This MarketProfile indicator plots Volume to Price Distribution.
Free MarketProfile code is a couple post below this one.
I discovered another use for it, you can find the market or sector leaders, when applied to a basket of symbols. I would like to make a video, as it's way to difficult to convey with words and a simple picture, even that will be difficult.
It's tricky to setup, I added some setup notes below this post.
How to use it:
1) Green levels are areas where price found value in the past, ie these levels become targets.
2) Red levels are areas where price didn't feel the love.
Potential levels to enter and aim for a high volume level target. Seems to me more often
than not price will either blast through or quickly chop before continuing on to the green
value level.
And some times the red levels are just as strong as the green levels, so buyer beware.
3) The histogram shows the bigger picture. Larger peaks are major value levels and where price
could end up at any time, typically price will chop around a bit before heading off to re-test
another level.
I like to smooth out or decrease the volume to price resolution "DeltaPrice" to
reduce the number of levels and make it easier to interpret the chart.
4) Breadth symbols seem to respond as well. Look for price and breadth to synchronize and then
find a leading indicator or indication such as divergence to enter.
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