Close and Open for Volume Profile Analysis
Jun 1, 2021
The Close and Open for Volume Profile Analysis indicator provides visual markers for the daily open and previous daily close levels to assist traders in maintaining price context when analyzing volume-based data with candles hidden.
Usage
The Usage section focuses on providing price orientation during specialized technical analysis. Traders often disable price candles when studying Volume Profile or seasonal volume distributions to avoid visual clutter; however, knowing the open and close levels remains essential for identifying market sentiment.
This tool can be used to:
- Identify the daily opening price to determine if the current session is trading at a premium or discount relative to the start of the day.
- Locate the previous day's closing price to identify potential gaps or mean reversion targets.
- Monitor price interactions with these key levels via integrated alerts, which trigger when the current price crosses above or below the daily open or previous close.
Details
The script utilizes the request.security function to fetch daily time frame data regardless of the chart's current resolution. By using a lookahead mechanism, it accurately identifies the specific price levels for the current and previous sessions. The indicator is designed with a minimal footprint, using small character plots (◄ and ►) offset from the current bar to ensure they do not interfere with volume profile histograms or other overlay indicators.
Settings
- Plot Open: Toggles the visibility of the current day's opening price marker.
- Plot Close: Toggles the visibility of the previous day's closing price marker.
- Close Color: Customizes the color and transparency of the previous day's close marker.
- Open Color: Customizes the color and transparency of the current day's open marker.
FAQ
How can I use this script if I have my candles turned off? The indicator plots small arrows at the specific price levels of the open and close. Even if you hide your price bars to focus on volume profile distribution, these markers remain visible on the Y-axis and chart space to provide price context.
Can I set alerts for when price hits these levels? Yes, the script includes built-in alert conditions that trigger when the price crosses over or under the Daily Open and the Previous Daily Close.
How do I get access to the Close and Open for Volume Profile Analysis? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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