The genesis of this project was to create a POC library that would be available to deliver volume profile information via pine to other scripts of indicators and strategies.
This is the indicator version of the library function.
A few things that would be unique with the built in
- it allows you to choose the kind of reset of the period, day/week or bars. This is simple enough to expand to other conditions - it resets on bar count starting from the beginning of the data set (bar index =0) vs bars back from the end of the data set - A 'period' in this context is the time between resets - the start of the POC until it resets (for example at the beginning of a new day or week) - it will calculate an increment level rather than the user specifying ticks or price brackets - it does not allow for setting the # of rows and then calculating the implied price levels - When a period is complete it is often useful to look back at the POCs of historical periods, or extend them forward. - This script will find the historical POCs around the current price and display them rather than extend all the historical POC lines to the right - This script also looks across all the period POCs and identifies the master POC or what I call the Grand POC, and also the next 3 runner up POCs
There is a matching indicator to this library
Catatan Rilis
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v2
Catatan Rilis
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v3 - updated calculation in Auto_incr(). Found an issue in using ceiling vs round for the log_. This function may see more changes depending on my tests and feedback.
Catatan Rilis
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v4 - updated the auto increment calculation - checked for symbol without volume and will produce an error message - improved comments - another note on volume, Volume Profiles and POCs essentially examine the volume across price levels or increments, if a single candle crosses multiple price levels, this script allocates the volume of that candle equally between the volume levels and not purely at the ending close or high price level of the candle, this is purely a choice on my part that suggests large body single candles have trading volume through the entire price action of that candle and not at one price point. A more precise method (perhaps for a later update) would be to parse that one large candle into lower time frames and allocate the volume appropriately - perhaps for a future version. For now the approximation of equal volume distribution is good enough.
Played with it and I really like it mate! "Grand POC" is cool idea I love it! A++++
An interesting feature/option could be to show/hide naked POC's as a point of interest (maybe showing them when price approaches like the historical POCs but using a different color?)
JohnBaron
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@theheirophant, i am trying one more variant to the approach - but just to be clear what do you mean by naked POC? do you mean the yellow 'session' poc
theheirophant
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@JohnBaron, naked POC is a historical POC that price has not retested since that session. (I guess if price retests a POC it decides to put some clothes on?)
JohnBaron
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@theheirophant, ah.. i understand now - so if the POC has been tested anytime in the past it is not naked - interesting
theheirophant
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Nice one john! Thanks =)
JohnBaron
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@theheirophant, thanks - hope it is helpful to some folks