Market Profile Visible Range

The Market Profile Visible Range indicator tool provides a specialized visualization of price action by calculating the time spent at specific price levels within a user-defined lookback window. Unlike standard volume profiles, this script focuses on price distribution by tracking how many bars touch each price "tick," offering insights into significant support and resistance areas based on time-at-price.

Usage

The indicator can be used to identify key structural levels within the current visible range or a specific moving window. By analyzing the distribution, traders can identify where the market has spent the most time, signifying balance or high interest.

• Point of Control (POC): Identified as the price level with the highest "volume" (time spent). It represents the fairest price within the period and often acts as a magnet or a significant pivot level.
• Value Area (VA): The range of prices where a specified percentage (default 70%) of the time was spent. It includes the Value Area High (VAH) and Value Area Low (VAL).
• Trend Identification: Prices trading above the Value Area may indicate bullish sentiment, while prices below suggest bearish sentiment.
• Placement: Users can toggle the profile to appear on the left or right side of the chart and adjust the offset to prevent overlap with current price action.

Details

This script implements a "Time Price Opportunity" (TPO) inspired approach but at a more granular level. Instead of traditional binning or bagging which can lose precision, it calculates values based on the actual price steps (ticks).

The POC calculation is optimized to find all modes in the data and select the one closest to the midrange of the dataset to ensure a more representative point of control. The script uses Pine Script V6 features to manage lines and boxes efficiently for rendering the profile histogram.

Settings

General Parameters

• Moving Window Length: Sets the number of bars to include in the calculation. Set to 0 to process all available data on the chart.
• Native Tick Size Multiplier: Adjusts the vertical granularity of the profile rows. Setting this to 0 enables automatic scaling based on the price range.
• Native Lot Size Multiplier: A multiplier for the horizontal length of the profile bars.
• Value Area %: Determines the percentage of the distribution to be included in the Value Area calculation.

Style

• Left / Right: Toggles the horizontal alignment of the profile.
• Offset: Adjusts the horizontal spacing from the chosen alignment anchor.
• Bin Width: Sets the visual thickness of the lines and boxes used to draw the profile.

FAQ

How do I access Market Profile Visible Range?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

What is the difference between this and a Volume Profile?

While a Volume Profile tracks the amount of volume traded at each price, this Market Profile variation tracks the amount of time (number of bars) the price spent at each level.

Can I use this for intraday scalping?

Yes, by adjusting the "Moving Window Length" and "Tick Size Multiplier," you can fine-tune the indicator to show short-term balance areas suitable for intraday timeframes.