Volume & Price Analysis Across Sessions

Volume & Price Analysis Across Sessions:

This advanced volume profile-based indicator provides a detailed visualization of market activity by analyzing volume distribution and price behavior across user-defined trading sessions. It dynamically calculates and displays the price level with the highest traded volume —for each user defined session, along with historical POCs, offering valuable insights into price acceptance zones and market sentiment over time.

Benefits:
Volume-Weighted Price Insights: Go beyond simple price action by integrating volume data to identify key levels where market participants are most active.

Multi-Session Context: Analyze volume concentration across multiple sessions to better anticipate support/resistance and potential reversal zones.

Visual Clarity: Intuitive color gradients and line widths make interpreting complex volume data straightforward.

Customizable to Fit Any Trading Style: Adjustable session length and sensitivity make it suitable for day trading, swing trading, or longer-term analysis.

This indicator is ideal for traders looking to integrate volume profile concepts directly on price charts with session-specific granularity, enabling deeper understanding of market structure and more informed trading decisions.

How It Works:

• The indicator segments price and volume data into discrete sessions based on the selected timeframe.
  
  
• Within each session, it bins volumes by price levels and identifies the POC — the price with the highest aggregated volume.
  
  
• It draws the current session’s POC line on the chart, adjusting its thickness dynamically relative to volume strength using a z-score-based calculation.
  
  
• Upon session completion, the POC line for that session is preserved on the chart in a gradient color reflecting relative volume magnitude compared to previous sessions.
  
  
• Users can optionally enable deviation lines to observe volatility or price spread within each session.
  
  
• The script efficiently manages historical POC lines, deleting the oldest when exceeding the maximum configured number to keep the chart clean.
  

Key Features:
Session-Based Volume Profile: Defines custom sessions based on a selectable timeframe (default 4 hours) and calculates volume bins within each session to identify where the most trading activity occurred.

Dynamic POC Line: Highlights the current session’s POC with a line whose width adapts based on volume intensity, controlled by a user-adjustable volume sensitivity parameter.

Historical POCs with Volume Gradient: Displays up to 30 previous session POC lines colored with a gradient ranging from low-volume (semi-transparent red) to high-volume (solid green), enabling quick visual identification of significant volume levels over time.

Standard Deviation Lines (Optional): Optionally plots ±1 standard deviation lines around the POC to visualize price dispersion within sessions.

Configurable Parameters: Allows full customization of appearance and sensitivity including POC line colors, maximum line widths, session timeframe, and the maximum number of price bins for volume aggregation.

Default Parameters Used:
Session Timeframe: 240 minutes (4-hour sessions)

POC Line Color: Yellow

Max Historical POCs Displayed: 30

Max POC Line Width: 10 pixels

Volume Sensitivity for POC Width: 2.0 (controls how volume deviations affect line thickness)

Show ±1 Std Dev Lines: Disabled by default

Deviation Line Color: Gray

Max Price Bins: 1000 (limits the number of unique price levels considered per session)

Historical POC Gradient Colors:

Low Volume Start: Red, 60% transparency

High Volume End: Solid Green