OPEN-SOURCE SCRIPT
Updated Volume Profile Heatmap/Concentration
This is based on Colejustice's indicator. I just improved it so there's more clarity of the highly concentrated levels by making them more saturated and also reducing the noise of low saturated areas. There are also new settings that you can play with, such as:
1. Exponential Intensity
Making this higher will increase the saturation of high volume areas and lower the saturation of lower volume areas, basically, it changes the rate at which the saturation increases, so the levels are more visible
2. Visibility Threshold
Adjustes how much % of the highest volume areas will be visible. The default is 40%, so it doesn't show so much low-volume noise and gives the indicator more clarity.
1. Exponential Intensity
Making this higher will increase the saturation of high volume areas and lower the saturation of lower volume areas, basically, it changes the rate at which the saturation increases, so the levels are more visible
2. Visibility Threshold
Adjustes how much % of the highest volume areas will be visible. The default is 40%, so it doesn't show so much low-volume noise and gives the indicator more clarity.
Release Notes
This is based on Colejustice's indicator. I just improved it so there's more clarity of the highly concentrated levels by making them more saturated and also reducing the noise of low saturated areas. There are also new settings that you can play with, such as:1. Exponential Intensity
Making this higher will increase the saturation of high volume areas and lower the saturation of lower volume areas, basically, it changes the rate at which the saturation increases, so the levels are more visible
2. Visibility Threshold
Adjustes how much % of the highest volume areas will be visible. The default is 40%, so it doesn't show so much low-volume noise and gives the indicator more clarity.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.