OPEN-SOURCE SCRIPT
Volume Profile Matrix [LuxAlgo]
The Volume Profile Matrix indicator extends from regular volume profiles by also considering calculation intervals within the calculation window rather than only dividing the calculation window in rows.
Note that this indicator is subject to repainting & back-painting, however, treating the indicator as a tool for identifying frequent points of interest can still be very useful.
🔶 SETTINGS
🔶 USAGE
The Volume Profile Matrix indicator can be used to obtain more information regarding liquidity on specific time intervals. Instead of simply dividing the calculation window into equidistant rows, the calculation is done through a grid.
Grid cells with trading activity occurring inside them are colored. More activity is highlighted through a gradient and by default, cells with a color that are closer to red indicate that more trading activity took place within that cell. The cell with the highest amount of trading activity is always highlighted in yellow.
Each interval (column) includes a point of control which highlights an estimate of the price level with the highest traded volume on that interval. The level with the highest traded volume of the overall grid is extended to the most recent bar.
Note that this indicator is subject to repainting & back-painting, however, treating the indicator as a tool for identifying frequent points of interest can still be very useful.
🔶 SETTINGS
- Lookback: Number of most recent bars used to calculate the indicator.
- Columns: Number of columns (intervals) used to calculate the volume profile matrix.
- Rows: Number of rows (intervals) used to calculate the volume profile matrix.
🔶 USAGE
The Volume Profile Matrix indicator can be used to obtain more information regarding liquidity on specific time intervals. Instead of simply dividing the calculation window into equidistant rows, the calculation is done through a grid.
Grid cells with trading activity occurring inside them are colored. More activity is highlighted through a gradient and by default, cells with a color that are closer to red indicate that more trading activity took place within that cell. The cell with the highest amount of trading activity is always highlighted in yellow.
Each interval (column) includes a point of control which highlights an estimate of the price level with the highest traded volume on that interval. The level with the highest traded volume of the overall grid is extended to the most recent bar.
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.
For quick access on a chart, add this script to your favorites — learn more here.
Get access to our exclusive tools: luxalgo.com
Join our 150k+ community: discord.gg/lux
All content provided by LuxAlgo is for informational & educational purposes only. Past performance does not guarantee future results.
Join our 150k+ community: discord.gg/lux
All content provided by LuxAlgo is for informational & educational purposes only. Past performance does not guarantee future results.
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.
For quick access on a chart, add this script to your favorites — learn more here.
Get access to our exclusive tools: luxalgo.com
Join our 150k+ community: discord.gg/lux
All content provided by LuxAlgo is for informational & educational purposes only. Past performance does not guarantee future results.
Join our 150k+ community: discord.gg/lux
All content provided by LuxAlgo is for informational & educational purposes only. Past performance does not guarantee future results.
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.