Clansi

Pre-Market Volume Profile

This indicator displays the pre-market volume (note: without the post-market of the previous day).
Unusual pre-market volume often indicates that institutional market makers are moving the market, which is a good sign for unusual high price movement.
The indicator helps me to spot stocks, if a pre-market gap is confirmed with enough (unusual) volume .

You can define, what "unusual" means by you, by adjusting the SMA length and the SMA multiplier.
The default is a length of 21 bars and a 2.5 multiplier, meaning I'm interested in a stock, if the pre-market volume exceeds the average pre-market volume by 2.5 times.
Release Notes: Added volume format, as suggested by Kerasi.
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.

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Comments

500 coins
+1 Reply
How to use this?? What should I actually do to use it
+6 Reply
Clansi saurabh_009
@saurabh_009, as I wrote in the description, the indicator helps to select stocks which will probably move a lot on this day. The high pre-market volume shows that this stock is interesting today, because usually such high volume is generated by institutional market makers.
So this is not a buy / sell signal indicator. It just helps to pick the right stocks for intra-day trading.
You can use this together with pre-market / opening gaps. A gap with high pre-market volume is more reliable.
I'm using this to create my daily watch list and then I look for entry signals on these stocks.
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everget saurabh_009
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Hi thank you for your info. May I ask how do you change the background colour at certain times of day?
+2 Reply
This publication will be featured in our "Best Scripts of The Month" selection. Thank you for your valuable contribution to the TradingView community, and congrats!
+2 Reply
Clansi PineCoders
@PineCoders, 😎 thank you!
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Great work.

I suggest to add a number suffix to your script, to show the volume in K thousands, M million.

study("Pre-Market Volume Profile", format=format.volume)
+1 Reply
Clansi Kerasi
@Kerasi, thx for the suggestion. Just updated the script.
+1 Reply
I've been looking for something like this! Thank you! It is really useful to see what stocks are going to be in play :)
+1 Reply