Tagged: Volume Profile Indicator
Hi all ,
Any body help me to write the scrip of volume profile indicator editing show view .Like Market profile
Current Price: The most recently traded price (in the chart, the yellow bar).
Point of Control (POC): The price level with the largest traded volume (the red bar).
Value Area: A range of prices in which a specified percentage of all volume was traded.
High Volume Nodes (HVN): A peak in volume at or around a price level.
Low Volume Nodes (LVN): A valley in volume at or around a price level.
Volume Profile illustrates that certain prices attract lots of volume, while others experience much less activity.Volume Profile is a charting study that answers two questions about volume: where and how much?
Volume Profile shows the price levels that have been generally accepted by traders, and those that have been rejected.
This information can help traders make predictions about future price direction to identify trade entry and exit points.
It shows high traffic areas that often serve as support and resistance levels as well as low traffic areas that should be avoided if a trader attempts to execute size as the market offers little resistance once a level is breached.
This is not something that can be done in scripting. The issue is that we need to be able to access the intraday volume, divide the data into “blocks” to get the right volume at each price range. Then it is the display, we would need to use the same display that our Market Profile tools use and that is not something that scripting can build.
Volume profiles are something that we are looking at as a built in function as they will be too hard to script. I can not guarantee that they will make the next major update as we are in heavy testing right now.
All the best
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