Silen's Pseudo VPVR / Pseudo Volume Profile Custom Range

14 ott 2020

Disclamer: This indicator does not use actual Volume data and doesn't display any Volume data. It creates a pseudo Volume Profile by counting the high-low-2 values of candles and simulates something that is similar to a Volume Profile without using any Volume data.

Core facts:

• Creates a pseudo Volume Profile by counting values of candles and sorting them into a Profile.
  
• Works for charts that don't provide any Volume Information.
  
• Can display up to 5 different Value Levels.
  
• Value level colors are (from largest to smallest level): Red, Orange, Yellow, Green, Blue.
  
• The Value levels can be used as Support and Resistance indicators.
  
• The Custom Range of the Volume Profile can be adjusted from 10 to 1500 bars.
  
• Much faster than the other custom pseudo VPVRs out there.
  

Shortcomings:

• As the chart progresses with bars the line positions will distort to the left side. Refreshing the tradingview page or switching to another time interval fixes this. I might fix this issue in the future.
  
• Does not use actual Volume nor display actual Volume.
  

Note: For those who wondered what happened to my first version of this indicator: It got taken down by Tradingview because it was misleading as to using the words "Volume Profile" and "Visible Range". I fully support their decision and I hope I could clear any misunderstandings! Give their team a heads up for the hard work they're doing in keeping this place clean and well organized!

Enjoy! :)