VolumeSessionPro

The installation of the Technical Analysis Package is required in order to access this indicator.

Description

This indicator is equivalent to the well-known VolumeProfile indicator with a display for a specific time span (session). You can determine the start time and the length of a session however you wish. For each session, the VolumeProfile is then shown. Use this indicator only in timeframes smaller than 1 day; the smaller the timeframe selected, the more detailed the display of the VolumeProfile. The price at which the most volume was traded in the respective session is shown as a red bar. The price area in which, for example, 70% of the trading activity for the respective session took place, is colored light blue. You can determine this percentage yourself as you wish under the parameter β€œValueArea”. Furthermore, you have four different options for displaying the volume information:

Furthermore, you have four different options for displaying the volume information:

4.1.1. VOC (Volume on close): Loads the entire volume of a bar at the closing price of this bar – e.g. if a 5-minute bar has a volume of 280 and a range of 1.5 points with a closing price at 1534.25, all 280 volume units are counted at the closing price of 1534.24.

4.1.2. TPO (Time price opportunity): This method does not take the actual traded volume into account, but instead counts an individual volume unit for each price in the traded range of the bar – e.g. if a 5-minute bar has its high at 1534 and its low at 1532.5, then one volume unit is counted for each of the following prices: 1532.50, 1532.75, 1533.0, 1533.25, 1533.50, 1533.75, and 1534.

4.1.3. VWTPO (Volume weighted time price opportunity): This version distributes the traded volume of a bar across its price range – e.g. if a 5-minute bar exhibits a volume of 280 with a range of 1.5 points, with its high at 1534 and low at 1532.5, then 40 volume units (=280/7) are added to each of the seven prices in this range: 1532.50, 1532.75, 1533.0, 1533.25, 1533.50, 1533.75, and 1534.

4.1.4. VTPO (Volume time price opportunity): Here, the traded volume is added to each price of the range – e.g. if a 5-minute bar has 280 volume units, a range of 1.5 points with a high at 1534 and low at 1532.5, then 280 volume units are added to each of the seven prices of the range:: 1532.50, 1532.75, 1533.0, 1533.25, 1533.50, 1533.75, and 1534.

Parameters

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Return value

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Usage

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Visualization

Example

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