- Market profile is a style of plotting "Price" on the Y-axis and "Time" on the X-axis, which most of the time form a bell-shaped image as the body of the profile.
It helps day traders identify Other Timeframe Participants (Big players) who have money and information power. short-term traders have to follow these big sharks which give direction to markets.
- It provides an X-ray vision about the market as Value Area represents 70% of the day’s activity and this will give a clear picture of the current state of the market as it unfolds.
- It works in all market conditions. Usually, a trading system or indicator works in certain market conditions like a trending or sideways market. There is no such restriction to Market Profile as it clearly shows the balanced and imbalanced market conditions in both directions all the time.
How does this Market Profile Indicator Works ?
- Automatically plots TPO's for Each half an hour(30min) of the trading day, it is designated by a letter, which is also called Time Price Opportunity(TPO) for the current day. Indicator provides Option to Change TPO Text.
- First 30 min range denoted with the letter ‘A,’ next 30 min range with the letter ‘B’ ,this two TPO are black colored which Indicates IB (Initial Balance) Range. IB Range is the first one-hour range in the market created by retail traders (most of the time).
- Indicator plots TPO continue until the last range of the market, hence the last range is denoted with ‘M’ as the Indian markets currently trade from 9.15 am to 3.30 pm with the last session ‘M” is for only 15 minutes from 3.15 pm to 3.30 pm.
- Letter ‘O’ indicates the open price level, which is red colored and Letter ‘#’ indicates the closing price level which is green in colored.
- This Indicator gives you an Option to choose the color of each TPO's.
- Two Methods of Market Profile one is ‘Split’ profile, and another is ‘Un-Split’ profile, Indicator gives Option to Split or Unsplit the last day profile.
- This Indicator gives you an Options to extend Untested Lines(POC,VAH,VAL)The Price level in which maximum time was spent or maximum trading activity happened is called as Point of Control (POC).Value Area (VA) is the 70% price range around POC. It is the fair price of the Instrument on the particular day.
- Retail traders can only provide market depth and liquidity, but they fail to give magnitude and direction to the price.
- By the end of every trading day, the market profile chart shows not only what happened on that day, but also who is responsible and when it happened.
- Fixed Close TPO Error while Splitting profile
- Minimal Optimization.
- Fixed the Timeframe Error
- Improved Script Loading Speed
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact Bharatgawande12 for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases you can find a good open-source alternative for free in our Community Scripts.
This is Invite only Indicator, You have to get Subscription to access it,from atropine.in
Warning: please read before requesting access.