Volume Profile and Volume Indicator by DGT

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Volume Profile (also known as Price by Volume) is an charting study that displays trading activity over a specified time period at specific price levels. It is plotted as a horizontal histogram on the finacial isntrumnet's chart that highlights the trader's interest at specific price levels.

The histogram is used by traders to predict areas of support and resistance. Price levels where the traded volume is high could be assumed as support and resistance 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 volume profile in conjunction with other forms of technical analysis to maximize the odds of success

Light version of Volume Profile is added to Price Action - Support & Resistance by DGT

٢٤ فبراير ٢٠٢٢

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quick update - added coloring customization option for the background of the range box

٢٦ فبراير ٢٠٢٢

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update

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

٢٨ فبراير ٢٠٢٢

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update : volume indicator customized to fit on top of price chart now has the ability to display volume moving average.

thanks TMK2 for your valuable suggestion

١٠ مارس ٢٠٢٢

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update : horizontal offset option added, applicable for volume profile placed on right side

١٥ مارس ٢٠٢٢

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major update - added bull/bear volume strength histogram, aims to emphasis the price levels in terms of buying or selling trading activity over the specified period of time.
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

٢٤ مارس ٢٠٢٢

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* updated to Interactive mode
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

٢٤ مارس ٢٠٢٢

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observed a bug and had to rollback interactive mode, sorry for the inconvenience

٩ أبريل ٢٠٢٢

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Aesthetic tweaks

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

٢٥ أبريل ٢٠٢٢

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major update - added Value Area (VA) option with Alerts

thanks to everyone who presented their valuable suggestions

١٢ يوليو ٢٠٢٢

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thnaks to pine team's update now visable range option is available. default option is fixed range, the users can control the behaviour using the 'lookback range' option of the script

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

١٥ يوليو ٢٠٢٢

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bug fix

٦ يناير

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major update

🔹 core functionality enhancements

• usage of lower timeframe data: added the ability to benefit from lower timeframe data, hence allowing to increase the accuracy of the created profiles
  
• introduced new pine features: to increase the efficiency of the scripts, such as replacing lines with polylines to overcome pine line drawing limits, replacing individual components with types to group related components within the same type
  

🔹 new features of the indicator

• supply and demand zones
  
• developing point of control
  
• new polarity method: buying/selling pressure
  

and some other enchantments requested/reported by the users. thanks to all for sharing their valuable comments to make this script even better

volume profile is a charting tool that truly does have a wide array of uses. the data that is provided by the volume profile is indisputable, leaving it to the trader to find new and creative ways to use it.

٦ يناير

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typo correction

١٣ يناير

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minor update : aesthetic tweaks and stats addition