Market Profile - Support/Resistance [TradingWhale]

Our market profile is an indicator that helps short term traders better understand the structure of the market and identify support and resistance levels. Our Market Profile indicator will not count volume, but the number of source events (close, high, low, ...whichever you pick) per each row over the lookback period. The rows are evenly distributed between the high and low of the lookback period.

Key features:
1. You can choose to automatically adjust what source is picked based on whether the SMA(20) of the price for the chart time frame is currently in and uptrend or downtrend. In an uptrend the source used is 'high' and in a downtrend the source used is 'low'. The assumption is that in an uptrend price is better aligned with highs and in a downtrend price is better aligned with previous lows.

2. Peaks are naturally magnified to be better distinguishable from nearby values. The idea is that one clear line is better than a bell curve. After the motto 'the simpler, the better.'

3. Market profile based on data values available on the screen, or a specific lookback period. Using 'Chart Screen' will make the market profile adjust every time you change the screen size or zoom in/out.

4. POC is innocuous enough to be left on the screen all the time, as is the entire profile with enough transparency.

Settings:
- the source
- auto-adjust the source (yes/no). If 'yes', then
- SMA(20) in uptrend ---> source = high
- SMA(20) in downtrend ---> source = low
- Display point of control (POC)
- Number of rows (limit=60)
- Horizontal Compression (the higher the number, the slimmer the market profile (min value = 2, max value = 30)
- Horizontal Offset
- Lookback Type (Chart Screen or Lookback value)
- Lookback Value (Define a specific lookback here and the market profile won't adjust when you change the screen size or zoom.)
- Set transparency for the market profile bars/levels (for borders and background individually)