OPEN-SOURCE SCRIPT
Market Profile [p2pasta]
Updated
Ever since the big bitcoin crash I have been looking a lot at decent metrics to learn.
Never spent much time learning about Market Profiles so I started with the 2 scripts below:
There was however still some things that needed to be done, including combining both into one.
Feel free to use/fiddle around before I publish it to the public.
For obvious reasons, if any of my code gets reuses then make sure to give credit where credit is due.
If any suggestion or issue is not noted below, I would appreciate a direct message to sort this out.
/* BACKLOG */
*Timeframes*
- More timeframes, currently only 'D' (daily) and 'M' (monthly) is supported.
- More property customization of the poc, channels and labels.
- A secondary timeframe to show on the chart. Using two timeframes can give more confluence to your trade ideas.
^ The problem is that above will probably run run into the maximum amount of possible lines TradingView is willing to render (max is 500).
- More placement options for the label. Currently only supports 'Current bar'. Will add 'Left', 'Center' and 'Right' (of the poc).
*Touch Confirmation*
- Count touches on POC and give the user a number to set for the POC to break.
- Show touch confirmation amount inside the label.
*Code*
- Add comments everywhere.
- Make sure this code is reusable and readable for anyone to use.
/* CREDIT */
Thanks to LonesomeTheBlue for providing me with the calculations
Thanks to PineCoders for providing me with the time offset framework
Thanks to @Frien_dd for providing me with inspiration and motivation to keep this going
Never spent much time learning about Market Profiles so I started with the 2 scripts below:
There was however still some things that needed to be done, including combining both into one.
Feel free to use/fiddle around before I publish it to the public.
For obvious reasons, if any of my code gets reuses then make sure to give credit where credit is due.
If any suggestion or issue is not noted below, I would appreciate a direct message to sort this out.
/* BACKLOG */
*Timeframes*
- More timeframes, currently only 'D' (daily) and 'M' (monthly) is supported.
- More property customization of the poc, channels and labels.
- A secondary timeframe to show on the chart. Using two timeframes can give more confluence to your trade ideas.
^ The problem is that above will probably run run into the maximum amount of possible lines TradingView is willing to render (max is 500).
- More placement options for the label. Currently only supports 'Current bar'. Will add 'Left', 'Center' and 'Right' (of the poc).
*Touch Confirmation*
- Count touches on POC and give the user a number to set for the POC to break.
- Show touch confirmation amount inside the label.
*Code*
- Add comments everywhere.
- Make sure this code is reusable and readable for anyone to use.
/* CREDIT */
Thanks to LonesomeTheBlue for providing me with the calculations
Thanks to PineCoders for providing me with the time offset framework
Thanks to @Frien_dd for providing me with inspiration and motivation to keep this going
Release Notes
- Fixed the title of the indicator.- Added "Small", "Normal" and "Large" to the labelSize options input.
Release Notes
Updated the screenshotRelease Notes
+ Added the 4 hour, weekly and 3 months timeframe ('4H', 'W' and '3M' under the Timeframe options)+ Added single prints (You can enable or disable them in the user input screen).
The calculation I use is the following: average the whole channel -> single print where value is only 20% of the average. In general, this will sho low volume untapped liquidity points that can be used as support or resistance in the future.
+ Simplified the calculation for stopping a POC or SP from extending further to the right.
Release Notes
+ Doubled the lines that were used by the channel to make channels more granular and detailed.+ Added a secondary timeframe. Using two timeframes can give more confluence to your trade ideas.
+ More customization of the channels. You can now set channel highs/lows and value area highs/lows. (Only 'timeframe' supported for placement at the moment which renders the line until the next channel).
+ Reorganized user input.
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.