The Interactive Range Analysis script is an essential tool for analyzing price ranges. It automatically draws important range levels, generates a Volume Profile or Open Interest profile and horizontal/vertical heatmaps, plots the anchored VWAP, draws Fibonacci levels, and much more.
How to use the indicator: 1. The script will prompt you to select the "Start Time" and "End Time" using Tradingview's interactive interface. These two points will determine the length of the range. 2. Once you have selected the range, the script will automatically anchor the range highs and lows to the highest and lowest close/wick/hlc3/ohlc4 (whichever you prefer). 3. You can then begin exploring different tools and options such as Quarters, Eighths, Fibonacci, Outer Levels, VWAP, Horizontal Volume/OI Heatmap, Vertical Volume/OI Heatmap, Fixed Range Volume Profile, Open Interest Profile, Value Area, VAH, VAL, and POC. 4. You can adjust the range by dragging the Start Time and End Time anchors or by removing/reapplying the script.
Tool overview
Range Levels After selecting your preferred time range, the script will identify and draw a range high level and a range low level, which serve as a base for other important levels. “Half” is the level halfway between the range high and range low. “Quarters” will, as the name suggests, split the range into four equal zones (quarters) and “Eighths” will split the range into eight equal zones (eighths). ”Fibonacci” option allows you to display Fibonacci retracement levels (0.786, 0.618, 0.382, 0.236). “VWAP” will plot a Volume Weighted Average Price, anchored to the start of the range. “Direction” input lets you choose whether your range is UP or DOWN trending in order to make sure that the Fibonacci levels and labels are generated and assigned correctly. With “Outer” turned ON, the script will also generate active levels (quarters/eighths/Fibonacci) above and below the selected price range. “Extend Right” will extend all levels to the right indefinitely, while “Extend (+Bars)” lets you choose how far right the levels get extended. “Diagonal Line” is drawn from the bottom left of the range to the top right of the range or from the top left of the range to the bottom right of the range, depending on the “Direction” input.
Volume Profile / Open Interest Profile After selecting the “Data Type”, Volume Profile or OI Profile can be generated by turning ON the “Volume/OI Profile” option. “Resolution” input defines the amount of nodes/rows in the range that are used in profile/heatmap generation for distributing the data. While you can increase the “Resolution” to get better, more granular profiles, you should keep in mind that you might need to lower the resolution when generating profiles for larger ranges. ”Node Type” offers you two options when it comes to the representation of data: Up/Down - divides a node in two sections for up volume/OI and down volume/OI, Total - one node for total volume/OI and Delta - net difference in up volume/OI and down volume/OI. ”Profile Position” lets you choose whether the profile is positioned on the left side of the range or on the right side of the range. “Profile Direction” determines whether the profile nodes are facing right or left. “Profile Type” enables you to visualize the nodes in a classic way (Type 1) or in a way where down volume/negative OI are positioned on the left side of the y axis and up volume/positive OI on the right side of the y axis. “Node Size (%)” defines how much space in the range can be taken by the profile’s nodes. Eg. 50% will allow the largest node to extend to the middle of the range (and others scaled accordingly), 100% will allow the largest node to extend the max right point of the range (and others scaled accordingly). ”Value Area (%)” defines the VA zone, which represents the area where the most volume occured (usually 70% or 68%). ”Horizontal Heatmap” will display a heatmap-like overlay, that will help you identify the price levels where most volume/open interest action occurred. ”Vertical Heatmap” will display a heatmap-like overlay, that will help you identify the points in time where most volume/open interest action occurred.
A more detailed description of this indicator is coming in the next few days.
Important: * If volume or OI profile does not get generated, try lowering the resolution. * Once in a while, the script will disappear from your chart. Just remove and reapply. * Open Interest data is only avaiable on Binance Perpetual Futures pairs
To learn more, read the tooltips in the indicator’s settings and stay tuned for upcoming additions (Range Market Structure, Liquidation Levels, Range Statistics,…)
Notas de prensa
⋅
Open Interest data is now sourced from Binance by default.
dear sir , good morning , i m trying to use this amazing script but it is asking set time first, how to do this i dont know pls help , i will be highly obliged
Ovcharka
⋅
would there be a way to use this real-time with a rolling segment of time instead of a static one? that just adds the next candle and forgets the earliest and rolls along with time updating the heat map?
Question - Would it be possible to add an option to choose whether to let the script run via an interactive period or a predetermined time/slash number of bars.
Is adding an option like that something that would be possible?
rajeshrs232
⋅
great work, getting error on bar 5026, in array.get() function. index 23 is out of bound, array size is 9. please check & if any setting required please tell
IwenHaix
⋅
What is wrong with the indicator? I been using it fine before, now it doesn even display the open interest bar
imtommyblack
⋅
I’ve been using the open interest profile laid over fixed range delta profile to determine if longs/shorts are opening and closing and it seems to work quite well catching offside positions. Would it be possible one day to have this data incorporated in a single profile indicator? Ie like your net positions indicator but fixed range? This doesn’t seem to be available on any platform. I’d be willing to pay!