Anchored Volume Profile aims to display trading activity at specific price levels over specified anchored periods of trading, where anchor period can be set to auto or users can specify anchor periods of their interest (Day (Session), Week, Quarter or Year)
Anchored Volume Profile is plotted as two horizontal histograms on the finacial isntrumnet's chart that highlights the trader's common interest at specific price levels as well as aims to reveal dominant party, bulls or bears
Disclaimer: Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely
The script is for informational and educational purposes only. Use of the script does not constitutes professional and/or financial advice. You alone the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script
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Update plus Bug Fix
Bug Fix : historical volume profiles used to include the first bar of the following day . Special thanks to @happynomatterwhat for providing the feedback with the issue
Update : Volume data is not provided or not available for some instruments such as Indices, as it is the case for NIFTY 50 - Indian stock market index
In case of any custom index volume indicator presence, than their output can be integrated to other volume related indicators as in this example.
How to use a custom indicator as a volume source with the Volume Profile
* First it is required to have the custom indicator enabled * Then, enable "Use External Volume Indicator" option of the Volume Profile and select as a Source the custom indicator.
Disclaimer: Use of the script does not constitutes professional and/or financial advice. You alone the sole responsibility of choosing the external source and evaluating the script output and risks associated with the use of the script
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aesthetic tweak
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update
* added Anchored VWAP, option Anchor Period is commen setting for both Volume Profile and VWAP Volume Weighted Average Price (VWAP) is a technical analysis tool used to measure the average price weighted by volume. VWAP is typically used with intraday charts as a way to determine the general direction of intraday prices. It's similar to a moving average in that when price is above VWAP, prices are rising and when price is below VWAP, prices are falling. VWAP is primarily used by technical analysts to identify market trend.
* enhanced calculation method for intraday charts, premarket and postmarket data is included within the same day
* bug correction - step must be greater then zero error apread on some stock instruments, resolved
* aesthetic tweaks in input dialog box
* added tooltips to input options
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major update added another perspective to volume profile, added an option to display only the developing anchored period, session (day), week, moth etc,. Option will be applicable for volume profile (common interest and bull/bear dominance) and VWAP
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quick update - extend PoC line option added
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major update - added Value Area (VA) option
thanks to everyone who presented their valuable suggestions
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A trading session is a period of time that matches the primary daytime trading hours for a given asset. In addition to regular trading hours, some markets may have pre-market or after-hours trading sessions. Futures markets, meanwhile, have different trading hours, depending upon the exchange and the type of commodity being traded.
In many cases Session is equal to Day anchored period, but for Futures a trading session may extend to next day, so this update is introduced to cover such cases. Auto option will assumes Session as default and users shall explicitly define Day anchored period per their needs.
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update * Extend POC functionality improved - now available options 'Until Last Bar', 'Until Bar Cross' and 'None'. 'Until Bar Cross' option allows the users to determine Virgin PoC's
* Extend VAL and VAH added with the same features as for the PoC
* Label tooltips extended with Value Area Width relative to Profile High/Low Range
I was thinking about writing a zigzag based. Not sure if it is there already. But, yeah. This is an awesome example to start with :)
dgtrd
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thank you @HeWhoMustNotBeNamed, 💙 this one is time based - session, month, quarter on so zigzag application could be a good alternative to volume profile concept 👍
UnknownUnicorn36643625
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@HeWhoMustNotBeNamed, please , if you find some time , i would love to have your script based on volume profile in my collection. and thank you again @dgtrd
@dgtrd, Thats awesome. Thanks very much for the contribution :)
dgtrd
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😊 thank you @HeWhoMustNotBeNamed, your contributions to the community are priceless - both with your publications and the support you provide in the PineScripts
TheStockOdin
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yellow candlesticks are neutral i assume?
dgtrd
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thank you @ninjanew, yellow ones are to emphasis the common interest and they represent the total volume traded at the specific price levels green and red ones represent the dominat party, when selling pressure is high we have red rows conversly when buying pressure is high we have green rows. narrow rows does not mean no interest at that level but equlibrium between selling and buying pressure
thanks for the query, gave me a chance to elaborate a bit
vigneshbabubm
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Can you allow increasing the thickness of the VWAP line. Thanks for the useful script.