Volume profile is a useful tool to understand the demand and supply zones on the horizontal level. But, what if you want to measure the volume levels over the trend line? In trending markets, the feature to measure volume over angled levels can be very useful for traders who use these measures. Here is an attempt to provide such a tool.
Link to the indicator: Angled Volume Profile
How to use Angled Volume Profile
Interactive input for selecting starting point and angle.
Upon loading the script, you will be prompted to select
- Start time and price - this is a point that you can select by moving the maroon highlighted label.
- End price - though this is shown as the maroon bullet, this is price-only input. Hence, when you click on the bullet, a horizontal line will appear. Users can move the line to use different End prices.
The start and end price is used for identifying the angle at which the volume profile needs to be calculated. Whereas start time is used as starting time of the volume profile. The last bar of the chart is considered the ending bar.
From settings, users can select the colour of the volume profile and style. The step multiplier defines the distance at which the profile lines need to be drawn. A higher multiplier leads to less dense profile lines whereas a lower multiplier leads to a higher density of profile lines.
Limitations of Angled Volume Profile Indicator
Max 500 Lines
Hence, it is important to select the optimal multiplier based on your timeframe