Custom Trade Timeframe: Allows users to set the desired timeframe for analysis (e.g., Daily, Weekly).
Lookback Period: Users can specify the period over which to analyze volume data.
VPOC Calculation: Determines the price level with the highest volume within the lookback period.
VPONC Calculation: Finds the price level with the lowest volume within the lookback period.
The VPOC is considered a significant level where traders have shown the most interest, often acting as a strong support or resistance level. The VPONC, conversely, is a concept I made up. It represents a price level where 1) in an trending market, this price was accepted quickly, thus suggesting continuation of an trend. 2) price retracements will typically revisit thinly-traded price areas, the VPONC can sometimes signal an area of support in a downtrend.
VPOC Label: Plotted on the y-axis in red, indicating the price level with the highest volume.
VPONC Label: Displayed on the y-axis in blue, showing the price level with the least volume.
These labels are dynamically updated based on the user-specified lookback period and trade timeframe.
Siguiendo fielmente el espíritu de TradingView, el autor de este script lo ha publicado en código abierto, permitiendo que otros traders puedan entenderlo y verificarlo. ¡Olé por el autor! Puede utilizarlo de forma gratuita, pero tenga en cuenta que la reutilización de este código en la publicación se rige por las Normas internas. Puede añadir este script a sus favoritos y usarlo en un gráfico.