Volume Profile

[Steve_W]

Hi all,

I've coded up a drag and drop volume profile indicator tool.
Use via custom tool button, or right click->add tool->volume profile then drag+drop a box over area of interest. The box may be resized or moved dynamically around the chart.
Parameters are histogram resolution in pips, and source data time period

Install as normal, and copy 16x16 icon vol_profile.png to C:\Program Files (x86)\Candleworks\FXTS2\Tools\Custom\

The idea is to look at custom areas of consolidation of trends that may contain areas of high volume. These may provide future areas of support and resistance.

All the best, Steve

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vol_profile.lua

version 1.0

(14.18 KiB) Downloaded 28 times

icon

vol_profile.png (475 Bytes) Viewed 249 times

[Steve_W]

Added some statistics to help applying over areas of consolidation and potential breakout trades.
The adjustable levels are set to 3 sigma and 1:1 RR by default.
Right click mouse menu to enable/disable, or set in parameters.
The statistics features is only intended for use in areas of consolidation - turn off if looking at a wider trend

Steve

Retrospective example to give an idea

USDCAD example

parameters

vol_profile.lua

version 2.0

(20.63 KiB) Downloaded 14 times