The histogram is used by traders to predict areas of . Price levels where the traded is high could be assumed as levels.
Price may experience difficulty moving above or below areas with large bars. Usually there is a great deal of activity on both the buy and sell side and the market stays at that price level for a great deal of time
It is advised to use in conjunction with other forms of to maximize the odds of success
Light version of Volume Profile is added to Price Action - by DGT
added volume indicator on top of the chart
* volume represents all the recorded trades for a security that occurs in a given time interval. It is a measurement of the participation, enthusiasm, and interest in a given security.
added price labels for point of control, lowest/highest price of the range
thanks @TMK2 for your valuable suggestion
green rows indicates higher bull trading activities and conversly red rows indicate higher bear trading activities.
row widths emphasis the strength, the wider the stronger. narrow rows can be interpreted as equilibrium between bull and bear trading activity
similar consept application can be found in Elder-Ray Bear and Bull Power )
special thanks to @DeeJayNast for his valuable suggestion
Instead of specifying lookback length value from input widgets, you can now select locations of your interest by clicking on the chart. Just as with the drawing tool simply drag the line, that apears on the chart when clicked on the indicator plotting area, to whereever you need to position the starting point of calculations
please note, while switch between timeframes you may need to adjust the location in case the plotting is damaged
* alert added when Price touches/crosses Point Of Control Line, note that this may result with many alerts triggered when price hovers around the PoC Line
* vertical offset is added for volume histogrm
Please check Anchored-Volume-Profile for different perspective of Volume Profile
Different perspective of Volume Profile applications;
Custom Range, Interactive : Volume-Profile-Custom-Range
Anchored to Session, Week, Month etc : Anchored-Volume-Profile
Combined with Support and Resistance Indictor : Price-Action-Support-Resistance
Combined with Supply and Demand Zones, Interactive : : Supply-Demand-and-Equilibrium-Zones
thanks to everyone who presented their valuable suggestions
When visibale range is selected, then as the user zooms on their chart – causing the range of visible bars on the chart to change – the script will automatically re-calculate and visuals can adapt to the new context