OPEN-SOURCE SCRIPT
Silen's Pseudo VPVR / Pseudo Volume Profile Custom Range
Disclamer: This indicator does not use actual Volume data and doesn't display any Volume data. It creates a pseudo Volume Profile by counting the high-low-2 values of candles and simulates something that is similar to a Volume Profile without using any Volume data.
Core facts:
Shortcomings:
Note: For those who wondered what happened to my first version of this indicator: It got taken down by Tradingview because it was misleading as to using the words "Volume Profile" and "Visible Range". I fully support their decision and I hope I could clear any misunderstandings! Give their team a heads up for the hard work they're doing in keeping this place clean and well organized!
Enjoy! :)
Core facts:
- Creates a pseudo Volume Profile by counting values of candles and sorting them into a Profile.
- Works for charts that don't provide any Volume Information.
- Can display up to 5 different Value Levels.
- Value level colors are (from largest to smallest level): Red, Orange, Yellow, Green, Blue.
- The Value levels can be used as Support and Resistance indicators.
- The Custom Range of the Volume Profile can be adjusted from 10 to 1500 bars.
- Much faster than the other custom pseudo VPVRs out there.
Shortcomings:
- As the chart progresses with bars the line positions will distort to the left side. Refreshing the tradingview page or switching to another time interval fixes this. I might fix this issue in the future.
- Does not use actual Volume nor display actual Volume.
Note: For those who wondered what happened to my first version of this indicator: It got taken down by Tradingview because it was misleading as to using the words "Volume Profile" and "Visible Range". I fully support their decision and I hope I could clear any misunderstandings! Give their team a heads up for the hard work they're doing in keeping this place clean and well organized!
Enjoy! :)
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.