This script includes the following extra unique features.
Show last X number of POC levels - automatically draws these POC lines - labels are shown as [Price] [# of period prior] [Periodic Timeframe] - Naked POCs are labelled as NPOC - label position and text size can be adjusted
Profile Range and Value Area background colors - Option to color background based on periodic open/close price
Option to show Value Area High (VAH) and Value Area Low (VAL) Prices
What is Volume Profile? Volume profile is a technical analysis tool that shows the volume of trades at different prices for a given security or market over a specific period of time.
How to effectively use it?
Identify key levels of support and resistance: The Periodic Volume Profile indicator can be used to identify key levels of support and resistance based on the volume of trades at different price levels. High volume areas can indicate strong support or resistance levels, while low volume areas can indicate areas of weakness or potential breakouts.
Assess overall supply and demand: The Periodic Volume Profile indicator can help traders assess overall supply and demand for a security. If there is high volume at a particular price level, this can indicate a high level of demand, while low volume can indicate low demand.
Use it in conjunction with other indicators: The Periodic Volume Profile indicator is best used in conjunction with other technical analysis tools. For example, you can use it with moving averages, trend lines, or other indicators to confirm signals or identify potential entry and exit points.
Consider the overall market context: It's important to consider the overall market context when interpreting volume profile data. For example, a high volume area may not necessarily indicate a strong level of support or resistance if the overall market is in a downtrend.
Monitor changes over time: Keep an eye on how the volume profile changes over time. If there are significant changes in the volume of trades at certain price levels, this could indicate a shift in market sentiment or a change in the underlying fundamentals of the security.
Informacje o Wersji
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Updated Profile reset option to enable reset at the start of regular sessions.
By default, the Reset option is turned off. Volume Profile will carry forward from last session into the next session:
With reset option turned on, profile will reset at the start of the new regular session:
Informacje o Wersji
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Bug fixed:
Error on displaying periodic profiles on Forex tickers
Informacje o Wersji
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Added customizable POC line thickness option
Informacje o Wersji
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Minor update:
POC line width setting now also applies to non-extended POC lines, including developing profile POC