OPEN-SOURCE SCRIPT
VPOCS ZScore
An indicator Showing Candle POC's.
Added a Zscore Filter to filter out the High volume candle's.
I like to use at Key Support and resistance Area's to see Absorbtion and Offside positions only on High volume Candles ( The high volume candle part is Key! ). Thoose candles Generally indicate forced participants opening or closing positions, or "Breakout traders entering" positions. When i see a Hi-Volume at S/R levels and price is rejecting ( trading away from the POC ) ill take that as a trigger for a trade.
- Dynamic Support and resistance.
- Show Offside and and Trapped traders
You can tweak the Zscore nominator for Less of more Frequent hits.
Added a Zscore Filter to filter out the High volume candle's.
I like to use at Key Support and resistance Area's to see Absorbtion and Offside positions only on High volume Candles ( The high volume candle part is Key! ). Thoose candles Generally indicate forced participants opening or closing positions, or "Breakout traders entering" positions. When i see a Hi-Volume at S/R levels and price is rejecting ( trading away from the POC ) ill take that as a trigger for a trade.
- Dynamic Support and resistance.
- Show Offside and and Trapped traders
You can tweak the Zscore nominator for Less of more Frequent hits.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.