*0.558 VAR2*0.558 VAR3*0.558)/6,21);

VAR8:=EMA((VAR4*1.25 VAR5*1.23 VAR6*1.2 VAR1*0.55 VAR2*0.55 VAR3*0.65)/6,21);

VAR9:=EMA((VAR4*1.3 VAR5*1.3 VAR6*1.3 VAR1*0.68 VAR2*0.68 VAR3*0.68)/6,21);

VARA:=EMA((VAR7*3 VAR8*2 VAR9)/6*1.738,21) ;

VARB:=REF(LOW,1);

VARC:=SMA(ABS(LOW-VARB),3,1)/SMA(MAX(LOW-VARB, 0),3,1)*100;

VARD:=EMA(IF(CLOSE*1.35VARE:=LLV(LOW,30);

VARF:=HHV(VARD ,30);

VAR10:=IF(MA(CLOSE,58),1,0);

Fund entry: EMA(IF(LOWIF(Fund entry>0 ,Funds entry,0),STICK,LINETHICK2, COLOR0000FF;

Today’s amount: Funds entry;

A1:IF(Funds entry>0,Today’s amount*1.2, 0),STICK,LINETHICK5, COLOR0000FF;

A2:IF (fund entry>0, today’s amount*0.8,0),STICK,LINETHICK5, COLOR0066FF;

A3:IF (Admission of funds>0,Today's amount*0.6,0),STICK,LINETHICK5, COLOR0099FF;

A4:IF (Admission of funds>0,Today's amount*0.4,0),STICK,LINETHICK5, COLOR00CCFF;

A5:IF(capital entry>0,today’s amount*0.2,0),STICK,LINETHICK5,COLOR00FFFF;

You can judge the main force’s trends, intentions and intentions through the chips. Hole cards

1. Use the chips to judge whether the main force is accumulating funds at the bottom and the position cost after accumulating funds.

If the stock price has fallen for a long time, most of the chips held in the upper part will be cut off and the chips will basically form a single peak at the bottom, but this does not mean that the main force is attracting funds. If the trading volume begins to increase significantly, but the stock price increase is limited (generally around 20%), the stock price runs in the chip-intensive area at the bottom, and the shape of the chips remains basically stable, indicating that the main force has begun to accumulate funds at the bottom.

The effect of this kind of fund-raising is relatively poor, because the original holder of the chips made little profit or the stock price did not increase enough to release the hold, resulting in a lack of strong willingness to sell. If you want to take something, you must first give it to it. This is the truth.

2. Use the chips to determine whether the main force distributes.

The rapid disappearance and upward movement of mid- to long-term bottom chips indicates that most of the long-term profit-making chips are taking profits and can be confirmed as the main distribution. This feature is more sensitive and effective than observing other technical forms. This part of the content has been repeatedly emphasized, and I believe everyone should be familiar with it. This is also where the advantage of the technical operating system of chips lies! So everyone must master and use it proficiently!

3. Use chips to judge the main player’s control.

1. When the stock price breaks through the pressure trend line or the front head, that is, the stock price breaks away from the original chip-intensive area. If there is no obvious increase in trading volume, it means that the main force is highly controlling the market (easily overdoing it);< /p>

2. When the stock price forms a sustained rise in a band, the chips appear multiple peaks, but there is no obvious increase in volume, indicating that the main force has a high degree of control over the market. It also shows that the chips at the middle price have locked positions, which are the chips obtained by the main force during the strong collection process;

3. When the stock price rises for a long time and the proportion of floating chips gradually decreases as the trading day continues, it means that If the proportion of mid- to long-term chips is increasing, the main force will have a high degree of control over the market.

4. Use chips to judge the main force’s washing actions.

No matter how bad the main players are in various technical indicators, as long as they do not use a large amount of the chips they have collected, it is impossible to significantly change the shape of the chips. At this time, the stock price still has not reached the main force's preset distribution price, and it is impossible for the main force to sell the chips collected. If the bottom chips are stable, the stock price is supported at the edge of the relevant chip intensive area, the current stock price is relatively close to the main cost area, etc., it can be judged as the main force shaking the position.

(The above content is for reference only and does not constitute operation advice. If you operate by yourself, pay attention to position control and take risks at your own risk.)

Statement: This content is provided by Yuesheng Strategy and does not represent Investment Express endorses its investment views. Related Q&A: What does bond concentration mean? The meaning of bond concentration is as follows. Single security concentration refers to the proportion of the market value of a single security held by a credit account to the total assets of its credit account. A credit account is a trading account that can be used for margin trading and securities lending. Different maintenance guarantee ratios have different requirements for the concentration of positions in a single security. The concentration of positions in a single security cannot exceed the 30% regulatory limit. Opening an account requires 500,000 yuan and half a year of securities trading experience, and the financing rate is as low as less than 6%.