Hybrid Profile [DW]

This is an experimental study inspired by J. Peter Steidlmayer's Market Profile tool with an alternative set of calculations for analyzing price action and distribution over a defined interval.
This tool is geared toward finding price reactive points for better entry and exit positions.

In this script, price range over a user defined interval (up to 4000 bars) is divided into 50 sections, then TPOs are counted for each section to generate the distribution histogram. Histogram lines are calculated in real time, and recalculate on each new bar.
Areas of significance are displayed as purple lines in the histogram, making it incredibly simple to identify levels that price will likely react to. The significance sensitivity can be manually adjusted for desired output.
Rather than using POC , I created a series of proprietary calculations to generate what I call the Point Of Focus (POF). This line is similar to POC , but does not always follow the highest count in the distribution.
The POF is designed to experience less whipsaws than POC , which makes trading using the POF much simpler since its value is more consistent. On historical data, price has shown to either revert to or launch from the POF rather frequently.
Unlike a conventional Market Profile, this profile doesn't have a "value area". Instead it has a Mean Value Zone, which is calculated using a series of custom VWAP calculations. The output is similar to VA , but much smoother.
This script has a built in tick volume substitution for charts with no real volume data, making all elements of the script compatible with any cryptocurrency, stock, currency pair, or index you want to analyze.
A bar color scheme is included within this script which can be used to help determine dominant trend and local extremes of the interval.

This tool is not necessarily better or worse than the classic Market Profile, nor is it a replacement for Volume Profile .
However, this is a powerful alternative that can both simplify and improve your technical analysis .
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Can you make the histogram display a session (D, W, M) and cut down the sections into 25 so you can be able to add a histo for the previous session too?

50 is too much.. its only good for visuals so u see it "smoothed out"
Incredible piece of work, nicely executed and intuitive to use. Much appreciated man.

May I make a couple suggested additions? I've never tried or seen them before though, so they may be useless, but...

1. Would it be useful or interesting to allow the user to select if the profile was calculated against the volume (as it is), the true range and/or the market facilitation index (tr / volume, or some variant)? Or some other interesting calculation?
2. The option to display a panel right of price action that details certain values the histogram only hints at. This might be especially useful if you were to use the tr to calculate the hybrid profile, and might be a different way of looking at where to place a stoploss.

I understand you're likely very busy, so no hassle if these can't be done. I'm looking forward to seeing your new developments.
You sir are a gentleman and a poet
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Really artwork :)
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I have some suggestions
- Show historical profile
- Option to display profile on left hand side or right hand side of the session.
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@gunazzi, thanks for the suggestions!

I would love to do a historical profile, but I'm only able to do the current profile because TV limits the amount of pine lines that can be displayed to between 50 and 55. If I did a historical profile, I would have to cut the number of lines in the histogram data, and it still wouldn't be able to show very many previous intervals.

And with the display suggestion, in my earlier versions of this project, I had settings for changing the location of the histogram. However, I didn't like the way it looked on the left side, so I removed it. I could bring it back though if the demand is high enough, I suppose.
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gunazzi DonovanWall
@DonovanWall, I see, well the second suggestion was inline with the first, left hand side view of historical profiles would look better, but as current profile, its good as it is.
+2 Antworten
dilace DonovanWall
@DonovanWall, And be nice if can chage colors for vertical pine lines histogram, to be able to adjust the transparency :)
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