LonesomeTheBlue

Market Profile

Hello All,

This is Market Profile script. "Market Profile is an intra-day charting technique (price vertical, time/activity horizontal) devised by J. Peter Steidlmayer. Steidlmayer was seeking a way to determine and to evaluate market value as it developed in the day time frame. The concept was to display price on a vertical axis against time on the horizontal, and the ensuing graphic generally is a bell shape--fatter at the middle prices, with activity trailing off and volume diminished at the extreme higher and lower prices." You better search it on the net for more information, you can find a lot of articles and books about the Market Profile.

You have option to see Value Area, All Channels or only POC line, you can set the colors as you wish.

Also you can choose the Higher Time Frame from the list or the script can choose the HTF for you automatically.



Enjoy!
Release Notes: "Line Width" option added
Release Notes: Alerts added:
=> "Price in POC"
=> "Price went above POC"
=> "Price went below POC"
Release Notes: "Sizing Rate %" option added, it's for scaling the length of the bars. default value is 100%. you can set it from 30% to 500%. (User Request)
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Comments

is the yellow line point of reversal?
+5 Reply
@nilanjan62, mid point of POC (Point Of Control)
Reply
nilanjan62 LonesomeTheBlue
@LonesomeTheBlue, that means its is the point where the price will move eventually, so for intraday does 5 min chart will be helpfull?
Reply
wow! awesome work thank you kindly
+4 Reply
@iamthree, you are welcome ;)
+3 Reply
excellent work as usual. I have a day trade model that uses tpo so ill def be playing with this. YOU DA MAN!
+1 Reply
Thanks, LTB, how is this different from the VPVR indicator though ?
+1 Reply
LonesomeTheBlue BlueChipMutt
@BlueChipMutt, a short definition, Volume profile is calculated by using volume of candles, Market profile is calculated by frequency that price occurred
+2 Reply
Is it to identify support and resistant? Btw, thank you very much @LonesomeTheBlue
+1 Reply
LonesomeTheBlue jarodpretender
@jarodpretender, it can be used to figure out S/R, Market behavior/movements etc. you better search for "Market Pofile", you can find many articles about it.
+2 Reply
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