Silen's Pseudo VPVR / Pseudo Volume Profile Custom Range

The Silen's Pseudo VPVR indicator simulates a volume profile distribution by calculating price frequency across a user-defined lookback period, providing visual support and resistance levels for assets where volume data is unavailable.

Usage

The Usage section describes how the script can be used to identify areas of high price concentration. It is particularly useful for instruments like certain Forex pairs, indices, or OTC stocks that do not provide tick or exchange volume data.

• Support and Resistance Identification: The script highlights specific price levels where the price has historically spent the most time. These "Value Levels" often act as horizontal support or resistance.
• Custom Range Analysis: Users can define a specific window of bars (e.g., the last 500 candles) to analyze. This allows for a localized view of price distribution rather than a full-chart calculation.
• Ranking Significant Levels: The tool automatically categorizes levels based on their frequency. The most significant levels (where the price has pivoted or consolidated most often) are highlighted in distinct colors to differentiate their importance.

Details

The script operates by partitioning the price range between the highest high and lowest low of the selected period into 30 distinct horizontal zones (bins).

1. Price Calculation: Instead of using volume, the script utilizes the average price of each candle ($HL2$).
2. Binning Process: It iterates through the historical data within the "Custom Range Bar Amount" and counts how many times the $HL2$ value falls within each of the 30 price bins.
3. Visualization: The results are rendered as a histogram on the chart. The length of the histogram bars represents the frequency of price action at that level.
4. Value Levels: The script identifies the top most-frequented bins and extends them to the current bar. These are ranked by color:
   • Red: Highest frequency level (Primary Value Level)
   • Orange: Second highest
   • Yellow: Third highest
   • Green: Fourth highest
   • Blue: Fifth highest

Note: Because this script uses relative bar indexing for drawing, users may occasionally see line distortion as new bars form. Refreshing the chart or changing timeframes will recalibrate the visual output.

Settings

Main Settings

• Custom Range Bar Amount: Determines the number of historical bars used to calculate the pseudo volume profile. The range is adjustable from 10 to 1500 bars.
• Value Level Amount: Sets the number of top-ranked frequency levels to highlight and extend on the chart (1 to 5 levels).

FAQ

How does this differ from a standard Volume Profile (VPVR)?
Standard Volume Profile indicators require actual traded volume data from an exchange. This script uses price frequency ($HL2$) to simulate a profile, making it compatible with charts that have no volume data.

Why do the lines sometimes appear shifted or distorted?
This is a byproduct of how the script draws objects relative to the last bar. If the lines appear out of place after significant price movement, refreshing the page or switching timeframes will reset the visual alignment.

How can I access Silen's Pseudo VPVR?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.