Volume Profile Breakout Range Based On Previous Day For ThinkOrSwim

[jonshank62]

I have modified this previous day volume profile projected today and use it as a breakout range the value area has been set to 55 instead of 70 and it works very well for anyone intrested

#VolumeProfile_PreviousDay_displayed_NextDay
#20190426 Sleepyz
#20210712 Sleepyz - revised to add option for pricePerRowHeightMode rather than just automatic

input ShowTodayOnly = yes;
input pricePerRowHeightMode = {default AUTOMATIC, TICKSIZE, CUSTOM};
input customRowHeight = 1.0;
def height;
switch (pricePerRowHeightMode) {
case AUTOMATIC:
height = PricePerRow.AUTOMATIC;
case TICKSIZE:
height = PricePerRow.TICKSIZE;
case CUSTOM:
height = customRowHeight;
}
def Today = if GetDay() == GetLastDay() then 1 else 0;
input timePerProfile = {CHART, MINUTE, HOUR, default DAY, WEEK, MONTH, "OPT EXP", BAR};
input multiplier = 1;
input profiles = 1000;
input valueAreaPercent = 55;

def period;
def yyyymmdd = GetYYYYMMDD();
def seconds = SecondsFromTime(0);
def month = GetYear() * 12 + GetMonth();
def day_number = DaysFromDate(First(yyyymmdd)) + GetDayOfWeek(First(yyyymmdd));
def dom = GetDayOfMonth(yyyymmdd);
def dow = GetDayOfWeek(yyyymmdd - dom + 1);
def expthismonth = (if dow > 5 then 27 else 20) - dow;
def exp_opt = month + (dom > expthismonth);
switch (timePerProfile) {
case CHART:
period = 0;
case MINUTE:
period = Floor(seconds / 60 + day_number * 24 * 60);
case HOUR:
period = Floor(seconds / 3600 + day_number * 24);
case DAY:
period = CountTradingDays(Min(First(yyyymmdd), yyyymmdd), yyyymmdd) - 1;
case WEEK:
period = Floor(day_number / 7);
case MONTH:
period = Floor(month - First(month));
case "OPT EXP":
period = exp_opt - First(exp_opt);
case BAR:
period = BarNumber() - 1;
}

def count = CompoundValue(1, if period != period[1] then (count[1] + period - period[1]) % multiplier else count[1], 0);
def cond = count < count[1] + period - period[1];
profile vol = VolumeProfile("startNewProfile" = cond, "numberOfProfiles" = profiles, "pricePerRow" = height, "value area percent" = valueAreaPercent, onExpansion = no);

#Prior Day High/Low ValueAreas
def HVA = if IsNaN(vol.GetHighestValueArea()) then HVA[1] else vol.GetHighestValueArea();
def pHVA = CompoundValue(1, if cond then HVA[1] else pHVA[1], Double.NaN);
def LVA = if IsNaN(vol.GetLowestValueArea()) then LVA[1] else vol.GetLowestValueArea();
def pLVA = CompoundValue(1, if cond then LVA[1] else pLVA[1], Double.NaN);

plot PrevHVA = if ShowTodayOnly and !Today then Double.NaN else pHVA;
plot PrevLVA = if ShowTodayOnly and !Today then Double.NaN else pLVA;
PrevHVA.SetDefaultColor(Color.YELLOW);
PrevLVA.SetDefaultColor(Color.YELLOW);
PrevHVA.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
PrevLVA.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
AddCloud(PrevHVA,PrevLVA , Color.light_gray, Color.light_gray);
#Prior Day POC Calculated
def POC = if IsNaN(vol.GetPointOfControl()) and cond then POC[1] else vol.GetPointOfControl();
def pPOC = CompoundValue (1, if cond then POC[1] else pPOC[1], Double.NaN);

plot PrevPOC = if ShowTodayOnly and !Today then Double.NaN else pPOC;
PrevPOC.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
PrevPOC.SetDefaultColor(Color.yellow);

 

[htownfanatic]

This looks cool, and Ive just added it to my charts. I mainly trade spy and qqq. Can you elaborate on how you use it for spy? Thanks

 

[Devanreddy]

Hello @jonshank62 In the above chart do you go short once price closes below 597.23 (3rd yellow line from the top). I've put the indicator on my 15 minute chart and wondering how you use it to enter and exit (both Profit Target and Stop Loss).