Volume Profile Free Pro (25 Levels Value Area VWAP) by RRB

The Volume Profile Free Pro indicator calculates Volume Profile for a specific price range and displays it as a 25-level histogram with integrated Value Area and VWAP analytics.

Usage

The Usage section focuses on how to define the profile range and interpret the various levels provided by the script. This tool is primarily used to identify high-volume nodes (Point of Control) and value zones that act as support and resistance.

• Range Definition: Users must specify the Max Price Level and Min Price Level for the histogram. The calculation range is determined by the VP Range Start Bar and VP Range Length.
• View Modes: Select between "Buy/Sell/Total" or "Side by Side" views. In "Side by Side" mode, buy and sell volumes are compared directly within each level.
• Value Area vs. VWAP: Choose the "va" mode to display the classic Value Area (based on POC) or "vwap" mode to display Standard Deviation bands calculated around the mean VWAP.
• The 80% Rule: This script can be used to monitor the "80% Rule." If the market opens outside the Value Area and then returns/stays inside for two consecutive 30-minute periods, there is a high probability of filling the entire Value Area.
• Positioning: Use the Zero Line Anchor Point and Zero Line Offset to move the histogram horizontally on the chart, ensuring it does not overlap with current price action.

Details

The script is designed to provide professional-grade volume analysis for users who may not have access to built-in charting platform profiles. It supports three distinct calculation methods for the Value Area: the original Steidlmayr method (around POC), the classical Standard Deviation method (around VWAP), and a Mean Absolute Deviation method (around the median).

Due to technical limitations in Pine Script regarding vertical histograms, this version utilizes "plot style columns." This method creates horizontal bars using small adjacent vertical columns. The Point of Control (POC) represents the price level with the highest traded volume in the range. In VWAP mode, the Developing POC input dynamically displays the VWAP line, while VA High/Low levels adapt to represent VWAP Standard Deviation bands.

Settings

General Settings

• Show Buy/Sell/Zero Levels: Toggles the visibility of the volume bars and the baseline.
• Show POC/Developing POC: Displays the Point of Control and the dynamic POC/VWAP line.
• Show Value Area/VWAP Levels: Toggles the High and Low levels for the selected mode.
• Dim Non Value Area Zones: Dims the histogram bars that fall outside the Value Area for better visual focus.
• Total Volume Mode: When enabled, combines buy and sell volume into a single color.

Calculation Settings

• Num Levels: Sets the vertical resolution of the profile (up to 25 levels).
• VP Range Length / Start Bar: Defines the lookback period and starting point for volume calculation.
• Value Area %: Sets the percentage of total volume used to calculate the Value Area (default 70%).
• VWAP Length / StdDev: Parameters for the VWAP-based bands.

Visual Settings

• Zero Line Offset / Adjustment: Controls the horizontal placement of the profile.
• Line Width / Multiplier: Adjusts the thickness and scale of the histogram bars.
• Transparency Settings: Individual transparency controls for Buy, Sell, and Non-Value Area levels.

FAQ

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

Why does the indicator take a few seconds to load? The script uses a complex column-based plotting method to create horizontal bars. Each time a parameter is changed, the engine must recalculate and redraw the history, which may take 3-5 seconds.

What is the difference between the Free and Pro versions? The Free version provides 30 levels and basic POC. The Pro version adds Developing POC, Value Area/VWAP High and Low dynamic levels, and the ability to dim non-value zones for clearer analysis.