Volume Profile Bar-Magnified Order Blocks [MyTradingCoder]

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.
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.
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.
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Per un accesso rapido a un grafico, aggiungi questo script ai tuoi preferiti: per saperne di più clicca qui.
Declinazione di responsabilità
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Per un accesso rapido a un grafico, aggiungi questo script ai tuoi preferiti: per saperne di più clicca qui.