π² Volume Forks - Advanced Price Analysis with Recursive Auto-Pitchfork and Angled Volume Profile
The Volume Forks Indicator is a comprehensive research tool that combines two innovative techniques, Recursive Auto-Pitchfork and Angled Volume Profile. This indicator provides traders with valuable insights into price dynamics by integrating accurate pitchfork drawing and volume analysis over angled levels. The indicator does following things
Detects Pitchfork formations automatically on the chart over Recursive Zigzag
Instead of drawing forks based on fib levels, volume distribution over ABC of pitchfork is calculated and drawn in the direction of the handle.
π² Brief about Pitchfork Pitchfork is drawn when price forms ABC pattern. Pitchfork draws a series of parallel lines in the direction of trend which can be used for support and resistance.
There are many methods of drawing pitchfork. In all cases, a line joining BβCβ will make the base of pitchfork and fork lines are drawn from different points of the base. All the fork lines will be parallel. But, the handle of the base defines the direction of fork lines. Classification of pitchfork is mainly based on the starting and ending points of the handle.
π² Regular Types
Here, end of the handle is always fixed and it will be the mid point of B and C.
π― Andrews Pitchfork
Handle starts from A and joins the base at mid of B and C.
Forks are drawn based on fib ratios from the handle
π― Schiff Pitchfork
Handle starts from Bar of A and price of middle of AB and joins the base at mid of B and C
Forks are drawn based on fib ratios from the handle
π― Modified Schiff Pitchfork
Handle starts from mid of A and B and joins the base at mid of B and C
Forks are drawn based on fib ratios from the handle
π² Inside Types
Here, C will act as end of the handle which joins the Base BβCβ.
π― Andrews Pitchfork (Inside)
Handle starts from A and joins the base at C
Forks are drawn based on fib ratios from the handle
π― Schiff Pitchfork (Inside)
Handle starts from Bar of A and price of (A+B)/2 and joins the base at C
Forks are drawn based on fib ratios from the handle
π― Modified Schiff Pitchfork (Inside)
Handle starts from mid of A and B and joins the base at C
Forks are drawn based on fib ratios from the handle
π² Brief about Pitchfork The Angled Volume Profile technique expands on the concept of volume profile by measuring volume distribution levels over angled levels rather than just horizontal levels. By selecting a starting point and angle interactively, traders can assess volume distribution within specific price trends. This feature is particularly useful for analysing volume dynamics in trending markets.
π² Settings
Indicator settings include few things which determine the scanning of pitchforks and few which determines drawing of volume profile lines.
Please note that, due to pine limitations of 500 lines, if there are too many formations on the chart, volume profile may not appear correctly. If that happens, please reduce the number of volume forks per formation.
This is stunning. So on line 77, you define a new array of a custom type that is imported from a library? I have to study more just to be able to read this π€―
Trendoscope
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@SimpleCryptoLife, Well, the point of using library is to abstract things wherever possible. So, you don't really need to read the whole libraries. Just go through the documentation and understand how libraries work. In this case, the fork settings holds the fib ratios where the forks needs to be created. Since the number of volume fork lines is set to 100, It just holds 100 entries with ratios varying from 0 to 1 in the increments of 0.01