The_Silen

Silen's Pseudo VPVR / Pseudo Volume Profile Custom Range

Disclamer: This indicator does not use actual Volume data and doesn't display any Volume data. It creates a pseudo Volume Profile by counting the high-low-2 values of candles and simulates something that is similar to a Volume Profile without using any Volume data.

Core facts:
  • Creates a pseudo Volume Profile by counting values of candles and sorting them into a Profile.
  • Works for charts that don't provide any Volume Information.
  • Can display up to 5 different Value Levels.
  • Value level colors are (from largest to smallest level): Red, Orange, Yellow, Green, Blue.
  • The Value levels can be used as Support and Resistance indicators.
  • The Custom Range of the Volume Profile can be adjusted from 10 to 1500 bars.
  • Much faster than the other custom pseudo VPVRs out there.

Shortcomings:
  • As the chart progresses with bars the line positions will distort to the left side. Refreshing the tradingview page or switching to another time interval fixes this. I might fix this issue in the future.
  • Does not use actual Volume nor display actual Volume .

Note: For those who wondered what happened to my first version of this indicator: It got taken down by Tradingview because it was misleading as to using the words "Volume Profile" and "Visible Range". I fully support their decision and I hope I could clear any misunderstandings! Give their team a heads up for the hard work they're doing in keeping this place clean and well organized!

Enjoy! :)
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Comments

hi, nice indicator, is there any good settings for intraday? please reply. Thanks
+1 Reply
The_Silen nilanjan62
@nilanjan62, Thanks! :)
Depends on the instrument you are using. Can you name one as well as the timeframe you use?
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Comment removed.
The_Silen nilanjan62
@nilanjan62, sending a link of your personal trading chart doesnt work - just give me the name of the instrument, like NASDAQ:TESLA
+1 Reply
nilanjan62 The_Silen
@The_Silen, pls give of fb or appl
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The_Silen nilanjan62
@nilanjan62, for aapl 1min I'd probabaly use the 1500-5 setting - if you start to trade right now, you're right at the most important value level (red line) right now and I'd trade towards 1 or both of the two purple dotted lines as aapl will most likely revist one or both of these value levels today in extended market or tomorrow (in pre or regular market)

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The_Silen nilanjan62
@nilanjan62, I'd probably go as far as make to use the 15mins chart for apple under current chart patterns - 620 - 5 configuration to do my daytrading analysis for the next day.
AS you can see in this screenshots it could go either to the purple lines, which are similar to the ones i showed you in the 1min graph - and then bounce back to the red lines OR, in case of a short movement go to the next blue dotted line, or, in case of a long movement, clear the purple resistance area (goes to the bar with the LOWEST pseudo volume) and then enter a low pseudo volume cluster which its most likely gonna clear because of low volume and go into a general upward surge. You have to adjust the Volue profile settings to each chart and patern seperately, there is no "universal" setting. Also, I'd rather use it to make my pre-trading analysis , mark the important areas and then trade through them. maybe use it live a bit too to check on if value levels change/persist. But this indicator should be primarely used for pre-analysis and making a strategy out of the data you've collected :)

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nilanjan62 The_Silen
@The_Silen, i have seen with your indicator that if it goes outside max level(the vertical purple line it reverse on a single time frame, is it right?
+1 Reply
The_Silen nilanjan62
@nilanjan62, yes, that's right, it's a bug as the value level lines don't know where to go to if the the graph has less candles than your current setting
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