This indicator shows the volume profile by daily blocks and draws on the chart the support or resistance lines produced by the previous volume profile block. A support line will be created if in the previous block, the VPOC line was closer to the lowest price line of that block. This support line will be placed below the VPOC line, at a distance equal to the difference between the highest price of that block and the VPOC price. For the case of the resistance line, the logic applied is analogous. These support and resistance lines are introduced because, according to the Gaussian bell, the VPOC is likely to be located in the middle, and these deviations can be used to trace support and resistance.
In addition, the indicator includes the following features:
- Change the colors of all plotted lines. - Define the number of daily blocks to be displayed. - Define the resolution when calculating the volume of each candle. - Define the number of support/resistance lines to be displayed. - Highest and lowest price lines, as well as vpoc line, volume histogram and support and resistance lines. - Display or not, the vpoc line and the volume histogram.
The calculations performed by the script improve if the candles used are of a lower timeframe. This indicator has been tested in several markets, including cryptos, CFDs, Forex and Indices.
릴리즈 노트
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Added offset for labels and for support and resistance lines so that they do not overlap with the bars on the chart.
릴리즈 노트
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It is now possible to show and hide chart lines and labels separately.
wow ...superb...great work sir,
please provide multi time frame option
thank you sir
juliangonzaconde
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@kovaashok7474, You are right, I was looking for a way to do it, but the rules do not allow me to use the "security" function, so I decided to investigate an alternative for a future version. Of course I am open to suggestions.
cryptopreet
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AWESOME SCRIPT.... if i want high line to plot at 70% of total volume and low line to plot at 30% of total volume, how i can do that???
godbet
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Wonderful indicator, mind sharing how you use this to day trade on the 5 min chart? Thanks
tyohe
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This is awesome, but it keeps bugging out on me. Similar to UnknownUnicorns comment I have found this only works (default settings) using the 5-min time interval. Anything more and it gets so distorted that it makes my entire chart unreadable. Also, even on the 5-min chart, I've found that only day 1 and day 3 are displaying as expected. Day 2 and 4+ show the VPOC as a line that expands forever to the left (rather than simply for the day like with day 1 and day 3). Also, the green volume bars do not show for days 2 and day 4+ (but again show great on day 1 and 3). I'm going to try to look through the code when I have time, but just wanted to post something here in case you were already working on a fix.
Regardless, I love this for the days it works! This is pretty amazing!
godbet
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I really love this script, however don't know how to use it. Can someone please share how they use this to trade? I.E. Best time frame, what set ups, can I use with Initial balance script? Thanks.
pricechart1336
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Why its so hard to find gems like this.
juliangonzaconde
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@pricechart1336, Wow, I don't usually find such comments either jaja, thanks!
please provide multi time frame option
thank you sir