OPEN-SOURCE SCRIPT
Custom Volume Nodes: HVN & LVN for RTH / Owl of Profit
This Custom Volume Nodes: HVN & LVN for RTH indicator calculates the High Volume Nodes (HVN) and Low Volume Nodes (LVN) based on the RTH (Regular Trading Hours) session. It provides a clear visualization of the price levels where the most and least trading activity occurred during the session.
Features
Session-Based Analysis
Automatically detects RTH sessions (default: 9:30 AM - 4:00 PM NY time).
Resets volume bins and daily high/low values at the start of each session.
High Volume Node (HVN)
Identifies the price level with the highest trading volume during the session.
Low Volume Node (LVN)
Identifies the price level with the lowest trading volume (non-zero) during the session.
Dynamic Binning
Divides the session price range into adjustable bins (default: 50 bins) for accurate volume distribution.
Visual Clarity
Plots the HVN and LVN levels as green and red lines, respectively, extending across the chart for easy reference.
What We Achieved vs. the Challenges
Success:
We can detect HVN and LVN for each RTH session by collecting volume distribution and then plotting final lines when the session ends.
These lines stay at the correct price levels for that session’s data.
Challenge:
When you zoom or switch timeframes, TradingView auto-scales the chart, which can visually make the lines seem to move up or down. In reality, they remain at their correct price level; the chart itself is just being rescaled.
If you want fully "fixed" horizontal lines that do not appear to shift with zoom changes, you can use line.new(). However, even then, if auto-scale is on, any chart zooming will still make things look like they shift. The only way to avoid that appearance is to lock the price scale in TradingView or turn off auto-scale.
Use Cases
Support and Resistance
HVN levels can act as support/resistance zones, while LVN levels may indicate areas of low market interest.
Market Profile Analysis
Use HVN and LVN to understand market sentiment and trading activity concentration.
Day Trading & Scalping
Helps intraday traders focus on critical price levels during the RTH session.
Customization
Session Time
Modify the sessionRTH parameter to fit your desired session timing.
Default: NYSE RTH (9:30 AM - 4:00 PM NY time).
Bin Count
Adjust binsCount for finer or coarser volume distribution.
Default: 50 bins.
Limitations
Only works for regular session analysis. Adjust the timeframe or session parameter for other markets.
Visit my website for more tools and strategies:: bybitindicators.com
Happy trading!
Features
Session-Based Analysis
Automatically detects RTH sessions (default: 9:30 AM - 4:00 PM NY time).
Resets volume bins and daily high/low values at the start of each session.
High Volume Node (HVN)
Identifies the price level with the highest trading volume during the session.
Low Volume Node (LVN)
Identifies the price level with the lowest trading volume (non-zero) during the session.
Dynamic Binning
Divides the session price range into adjustable bins (default: 50 bins) for accurate volume distribution.
Visual Clarity
Plots the HVN and LVN levels as green and red lines, respectively, extending across the chart for easy reference.
What We Achieved vs. the Challenges
Success:
We can detect HVN and LVN for each RTH session by collecting volume distribution and then plotting final lines when the session ends.
These lines stay at the correct price levels for that session’s data.
Challenge:
When you zoom or switch timeframes, TradingView auto-scales the chart, which can visually make the lines seem to move up or down. In reality, they remain at their correct price level; the chart itself is just being rescaled.
If you want fully "fixed" horizontal lines that do not appear to shift with zoom changes, you can use line.new(). However, even then, if auto-scale is on, any chart zooming will still make things look like they shift. The only way to avoid that appearance is to lock the price scale in TradingView or turn off auto-scale.
Use Cases
Support and Resistance
HVN levels can act as support/resistance zones, while LVN levels may indicate areas of low market interest.
Market Profile Analysis
Use HVN and LVN to understand market sentiment and trading activity concentration.
Day Trading & Scalping
Helps intraday traders focus on critical price levels during the RTH session.
Customization
Session Time
Modify the sessionRTH parameter to fit your desired session timing.
Default: NYSE RTH (9:30 AM - 4:00 PM NY time).
Bin Count
Adjust binsCount for finer or coarser volume distribution.
Default: 50 bins.
Limitations
Only works for regular session analysis. Adjust the timeframe or session parameter for other markets.
Visit my website for more tools and strategies:: bybitindicators.com
Happy trading!
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Feragatname
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