Market Profile with Past Sessions

The Market Profile with Past Sessions indicator provides a visual representation of Time Price Opportunity (TPO), plotting how much time the price has spent at specific levels during previous sessions. This tool is essential for identifying areas of high liquidity, market equilibrium, and potential support or resistance levels based on historical distribution.

Usage

The indicator can be used to identify high-interest zones by looking at the profile distribution and the Point of Control (POC). Traders typically use these areas to find entries or targets, as price often gravitates toward high-volume nodes in a ranging market or reacts strongly at the edges of the Value Area.

Key Features:

• Automatic Timeframes: The script automatically selects a higher timeframe for profiling based on your current chart interval, though this can be overridden in the settings.
• Profile Placement: Users can toggle whether the profile is plotted from the start of the session or the end, allowing for cleaner chart organization.
• Value Area High/Low: Identifies the range where a specific percentage (default 70%) of time was spent.

Details

This implementation is based on the concept of Time Price Opportunity (TPO). Unlike standard Volume Profiles that look at traded volume, this script focuses on time spent at price levels. It segments the price range of a session into 20 horizontal channels and calculates how many bars in that session touched each channel.

The Point of Control (POC) represents the price level with the highest TPO, signifying the most "fair" price during that session. The Value Area (VA) highlights the region surrounding the POC where the majority of trading activity occurred.

Settings

• Higher Time Frame: Determines the session length for the profile. "Auto" dynamically selects a period, but users can manually select intervals from 1 minute up to 12 months.
• Percent for Value Area %: Defines the percentage of TPO used to calculate the Value Area (default is 70%).
• Show POC Line: Toggles the visibility of the Point of Control line.
• Plot Profile From Start of Session: When enabled, the profile is drawn starting at the beginning of the period; otherwise, it is drawn at the end.
• Show Value Area: Options to hide the Value Area, show only the Value Area, or show all profile channels.
• Sizing Rate %: Controls the horizontal length/scale of the profile lines on the chart.
• Colors: Customizable colors for the POC, Value Area, and Non-Value Area.

FAQ

How do I interpret the Point of Control (POC)? The POC is the level where price spent the most time. It often acts as a magnet for price or a significant pivot point when retested.

Can I use this for intraday scalping? Yes, by setting a lower chart timeframe, the "Auto" setting will provide session-based profiles suitable for intraday analysis.

How do I access Market Profile with Past Sessions? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.