Range Analysis - By Leviathan

The Range Analysis - By Leviathan tool provides a comprehensive suite for analyzing price ranges by automatically plotting key levels, volume/open interest profiles, and heatmaps between user-defined time points. This script helps traders identify structural areas of interest and liquidity clusters within a specific market phase.

Usage

The script is utilized by selecting a specific lookback period directly on the chart. It acts as an interactive workspace for range-bound or trending environments.

1. Selection: Upon adding the script, use the interactive interface to select a "Start Time" and "End Time." This defines the range boundaries.
2. Anchoring: The tool automatically anchors the range highs and lows based on your preference (Wick, Close, HLC3, or OHLC4).
3. Analysis: You can toggle various overlays to analyze the internal structure:
   • Sub-divisions: Use Quarters or Eighths to find internal support/resistance.
   • Fibonacci: Apply retracement levels (0.786, 0.618, 0.382, 0.236) relative to the range direction.
   • Volume/OI Profile: Generate a fixed-range volume profile or Open Interest profile to see where the most activity occurred.
   • Heatmaps: Apply horizontal or vertical heatmaps to visualize price-based or time-based liquidity density.
4. Adjustments: The range can be modified by dragging the start and end anchors on the chart.

Details

The script executes by calculating data exclusively within the user-defined window.

• Profiles: The Volume and Open Interest profiles use a "Resolution" setting to determine the number of rows (nodes). High resolution provides granularity but requires more computational resources.
• Node Types: Data can be visualized as "Up/Down" (splitting buy/sell volume), "Total" (combined volume), or "Delta" (net difference).
• Value Area: The script calculates the Value Area High (VAH) and Value Area Low (VAL) based on the specified percentage (typically 70%), representing where the bulk of trading volume took place.
• Directional Logic: The "Direction" setting (UP or DOWN) ensures that Fibonacci labels and diagonal lines are oriented correctly according to the trend of the selected range.
• Compatibility: Open Interest data is currently restricted to Binance Perpetual Futures pairs due to data availability on the charting platform.

Settings

Range Levels

• Direction: Sets the trend direction for Fibonacci and label calculations.
• Range Max Source: Determines if range boundaries are based on Wicks, Closes, HLC3, or OHLC4.
• Half/Quarters/Eighths: Toggles internal horizontal divisions.
• Fibonacci: Enables standard retracement levels.
• VWAP: Plots a Volume Weighted Average Price anchored to the start of the range.
• Outer: Generates levels above and below the primary range.
• Extend (+Bars) / Extend Right: Controls the horizontal extension of level lines.

Volume / OI Profile

• Data Type: Switches between Volume or Open Interest as the data source.
• Resolution: Sets the number of rows used for the profile and heatmaps.
• Node Type: Choose between Up/Down, Total, or Delta representations.
• Profile Position/Direction: Adjusts the alignment and orientation of the profile.
• Value Area (%): Defines the percentage of total volume to include in the Value Area.
• Heatmaps: Toggles vertical (time-based) or horizontal (price-based) density overlays.

Additional Settings

• Text Styles: Customizes font sizes and positions for node values and labels.
• Profile/Heatmap Buffers: Adjusts spacing for visual clarity.
• Smooth Volume Data: Uses an EMA of volume to filter out extreme spikes for cleaner profiles.

FAQ

How do I fix the Volume Profile if it isn't appearing?
If the profile fails to generate, it is usually due to the selected range being too large for the current Resolution. Try lowering the "Resolution" setting in the script inputs.

Why is Open Interest data not showing for my ticker?
Open Interest data is currently only available for Binance Perpetual Futures pairs. Ensure you are viewing a supported symbol for this feature.

How do I get access to Range Analysis - By Leviathan?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.