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How to use the new Fixed Range Volume Profile drawing tool
Volume profiles are essential for understanding supply, demand, and overall liquidity. Volume profile tools make it possible to analyze volume trends at specific price levels and specific moments in time. Our new drawing tool called Fixed Range Volume Profile was created to give everyone the ability the study volume trends on their chart.
Here's how you can begin using the new Fixed Range Volume Profile drawing Tool:
1. Go to the left side of your chart and click Prediction and Measurement Tools. This is the same place where you can find your Price Range or Long/Short tools.
2. Scroll down the list and select Fixed Range Volume Profile.
3. Once you've selected the tool, find and click an area of the chart that you want to study. Click a starting point and an ending point. In this example, we're showing a fixed range volume profile for BTCUSD from its all-time highs through today.
Understanding how to read the Fixed Range Volume Profile is essential. When you draw your first Fixed Range Volume Profile you will see the following:
• Red line = point of control or the price level with the most volume.
• Yellow and blue rows = down volume and up volume for each price level.
• Shaded blue area = selected volume profile area that's being shown.
Keep in mind that you can adjust the settings of the Fixed Range Volume Profile. This means you have the ability to change look, feel, and calculations. For example, you can add a developing point of control, adjust the colors of the shaded area, and change the size of the volume rows. The possibilities are endless and it's up to you to build the perfect look for your Fixed Range Volume Profile.
We hope you enjoy this new drawing tool and we look forward to seeing how it's used. We're on a mission to help as many investors and traders as possible and we believe tools like this do that. They are free and open to everyone.
If you have questions or feedback, please write them in the comments below. If you're still unsure about using this tool, we recommend that you dive right in and start experimenting. One of the best ways to learn is to try the tool for yourself.
Here's how you can begin using the new Fixed Range Volume Profile drawing Tool:
1. Go to the left side of your chart and click Prediction and Measurement Tools. This is the same place where you can find your Price Range or Long/Short tools.
2. Scroll down the list and select Fixed Range Volume Profile.
3. Once you've selected the tool, find and click an area of the chart that you want to study. Click a starting point and an ending point. In this example, we're showing a fixed range volume profile for BTCUSD from its all-time highs through today.
Understanding how to read the Fixed Range Volume Profile is essential. When you draw your first Fixed Range Volume Profile you will see the following:
• Red line = point of control or the price level with the most volume.
• Yellow and blue rows = down volume and up volume for each price level.
• Shaded blue area = selected volume profile area that's being shown.
Keep in mind that you can adjust the settings of the Fixed Range Volume Profile. This means you have the ability to change look, feel, and calculations. For example, you can add a developing point of control, adjust the colors of the shaded area, and change the size of the volume rows. The possibilities are endless and it's up to you to build the perfect look for your Fixed Range Volume Profile.
We hope you enjoy this new drawing tool and we look forward to seeing how it's used. We're on a mission to help as many investors and traders as possible and we believe tools like this do that. They are free and open to everyone.
If you have questions or feedback, please write them in the comments below. If you're still unsure about using this tool, we recommend that you dive right in and start experimenting. One of the best ways to learn is to try the tool for yourself.
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Read more about the new tools and features we're building for you: tradingview.com/blog/en/
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