Like a regular volume profile, a "line" of control (LOC), value area, and a developing LOC are displayed.
- Sections: The number of sections the linear regression channel is divided into for the calculation of the volume profile.
- Width %: Determines the length of the profile within the channel relative to the channel length.
- Value Area %: Highlights the sections starting from the POC whose accumulated volume is equal to the user-defined percentage of the total profile sections volume.
Regular volume profiles are often constructed from a horizontal price area, this can allow highlighting price areas where most trading activity takes place.
However, when price is strongly trending a classical volume profile can sometimes be more uniform. This is where using an angled volume profile can be useful.
The line of control allows highlighting the section of the channel with the most accumulated volume, this line can be used as a potential future support/resistance. This is where an angled volume profile might be the most useful.
The developing LOC highlights the LOC location at a specific time within the profile (from left to right) and can sometimes provide an estimate of the underlying trend in the price.
To be computed the script requires a left and right chart time coordinates. When adding the script to their charts users can determine the left and right time coordinates by clicking on the chart.
The linear regression channel width is determined so that the channel precisely encompasses the whole price.
Using a very large calculation interval can return timeouts. Users can reduce the calculation interval to fix that issue from occurring.
The amount of drawing objects that can be used is limited, as such using a high calculation interval can display an incomplete profile.
If you are interested in these types of scripts, @HeWhoMustNotBeNamed published a similar script where users can use a custom line angle. See his 'Angled Volume Profile' script from March 2023.
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All scripts & content provided by LuxAlgo are for informational & educational purposes only. Past performance does not guarantee future results.
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