Volume Profile is suitable for day and swing trading on stock and futures markets, is a volume based indicator that gives you 6 key values for each session: POC, VAH, VAL, profile HIGH, LOW and MID levels. This project was born on the idea of plotting the RTH sessions Value Areas for /ES in an automated way, but you can select between 3 different sessions: RTH, GLOBEX and FULL sessions. Some basic concepts: - Volume Profile calculates the total volume for the session at each price level and give us market generated information about what price and range of prices are the most traded (where the value is) - Value Area (VA): range of prices where 70% of the session volume is traded - Value Area High (VAH): highest price within VA - Value Area Low (VAL): lowest price within VA - Point of Control (POC): the most traded price of the session (with the most volume) - Session HIGH, LOW and MID levels are also important
There are a huge amount of things to know of Market Profile and Auction Theory like types of days, types of openings, relationships between value areas and openings... for those interested Jim Dalton's work is the way to come I'm in my 2nd trading year and my goal for this year is learning to daytrade the futures markets thru the lens of Market Profile
For info on Volume Profile: TV Volume Profile wiki page at tradingview.com/wiki/Volume_Profile For info on Market Profile and Market Auction Theory: Jim Dalton's book Mind over markets (this is a MUST)
BE AWARE: this indicator is based on the current chart's time interval and it only plots on 1, 2, 3, 5, 10, 15 and 30 minutes charts. This is the correlation table TV uses in the Volume Profile Session Volume indicator (from the wiki above) Chart Indicator 1 - 5 1 6 - 15 5 16 - 30 10 31 - 60 15 61 - 120 30 121 - 1D 60 This indicator doesn't follow that correlation, it doesn't get the volume data from a lower timeframe, it gets the data from the current chart resolution.
FEATURES - 6 key values for each session: POC (solid yellow), VAH (solid red), VAL (solid green), profile HIGH (dashed silver), LOW (dashed silver) and MID (dotted silver) levels - 3 sessions to choose for: RTH, GLOBEX and FULL - select the numbers of sessions to plot by adding 12 hours periods back in time - show/hide POC - show/hide VAH & VAL - show/hide session HIGH, LOW & MID levels - highlight the periods of time out of the session (silver) - extend the plotted lines all the way to the right, be careful this can turn the chart unreadable if there are a lot of sessions and lines plotted
SETTINGS - Session: select between RTH (8:30 to 15:15 CT), GLOBEX (17:00 to 8:30 CT) and FULL (17:00 to 15:15 CT) sessions. RTH by default - Last 12 hour periods to show: select the deph of the study by adding periods, for example, 60 periods are 30 natural days and around 22 trading days. 1 period by default - Show POC (Point of Control): show/hide POC line. true by default - Show VA (Value Area High & Low): show/hide VAH & VAL lines. true by default - Show Range (Session High, Low & Mid): show/hide session HIGH, LOW & MID lines. true by default - Highlight out of session: show/hide a silver shadow over the non session periods. true by default - Extension: Extend all the plotted lines to the right. false by default
HOW TO SETUP BE AWARE THIS INDICATOR PLOTS ONLY IN THE FOLLOWING CHART RESOLUTIONS: 1, 2, 3, 5, 10, 15 AND 30 MINUTES CHARTS. YOU MUST SELECT ONE OF THIS RESOLUTIONS TO THE INDICATOR BE ABLE TO PLOT - By default this indicator plots all the levels for the last RTH session within the last 12 hours, if there is no plot try to adjust the 12 hours periods until the seesion and the periods match - For Globex/Full sessions just select what you want from the dropdown menu and adjust the periods to plot the values - Show or hide the levels you want with the 3 groups: POC line, VA lines and Session Range lines - The highlight and extension options are for a better visibility of the levels as POC or VAH/VAL
THANKS TO @watsonexchange for all the help, ideas and insights on this and the last two indicators (Market Delta & Market Internals) I'm working on my way to a 'clean chart' but for me it's not an easy path @PineCoders for all the amazing stuff they do and all the help and tools they provide, in special the Script-Stopwatch at tradingview.com/script/rRmrkRDr-Script-Stopwatch-PineCoders-FAQ/ that was key in lowering this indicator's execution time All the TV and Pine community, open source and shared knowledge are indeed the best way to help each other
IF YOU REALLY LIKE THIS WORK, please send me a comment or a private message and TELL ME WHAT you trade, HOW you trade it and your FAVOURITE SETUP for pulling out money from the market in a consistent basis, I'm learning to trade (this is my 2nd year) and I need all the help I can get
GOOD LUCK AND HAPPY TRADING
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VERSION UPDATE *v0.5.1beta - fixed the starting of globex and full sessions on sunday
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VERSION UPDATE *v0.5.2beta - added Kolkata cash session
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UPDATED VERSION: v0.5.3beta - allow calculation only once per bar at barstate.isconfirmed - fixed POC and VA calculations - added version to short title
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UPDATED VERSION: *v0.5.4beta - fixed VA calculations at range extremes
@rahulsharma198605, If you read the description and the comments you'll discover two things: first you need a ticker with volume data, second you need to adjust the 'last periods to show' parameter. Give it a try and send me a pic of your chart.
Niftyanalysis_Bhoomi
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All the 6 levels plotted are really helpful and the idea to choose to plot only the one we like is just great.
Some help needed:
1. How can we plot another line, lowest traded price? Just the opposite of POC, most traded price.
2. How can we plot yesterday's line today? As the levels will help in taking trading decisions. A little more info:
2.1 I would NOT like to see today's lines at all
2.2 Only yesterday's lines should be plotted in today session and so is the case when we look back (Just like Pivot Point Standard)
Again, great work here and thank you!
makit0
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@Niftyanalysis_Bhoomi, Thanks for your words! I'm glad this can be useful for you! :D
In regard of the Low Volume Node levels, I'm including it in the TODO list, some time ago I thought about that too, to identify the LVNs for possible S/R but how do you do it? Only the Lowest VN inside the VA, or the Lowest VN of the full range discounting the top and bottom 20% or 25% of the range? If you don't put a limit on the zone for sure it will get as Lowest VN one of the extreme of the range... I would like your insights on this, here or for DM what you like more :D
And about the second point, it's on the TODO list too: "Check option to hide current session", some times I would like to hide the current session to be able to see clearly the previuos levels when the open is inside previous range.
I'm in my second year, learning and trying, and very glad of being useful :D
Thank you very much to you and all the people for your support!