Tradingview Volume toolsI've been using Tradingview for just over 8 years now. When I initially started using it I was transitioning from using Footprint tools. I would use techniques that in essence allowed you to see inside a candle. Coupled with techniques such as "DOM" Depth of Market and Cumulative Delta. After a while you get to see some of this stuff without the need of indicators.
Tradingview have steadily added various tools to the platform and with a little help from being able to code your own tools it's made it an interesting space to play.
So here's a quick overview on the abilities, encase you have yet to explore. This is not a lesson on volume as such, just educating you as to what the possibilities can be.
Most would have seen or at least know about the volume on the X axis.
This simply gives an idea of the happening of that particular candle, of course things can alter or yield different results based on settings and time frames.
we've taken the time to incorporate this simple volume in one of our own indicators. Which is coupled with a Stochastic and a few other bits.
It can also be used standalone for spotting divergence for example. You can see how the volume up and price up yet in the third price move up, volume has lowered.
There are also various styles of showing this volume data - one such tool is Weiss waves.
These are great in conjunction with techniques such as Elliott Waves and Wyckoff. I've shown this over the last two years here on TradingView and both of these techniques have been very useful on Bitcoin during this time.
I mentioned CVD the cumulative Volume Delta, here you can see this under the Weiss Wave indicator. Like I said, have a play around with these on your own charts. You will spot some interesting things once you get to know them. Try various instruments as well as timeframes.
More recently I posted a video on using Chat GPT to build a pinescript indicator. Here's the link to that post.
Well, I've taken that a few steps further.
What started as an idea in terms of using Footprint, X axis volume and then what's called periodic volume profile. I personally like to turn the bars/candles off when I got this on.
Here's another view - this is the session volume profile and periodic volume combined without the candles being visible.
This new indicator extracts various pieces of data and paints key levels based on my old trading style. As you can see today, this is showing like a magnet where the key levels in Bitcoin are likely to be. There's a bit more to it than that but in essence, its what I am showing here.
To finish with you have two other tools here on Tradingview - one which is fixed range volume, just as it says on the tin. You can see volume inside a range you determine.
I have used a low and a high here to find the PoC - Point of Control.
Then finally, you have visible range; this I tend to use less personally, but I know many people like it. This allows you to view the volume profile based on what you have visible on the chart. As you can imagine, as you zoom in n out, it can change.
Like I said, this is not a lesson on each tool - it's an intro to, for you to spend the time to play around with these tools. Feel free to ask questions below.
Enjoy the rest of the week!
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
