Fibonacci Volume Profiles [AlgoAlpha]

Feb 10

Unlock a deeper understanding of price action with the Fibonacci Volume Profiles indicator by AlgoAlpha! This powerful tool blends Fibonacci retracement levels with customizable volume profiles, helping traders identify high-probability areas of support, resistance, and accumulation. Designed for both continuous dynamic levels and custom time periods, this indicator is a must-have for traders seeking confluence in market structure analysis.

🔑 Key Features

• 📈 Dual Mode Selection: Choose between Continuous Fibonacci levels, which adapt dynamically to pivots, or a Custom Period mode, where you set your own start and end points.
  
• 📊 Integrated Volume Profile: Visualize volume distributions at key Fibonacci retracement levels, revealing areas of strong buying/selling interest.
  
• 🎨 Customizable Colors & Transparency: Adjust Fibonacci level colors, fill zones, and profile transparency for a visually clear experience.
  
• 🔍 Profile Resolution & Scaling: Control the number of price levels and width of the volume profile for detailed market insights.
  
• 🛠 Extendable Levels: Optionally extend Fibonacci levels to the right of the chart for better visualization of future price interaction.
  

📌 How to Use

1. Add the Indicator: Click on the star icon to add it to your favorites and apply it to your TradingView chart.
   
2. Analyze The Market: Observe how price interacts with Fibonacci levels alongside the volume profile to confirm support/resistance zones. Switch between custom range or continuous mode to align the tool with your trading style.
   

⚙️ How It Works
The indicator calculates pivot highs/lows dynamically (or uses user-defined time periods) to plot Fibonacci retracement levels. It then builds a volume profile by analyzing historical volume data, grouping it into price bins to highlight volume-heavy zones. The Point of Control (PoC) is identified as the level with the highest traded volume, acting as a key price magnet. The color-coded Fibonacci levels help traders spot retracement zones, while the volume profile confirms strength or weakness in those areas.

Feb 10

Release Notes

Added color inputs for the profile.