This script displays a histogram from the mean and standard deviation of the visible price values on the chart. Bin counting is done relative to high/low prices instead of counting the price values within each bin, returning a smoother histogram as a result.
Settings
Bins Per Side: Number of bins computed above and below the price mean
Deviation Multiplier: Standard deviation multiplier
Style
Relative: Determines whether the bins length is relative to the maximum bin count, with a length controlled with the width settings to the left.
Bin Colors: Bin/POC Lines colors
Show POCs: Shows point of controls
Usage
Histograms are generally used to estimate the underlying distribution of a series of observations, their construction is generally done taking into account the overall price range.
The proposed histogram construct N intervals above*below the mean of the visible price, with each interval having a size of: σ × Mult / N, where σ is the standard deviation and N the number of Bins per side and is determined by the user. The standard deviation multipliers are highlighted at the left side of each bin.
A high bin count reflects a higher series of observations laying within that specific interval, this can be useful to highlight ranging price areas.
POCs highlight the most significant bins and can be used as potential support/resistances.
How can I benefit from this indicator? Thank you, Radwan from Morocco
Mronejr
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@monsefbenrouan, you can use it to identify areas with high buying/selling volume and they are considered as support & resistance zones, each HVN (High Volume Node) is either a support or resistance, node with the highest volume identifies the POC (Point of control) which is the most significative area in your visible range. You can use this indicator for free (thanks to @LuxAlgo) in combination with other tactics to make the most rational decisions. If you need more informations feel free to ask, from Morocco too🙂
Arun_K_Bhaskar
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@monsefbenrouan, This is like Visible Range Volume Profile. Volume Profile is available only for Subscribers in TV. How I use this Indicator for Swing Trading using 5 min timeframe: 1. In bottom left hand corner there is 1D, 5D, 1M, 3M etc. 2. Click on Reset chart button. 3. Click on 1M button which is 30min timeframe. 4. Mark the longest Green and Red bars using Box drawing tool. 5. These are major transaction zones or Support and Resistance. 6. Then I switch to 5D button which is 5min timeframe. 7. I will enter when the price reach to these marked zones. 8. I will exit at 5, 10 or 20% or the next marked zones. 9. I use 5D & 1D for intraday.
kennairne
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Again another great indicator from you. Just one question! Is there anyway you could make the dotted lines a bit larger so we could see them, or code it so we can change the colours and line size, and change them from dotted to solid. Many thanks. Ken (UK)
SYKZ01R
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Is this a better volume profile? ;)
OutsourcE
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Can you add a period() option as well instead of just visible range alone?
Arlidar
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Good afternoon dear developers. This indicator is the best of all, bravo, tell me what the code is, so that it is on the right side.
vence_FX
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@LuxAlgo which code i need to change, to move the bar from left to right ?
nilanjan62
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understanding entry and exit is easy with this..thanks
vardanmishra09
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@nilanjan62, please explain how to use this indicator