Volume Profile Bar-Magnified Order Blocks [MyTradingCoder]
Introducing "Volume Profile Bar-Magnified Order Blocks", an innovative and unique trading indicator designed to provide traders with a comprehensive understanding of market dynamics. This tool takes the concept of identifying order blocks on your chart and elevates it by integrating a detailed volume profile within each order block zone.
Unlike standard order block indicators, Volume Profile Bar-Magnified Order Blocks pulls data from lower timeframe bars and assigns it to various segments of the order block. By providing this volume profile inside the order block, the indicator supplies a deeper, multi-dimensional view of market activity that can enhance your trading decisions.
Crucially, users have the ability to fine-tune the detection of order blocks. This is made possible through a single input setting called "Tuning". This integer value allows you to control the significance and frequency of the order blocks. Higher numbers will produce more significant order blocks, though they will appear less frequently. Lower numbers, on the other hand, will yield less significant order blocks, but they will occur more often. This enables you to adjust the sensitivity of the indicator according to your specific trading strategy and style.
Key Settings:
Here is a screenshot that beautifully demonstrates the power of this indicator. You'll see how the price rejects perfectly off the highest volume segment in an order block, showcasing the indicator's potential for pinpointing high-impact price levels.
While Volume Profile Bar-Magnified Order Blocks offers many unique features, it should be used in conjunction with other indicators and forms of analysis for a complete trading strategy. As with all tools, it does not guarantee profitable trades but is intended to give traders more information to base their decisions on. Use it to complement your existing analysis and enhance your understanding of market behavior.
Experience a new level of clarity in your trading with Volume Profile Bar-Magnified Order Blocks - an indicator that goes beyond the surface to help you navigate the markets more effectively.
Unlike standard order block indicators, Volume Profile Bar-Magnified Order Blocks pulls data from lower timeframe bars and assigns it to various segments of the order block. By providing this volume profile inside the order block, the indicator supplies a deeper, multi-dimensional view of market activity that can enhance your trading decisions.
Crucially, users have the ability to fine-tune the detection of order blocks. This is made possible through a single input setting called "Tuning". This integer value allows you to control the significance and frequency of the order blocks. Higher numbers will produce more significant order blocks, though they will appear less frequently. Lower numbers, on the other hand, will yield less significant order blocks, but they will occur more often. This enables you to adjust the sensitivity of the indicator according to your specific trading strategy and style.
Key Settings:
- Number of Segments: Customize the level of detail in your volume profile by selecting the number of segments you want inside each order block.
- Tuning: Adjust the sensitivity of order block detection to align with your trading strategy. Higher values produce more significant but less frequent order blocks, while lower values yield less significant but more frequent order blocks.
- Color Inputs: Personalize the look of your chart by selecting the colors for various elements of the indicator. This ensures a seamless integration with your current chart aesthetics and improves visual clarity.
Here is a screenshot that beautifully demonstrates the power of this indicator. You'll see how the price rejects perfectly off the highest volume segment in an order block, showcasing the indicator's potential for pinpointing high-impact price levels.
While Volume Profile Bar-Magnified Order Blocks offers many unique features, it should be used in conjunction with other indicators and forms of analysis for a complete trading strategy. As with all tools, it does not guarantee profitable trades but is intended to give traders more information to base their decisions on. Use it to complement your existing analysis and enhance your understanding of market behavior.
Experience a new level of clarity in your trading with Volume Profile Bar-Magnified Order Blocks - an indicator that goes beyond the surface to help you navigate the markets more effectively.
Release Notes:
Version 1.1
New Features:
Changes:
New Features:
- Added a user-adjustable setting for determining when an order block is considered mitigated. Users can now specify the degree of mitigation at 100%, 75%, 50%, or 25% of the total order block.
- Provided an option for users to decide if the wick or the close of a bar should dictate the mitigation of the order block. This flexibility allows users to align the indicator more closely with their individual trading strategy and market perspective.
Changes:
- Order blocks no longer automatically delete or are considered mitigated once the closing price breaks the order block at the end of the bar. The mitigation of order blocks now operates based on the new settings described above.
- Codebase has been reorganized and reformatted according to TradingView's styling guide and naming conventions for improved readability and maintainability.
Release Notes:
Version 1.2
Changes:
Codebase has been reorganized and reformatted according to TradingView's styling guide and naming conventions for improved readability and maintainability.
Changes:
Codebase has been reorganized and reformatted according to TradingView's styling guide and naming conventions for improved readability and maintainability.
Release Notes:
Version 1.3
Changes:
Codebase has been reorganized and reformatted according to TradingView's styling guide and naming conventions for improved readability and maintainability.
Changes:
Codebase has been reorganized and reformatted according to TradingView's styling guide and naming conventions for improved readability and maintainability.
Release Notes:
Added Alerts
Release Notes:
Added More Alertconditions