This script uses the same formula as the recently released "Volume Delta" script to ascertain lower timeframe values.
Instead, this script looks to estimate the approximate time spent at price blocks; all time estimates are in minute.second format.
The image above shows functionality. Time spent at price levels/blocks are estimated in duration. The highest estimated block is the highlighted level and a POC line is extended right until violated. Colors, the presence of POC lines and whether they're removed subsequent violation are all configurable.
As show in the image above, the data is displayable in an additional format. When select the "non-classic" format shown above - precise price levels are calculated and the estimated time spent at those levels is summed and displayed right of the current bar. The off-colored level (yellow in the example) denotes the price level encompassing the highest *estimated* time spent.
You can deselect the neon effect and choose to have the script recalculate after any conceivable amount of time has passed.
The script can also calculate for the most current bar should you configure it to do so.
That's all! (for now). A quick/easy script building off an existing foundation.
If you've any ideas for features and ways to "spice up" this script please let me know (: I'll gladly incorporate requests.
@RicardoSantos, One of the PineScript pioneers himself!! I am honored, Wizard! Thank you so much; I very much appreciate this (:
A_Traders_Edge
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Mi amigo, this is utterly briliant. Have been looking for this for quite a while. I know there are a few others similar, but alas, the code was too difficult to hack to get what I needed from it. I thank you 100x over.
KioseffTrading
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@chasinalts, Thanks for the kind words ChasinAlsts! Much appreciated (:
I am trying to get the following algorithm working which may be in ways similar. I hope it will make a contribution to the community.
I want to provide a score at each price grid.
Step 1: Break the price chart into grids Grid sizes of 0.5% x price (variable) Step 2: From start of history, for each price close in one minute chart get close price p and calculate the Grid ID Step 3:(a) If the grid id has not been visited for the last 60 minutes then +0.5 for the Grid ID and update LastVisitTime for Grid ID (b) Else if the grid id is the same grid id as last minute +0.1 update LastVisitTime (c) Else if the Grid id is greater then or less than last Grid Id visited then for each Grid in between Last Grid and Current Grid then if LastVisitTime > 60 minutes +0.2 (for current Grid we do 3(a)) (d) Else for Grid ID the LastVisitTime <= 60 minutes and we ignore.
This will be presented as a vertical histogram with a Score value for each price/Grid this will give an indication of the time at price as well as the stickyness at price. This indicator will serve as a way to identify the prices that are most likely to be visited given a specific price path and current time frame. Using a lower timeframe of 1 minute (fixed) with Grid sizes of 0.5% (variable) of price should give valuable information.
@KioseffTrading is such an algorithm similar to your intention? Is there specific parts of the code you provided that can be useful in this case?
As always, thank you for the support and kind words! I very much appreciate it (:
Pratik_4Clover
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Hi! Lovely new way to have POC, can we have a option to enable only 2 highest time values per candle? I think that would increase functionality and also reduce amount of numbers of chart for people who might use it in addition with some other tools.