RS: Market Profile

The RS: Market Profile indicator provides a comprehensive Time Price Opportunity (TPO) implementation for visualizing market structures and identifying high-interest price levels. It enables traders to analyze price distribution over time, marking key levels such as the Point of Control (POC), Value Area, and Initial Balance to assist in identifying market conviction and potential support or resistance.

Usage

The script is designed for intraday and swing trading analysis. Once applied, it overlays a TPO profile on the chart.

• TPO Customization: Users can choose between standard symbols (squares/circles) or traditional A-Z characters. When using characters, the "Split MP" option allows for a detailed view of price development throughout the session.
• POC and Value Area: The tool highlights the Point of Control (the price level with the most TPOs) and the Value Area (the range containing a specified percentage of TPOs, typically 70%). Users can toggle between time-based or volume-based calculations for these metrics.
• Initial Balance (IB): The script highlights the price range established during the first few periods of the session, providing a visual cue for early-session volatility and potential extensions.
• Session Management: Traders can define specific session times using the exchange timezone to align the profiles with their preferred trading hours.

Details

The indicator constructs profiles by aggregating price action into discrete "ticks" or price rows. The Tick Multiplier is a critical setting for performance; because TradingView limits the number of labels rendered (500), users should increase the multiplier for volatile instruments to ensure the entire profile is visible.

Key features include:

• Single Prints (SP): Identifies areas where price moved rapidly, leaving only a single TPO in a price row.
• VWAP Integration: Displays the Volume Weighted Average Price for the current session.
• Extension Lines: Offers projections for the Point of Control, Value Area High (VAH), and Value Area Low (VAL) into future bars for better context.

Settings

Main

• Ticks per letter: Controls the price granularity of each row. Higher values create fewer, larger rows.
• Highlight POC based on VP?: Toggles the Point of Control calculation based on volume profile data.
• Use VP POC for Value Area?: Sets the Value Area calculation to be driven by volume rather than TPO count.
• Split MP?: Expands the profile horizontally to show the sequence of character development.

Time

• Timeframe: Selects the period for each profile (Intraday, Daily, Weekly, Monthly, or Fixed Range).
• Daily session: Defines the start and end times for daily profiles.
• Timezone: Adjusts the profile timing to specific global timezones.

Rendering

• TPO characters: Chooses the visual style (Squares, Circles, or Letters).
• Value Area Percent: Adjusts the percentage used to define the Value Area (default is 70%).
• IB periods: Sets how many initial periods define the Initial Balance.
• Font size: Adjusts the size of the TPO labels on the chart.

FAQ

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

Why did the profile stop rendering labels mid-session? This is likely due to TradingView's 500-label limit. Increase the "Ticks per letter" setting to reduce the number of rows or decrease the session window size.

Can I view multiple sessions at once? Yes, you can add multiple instances of the script to your chart and configure each with a different time range or session setting.