Volume Profile (also known as Price by Volume) is an charting study that displays trading activity over a specified time period at specific price levels. It is plotted as a horizontal histogram on the finacial isntrumnet's chart that highlights the trader's interest at specific price levels.
The histogram is used by traders to predict areas of support and resistance. Price levels where the traded volume is high could be assumed as support and resistance levels.
Price may experience difficulty moving above or below areas with large bars. Usually there is a great deal of activity on both the buy and sell side and the market stays at that price level for a great deal of time
It is advised to use volume profile in conjunction with other forms of technical analysis to maximize the odds of success
quick update - added coloring customization option for the background of the range box
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update
added volume indicator on top of the chart * volume represents all the recorded trades for a security that occurs in a given time interval. It is a measurement of the participation, enthusiasm, and interest in a given security.
added price labels for point of control, lowest/highest price of the range
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update : volume indicator customized to fit on top of price chart now has the ability to display volume moving average.
update : horizontal offset option added, applicable for volume profile placed on right side
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major update - added bull/bear volume strength histogram, aims to emphasis the price levels in terms of buying or selling trading activity over the specified period of time. green rows indicates higher bull trading activities and conversly red rows indicate higher bear trading activities. row widths emphasis the strength, the wider the stronger. narrow rows can be interpreted as equilibrium between bull and bear trading activity
special thanks to @DeeJayNast for his valuable suggestion
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* updated to Interactive mode Instead of specifying lookback length value from input widgets, you can now select locations of your interest by clicking on the chart. Just as with the drawing tool simply drag the line, that apears on the chart when clicked on the indicator plotting area, to whereever you need to position the starting point of calculations please note, while switch between timeframes you may need to adjust the location in case the plotting is damaged
* alert added when Price touches/crosses Point Of Control Line, note that this may result with many alerts triggered when price hovers around the PoC Line
major update - added Value Area (VA) option with Alerts
thanks to everyone who presented their valuable suggestions
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thnaks to pine team's update now visable range option is available. default option is fixed range, the users can control the behaviour using the 'lookback range' option of the script
When visibale range is selected, then as the user zooms on their chart – causing the range of visible bars on the chart to change – the script will automatically re-calculate and visuals can adapt to the new context
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bug fix
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major update
🔹 core functionality enhancements
usage of lower timeframe data: added the ability to benefit from lower timeframe data, hence allowing to increase the accuracy of the created profiles
introduced new pine features: to increase the efficiency of the scripts, such as replacing lines with polylines to overcome pine line drawing limits, replacing individual components with types to group related components within the same type
🔹 new features of the indicator
supply and demand zones
developing point of control
new polarity method: buying/selling pressure
and some other enchantments requested/reported by the users. thanks to all for sharing their valuable comments to make this script even better
volume profile is a charting tool that truly does have a wide array of uses. the data that is provided by the volume profile is indisputable, leaving it to the trader to find new and creative ways to use it.
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typo correction
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minor update : aesthetic tweaks and stats addition
this is why i love TV and the community. Free user? need a volume profile? A wizard has a code for that. Cheers mate
dgtrd
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thnak you very much @itrade258, hope you enjoy it :)
pxlens
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@dgtrd, Hi! Awesome indicator. I started using it and I actually started earning money! Thank you! However, this is the reason of why I started to pay attention to how this indicator works. And I can't figure out one thing: why exactly the bull/bear dominance differs on one timeframe from another. Given that the indicator captures the same trading area and excludes any additional candles from the captured area on both timeframes.
It's hard to explain without pictures, if you're interested in a discussion please write me to telegram @neron_lordoff or mail pxlens@gmail.com. Or any other platform that supports sharing pictures - whatever comfortable for you, I'm really willing to figure this out, got screenshots prepared :)
dgtrd
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thank you @pxlens, i get you point, the diiference arises from the candles. This study is build on assumption, a bullish candle is considered upVolume and bearish candle downVolume, hence the difference arises. For same time interval (not length) the lower the timeframe the closer the approximation of the result, more details. Like the candles themself on higher time frame you have lets say a sngle bullish candle but when you switch to lower timeframe for the same time interval you get more candles and some are bullish some bearish please try to test with 'Volume Profile - Custom Range' which keeps time range still when you swithc between timeframes please find here my comment to the guy who suggested having this feature : tradingview.com/script/Qwj6TO5I-Volume-Profile-and-Volume-Indicator-by-DGT/
it will worth to explain this also in the tooltips of the indicator, thnak you for the feedback with you observations
pxlens
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@dgtrd, ah I see! Thank you for the explanation, best wishes!
is you sugestion to have single profile starting from Day, Week or Month? or it is have multiple profiles showing each day, Week or Month separetly?
RDreesmann
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@dgtrd, Yes I'd like to see the POC, VHA and VLA on a period that is selected through the input being Daily (that one is like TV has) Weekly and MOnthly