LuxAlgo

Swing Volume Profiles [LuxAlgo]

The Swing Volume Profiles indicator aims to calculate and highlight trading activity at specific price levels between two swing points; allowing traders to reveal dominant and/or significant price levels based on volume.

By measuring traded volume at all price levels in the market over a specified time period, the script can also be used to detect some key analysis generally such as supply & demand, buy-side & sell-side liquidity levels, unfilled liquidity voids, and imbalances that can highlight on the chart.

🔶 USAGE


A volume profile is an advanced charting tool that displays the traded volume at different price levels over a specific period. It helps you visualize where the majority of trading activity has occurred.

Key Levels are the areas where the volume is concentrated or where there are significant volume spikes. These levels are known as key support and resistance levels. High-volume nodes indicate areas of high activity and are likely to act as support or resistance in the future.

Volume profile also helps identify value areas, which represent the price levels where the most trading activity has taken place. These levels can act as areas of support or resistance as traders perceive them as fair value.


The Point of Control describes the price level where the most volume was traded. A Naked Point of Control (also called a Virgin Point of Control) is a previous POC that has not been traded. Extending PoC options 'Until Bar Cross' or 'Until Bar Touch' helps in identifying Naked Point of Control Lines.


Previous PoC levels can serve as support and resistance for future price movements. Extending PoC Level 'Until Last Bar' option will help to identify such levels.


🔶 DETAILS

One of the unique features of the script is its ability to detect some other key levels such as levels of acceptance and rejection.

  • Levels of rejection we may summarize as supply and demand levels, these are also referred to as buy-side and sell-side liquidity levels. They usually occur at extreme highs or lows, where prices may be too high for buyers (high supply, low demand) or too low for sellers (low supply, high demand)
  • Levels of acceptance are the levels where Liquidity Voids occur, these are also referred to imbalances. Liquidity voids are sudden changes in price when the price jumps from one level to another. The peculiar thing about liquidity voids is that they almost always fill up, so we call them levels of acceptance.


🔶 ALERTS

When an alert is configured, the user will have the ability to be notified in case:

  • Point Of Control Line is touched/crossed
  • Value Area High Line is touched/crossed
  • Value Area Low Line is touched/crossed

🔶 SETTINGS

🔹 Display Options

  • Mode: Controls the lookback length of detection and visualization, where Present assumes last X bars specifid in '# Bars' option and Historical assumes all data available to the user as well as allowed limits of visiual objects (boxs, lines, labels etc)
  • # Bars: Controls the lookback length.


🔹 Swing Volume Profiles

The script takes into account user-defined parameters and plots volume profiles. Due to Pine Script™ drwaing objects limit only total volume profiles are presented.

  • Swing Detection Length: Lookback period
  • Swing Volume Profiles: Toggles the visibility of the Volume Profiles, with color options to differentiate the Value Area within a profile.
  • Profile Range Background Fill: Toggles the visibility of the Volume Profiles Range

🔹 Point of Control (PoC)

Point of Control (POC) – The price level for the time period with the highest traded volume

  • Point of Control (PoC): Toggles the visibility of the Point of Control
  • Developing PoC: Toggles the visibility of the Developing PoC
  • Extend PoC: Option that allows detecting virgin PoC levels. Virgin Point of Control (VPoC) is defined as a Point of Control that has never been revisited or touched. The option also allows PoC levels to extend till the last bar aiming to present levels from history where the levels were traded significantly and those levels can be used as support and resistance levels.

🔹 Value Area (VA)

Value Area (VA) – The range of price levels in which the specified percentage of all volume was traded during the time period.

  • Value Area Volume %: Specifies percentage of the Value Area
  • Value Area High (VAH): Toggles the visibility of the Value Area High, the highest price level within the Value Area
  • Value Area Low (VAL): Toggles the visibility of the Value Area Low, the lowest price level within the Value Area
  • Value Area (VA) Background Fill: Toggles the visibility of the Value Area Range

🔹 Liquidity Levels / Voids

  • Unfilled Liquidity, Thresh: Enable display of the Unfilled Liquidity Levels and Liquidity Voids, where threshold value defines the significance of the level.

🔹 Profile Stats

  • Position, Size: Specifies the position and the size of the label presenting Profile Stats, the tooltip of the label includes all related info for each profile.
  • Price, Price Change, and Cumulative Volume: Enable display of the given options on the chart.

🔹 Volume Profile Others

  • Number of Rows: Specify how many rows each histogram will have. Caution, having it set to high values will quickly hit Pine Script™ drawing objects limit and may cause fewer historical profiles to be displayed.
  • Placement: Place profile either left or right.
  • Profile Width %: Alters the width of the rows in the histogram, relative to the calculated profile length.


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