[Pt] Daily Market Profile / TPO

A great mentor of mine once told me, trading is like driving. When you are driving, there are directions and road signs to follow. The key areas and levels from TPO market profile are the road signs in trading, you shouldn't trade without them much like you shouldn't drive without road signs, as you will get lost.

From Wikipedia: "A Market Profile is an intra-day charting technique (price vertical, time/activity horizontal) devised by J. Peter Steidlmayer, a trader at the Chicago Board of Trade (CBOT), ca 1959-1985. Steidlmayer was seeking a way to determine and to evaluate market value as it developed in the day time frame. The concept was to display price on a vertical axis against time on the horizontal, and the ensuing graphic generally is a bell shape--fatter at the middle prices, with activity trailing off and volume diminished at the extreme higher and lower prices." If you are unfamiliar with the concept, search for Market Auction Theory, Market Profile, and TPO on the web.

What's cool about this script?
As a professional trading, you should be drafting a trading plan and drawing all your key areas and levels before entering a trade. If you are trading with market profile, with this script, you no longer have to spend the time it takes to manually draw those key areas and levels. All are automatically generated with this script to give you the visual cues in your trades~!!
**IMPORTANT** Please note that due to the limitation on TradingView, there can only be limited number of boxes and lines that can be generated per indicator. Hence, this script only aims to provide you with as many key areas and levels as possible. This may be mitigated by having multiple instances of this indicator. Please use at your risk and discretion.

This script provides a comprehensive set of indicators / elements of daily TPO market profile, which includes the following:
- Market Profile based on TPO
- Point of Control (POC)
- Value Area (VA)
- Single Prints (SP)
- Excess (EX)
- Naked vs Visited (Touched) POC and VA

This script also includes the following key features that hopes to provide value in your trading:
- Automatically generated key areas and levels, including all the elements above
- Those key areas and levels will fade away as they become less significant, based on number of crosses and touches
- Customizable display settings
- Customizable session for generating the MP
- Two positions for MP placement

Setting descriptions:

Versionshinweise:

Fixed bug: MP won't show up if price chart session has no "after hour" session. In that case, only "Position 1" will work.

Versionshinweise:

Added Opening Range, Initial Balance, and Opening Price lines.

By default, lines changes color depending on whether closing price is above or below the lines. Red if price is below, green if price is above.

Colors and line styles are all configurable.

Options to change label positions.

Some definitions:
Opening Range - The opening range is high and low for a given period after the market opens. This period is generally the first 30 or 60 minutes of trading
Initial Balance - WRT to TPO profile chart, the Initial Balance is the price range resulting from the market’s trade during the first two 30 minute periods of the regular trading hours session.

Why is this useful?
The first hour of the trading day is the most active and dynamic period. The price range defined by this period of trading creates some key support / resistance levels for the rest of the day. See my other open script if interested:

Settings:

Versionshinweise:

Updated to include option to extend key levels and areas per request

Versionshinweise:

Updated with more control over color transparency levels.
Updated with display toggles for OR / IB / OP

Versionshinweise:

Added 'Position 0' for positioning the profile at the beginning of the data set
Fixed bug related to timezone differences