Fixed volume profile & zones

mickes Updated   
Hi all!

If you like volume profile and like to create zones, where the price might react, this indicator might be for you. It plots a fixed volume profile and creates a user defined number of zones (shelves) of high volume.

If you want to know more about volume profile you can about it here on TradingView: se.tradingview.com/s...folders/43000587408/

To do
• Add possiblity to create alerts for zone entries, breakouts and retest
• The importance of zones are now based on high volume slots only. It might be changed to include the slots around the 'master slot' to determine if the area is of high importance or not, your suggestions here are welcome!
• Show total volume in 'values'
• Error if the data cannot be fetched
• Add value area
• Make earlier (more important shelves) more visible (less transparent)
• Add possiblity to skip zones

Known issues
• Script execution is long when the volume profile is created (should be none)
• In some cases you can get overlapping shelves, avoid this

• Main
• Start/end bar of the volume profile (this is required)
• Data
• Timeframe (for getting the volume data)
• Levels (the number of slots in the volume profile)
• Shelves (the number of zones with high volume to plot) and it's color
• Max slot (have this enabled if you want the shelf's highest volume slot to have a dotted line and choose it's color
• Show info (show the order of the plotted zone)
• Style (how the volume profile will look)
• Histogram box (the color of the background of the volume profile)
• Up (the color of bullish volume)
• Down (the color of bearish volume)
• Point of control (color and if it should be extended or not)
• Values and text color (show bullish and bearish volume values)

The defaults on all settings are based on the daily timeframe. This indicator is not 'complete' and I plan to work on it when I get the time.

Note that the precision for the volume profile is per candle, so some levels can have visuals as others but lower volume.

The slot (level) volume has to have a lower difference to the volume included in the shelf than the next volume to be checked to be included. If the level being checked for inclusion in a shelf is at the end of boundaries (high and low) of the volume profile, the volume has to be higher than the golden ratio of the volume before.

You can also use this indicator if you just want a volume profile to show, just set the the number of zones to plot (in 'Shelves') to 0.

I hope I haven't forgotten anything and that it's clear, let me know otherwise.

Best of trading luck!
Release Notes:
• Fix issue of the indicator disappearing if 'end' is on the last bar. This was pointed out by a user and is now mitigated.
Release Notes:
• Add tooltip on zones max level/slot
• Add alerts for breakouts, false breakouts and retest. These alerts are possible due to the use of my library 'Touched'.

The link for volume profile information in the first release is only to be used as information for you if you want to read more about the volume profile.
Release Notes:
• Add ability to show zones touches in the 'Show touches' setting. Touches are shown with 'B' for breakouts (on the zone's high/low), 'R' for retests (on the highest/lowest bar of the retest) and 'FB' for false breakouts (on the highest/lowest bar of the false breakout). This is enabled by default.
Release Notes:
• Add developing POC
This is disabled by default
• Add value area low (VAL) and value area high (VAH)
This is shown (and extended) and is set to 68% by default

• The volume profile data is changed from array to map to enable the developing POC
• The way to get volume profile data is now a one liner

Hope this update finds you well, best of trading luck!
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.


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.

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