Trading Ideas is based on having visual Points of Interest.
The indicator displays:
- dOpen : Daily Open
- dPOC: Developing Point of Control
- pdPOC : Previous Day Point of Control
- dbyPOC : Day Before Yesterday Point of Control
Initial Balance (High, low, mid points for the first hour (UTC 0000)
- IB High : Initial Balance High
- IB Mid : Initial Balance Middle
- IB Low : Initial Balance Low
Chart Champions Value ( CCV ) is based on Daniel - Chart Champions theory explained in his educational videos.
That if the previous day is a range day and price action (PA) closes: Above the previous days Value Area High (pdVAH) then there is an 80% chance of it retracing back to previous days Value Area Low (pdVAL) Below the previous days Value Area Low (pdVAL) then there is an 80% chance of it going back up to the previous days Value Area High (pdVAH)
The CCV check can be ticked on and off for a quick visual to see if the setup could potentially be in play (if green then CCV could be play for that day).
Settings/Configuration
The calculated Value Area (VA) can be amended. It is recommend to change the resolution to that of your symbol. For example BTC resolution 1, XRP resolution 0.00001.
As seen below having key Points of Interest can make you think twice before going into a trade:
My thanks go to: ahancock for allowing usage of his script. AnyDozer and Bjorn Mistiaen on Stack Overflow for all their assistance.
Any feedback will be gratefully received.
Notas de Lançamento
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Implemented the option to show previous day VWAP and current day VWAP. To enable tick the VWAP button within the settings.
Hi there, the script displays different values dependent on the interval (15m/30m/1h)
Which one should be used here?
Also willing to help you where I can, I am a developer for probably 6y but still learning pinescript, documentation is garbage, no ide or sdk :(
Any help is appreciated.
**comparing the values with sessions volume in trading view, 5m seems to give the most accurate ccv, but still offset on some days
Frien_dd-DisDev
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@mejohker, Thank you for your comments.
I tried to achieve the best I could with what I know. The volume data type received by Trading View is different compared to other platforms. Also depending on what Symbol you use (ByBit, Binance Etc) you will get a different result too as it is based on the Value Area (VA) and because they have different volumes (some have lower/higher trading of volume). Also you can't access the fixed volume profile data script.
I am currently working on a new version to try and work around some issues and make it a cleaner experience for the trader. My original plan was to get the idea onto the chart, getting several indicators into one indicator. Give the trader a heads up. The lower the timeframe the more responsive it is to the data it receives.
tradingview.com/support/solutions/43000502040-volume-profile/ I will drop you a message and we can discuss what I am working on.
mejohker
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@Frien_dd, Thank you for the reply, didn't intend to diminish what you've done in any form. This looks great, just trying to get a better understanding as I was trying to achieve the same xD I think it would take me another 6 months to get something similar, I am still learning.
Thank you :)
Frien_dd-DisDev
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@mejohker, I have dropped you a Trading View Direct Message and am happy to discuss further. I have only be coding since Jan 21, so have loads to learn and a lot of ideas to get onto the charts. Lets continue in Direct Message.
NoProfitJustLoss
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is there a way to get POC of each day while looking at a daily chart?
Which one should be used here?
Also willing to help you where I can, I am a developer for probably 6y but still learning pinescript, documentation is garbage, no ide or sdk :(
Any help is appreciated.
**comparing the values with sessions volume in trading view, 5m seems to give the most accurate ccv, but still offset on some days