X-ray

📌 X-ray is a microstructure tool that analyzes price structure based on volume distribution.
This indicator does not predict future price movements or provide buy/sell signals.
Instead, its purpose is to visually show price ranges where trading is concentrated or sparse during a specific period.



The script calculates the following structural elements:

POC (Point of Control)

VAH/VAL (Value Area High/Low)

HVN (High Volume Node)

LVN (Low Volume Node)

Value Area Box and Summary Table

All calculations are performed within the last N bars selected by the user and do not use future data.

■ Description of Unique Logic and Components
Volume-Based Price Structure Analysis

It collects closing prices and volume from recent data for a specified number of bars and derives the following elements:

POC (Point of Control)

The price range with the highest trading volume within the selected period. Because this area is where market participation is most active,
the price tends to retest or remain within this area.
This is not intended as a future prediction or signal,
but rather to illustrate the characteristic phenomenon that high-volume points can structurally act as "balance zones" in the market.
(Some traders describe the POC as "tending to act like a magnet" due to this market structural tendency.)





Value Area (VAH / VAL)

This is the price range encompassing a set percentage of total trading volume (default 70%).
This indicates a equilibrium zone where market participation was relatively high.

HVN (High Volume Node)

This is an area of ​​high volume concentration,
a structurally dense point likely to have experienced a long market stay.

LVN (Low Volume Node)

This is a thin structural point with sparse trading volume,
a point likely to have experienced rapid price movements.

All of these elements are analytical tools for exploring and comparing market structural characteristics, not trading signals.

■ Visual Components

The indicator visually displays the following elements on the chart:

POC Line and Label

VAH/VAL Level

Value Area Box

HVN/LVN Highlight

Summary Table (POC, VAH, VAL Display)



■ User Input Description

Bars to Analyze

Value Area %

POC Line Color

VAH/VAL Line Color

Value Area Transparency

Enable HVN/LVN Detection

Number of Nodes to Show

Show Summary Table

Table Position

Each option controls the indicator's visual presentation and analysis scope and is not related to signal generation.

■ Repaint

Does not use future data

Calculations are only performed within the specified historical interval

Past bar values ​​remain unchanged

Therefore, no repaint is performed.
However, during real-time bar progress, values ​​are updated normally as the analysis interval moves.

■ Indicator Purpose

This tool is used to explore market structure based on volume distribution.

It helps observe whether volume is concentrated or sparse in a specific price range,

and what the structure might mean in the current market context.

■ Indicator Limitations

The tool does not perform the following:

It does not predict future price movements.

It does not provide buy or sell timing.

It does not guarantee any trading results.


The indicator simply provides structural reference information.

■ Limitations and Cautions

The indicator does not guarantee specific trading results.

Past volume structures may be interpreted differently depending on the situation.

It is best used as a supplementary structural analysis tool, not as a sole decision-making tool.

It is recommended to use it in conjunction with other analytical techniques.

■ Technical supplementary explanation of the 'magnet effect' of POC

POC is the most heavily traded area in the market,
which indicates that the price range has been a point of equilibrium among market participants.

As a result,
■ Price movements that retest or converge to this area may be observed.
This is a structural trend that occurs because it's the price range where supply and demand intersect most actively.

■ However, this is a statistical trend or a characteristic of market structure and does not guarantee future direction.
Therefore, the expression Therefore, the expression "tends to move like a magnet" is a term used by some traders to describe the structural flow of the market, and should not be taken with absolute certainty.