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Volume Profile is a handy trading indicator that shows you the price point at which the most volume has been executed. In this video, I'll show you how to add it to your TradingView chart, how it works and when you might want to use it in trading.
If you prefer the text version, it's provided below the video.
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Getting Started with Volume Profile
What's up traders, this is Hugh and in this video I'm going to show you how to put Volume Profile onto your charts and why you might want to use it.
Okay, so this is TradingView. I'm looking at the other screen, so forgive me if I'm not looking directly at you. Here is my Volume Profile indicator and this comes with TradingView. I think it's only available with the paid version, but it's a really handy tool because you can see where the most volume has occurred on a chart.
And that's important information because you want to know where you might run into some issues if you're looking at the charts, what price points you're going to run into those issues and where the buying or the selling pressure might be coming from.
Volume Profile vs Regular Volume
So let's take a look at some examples. First of all, I've put the regular volume down here at the bottom. As you can see, it can be a little tough to read this because you have to go candle by candle and you have to really dig into what each candle is telling you.
- The indicator is extended by the standard deviations, which make it possible to define support and resistance in different time units. The Volume Profile represents the traded volume of specific price levels. The Volume Profile thus provides a deeper insight into the current positioning of.
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- Volume Profile is a handy trading indicator that shows you the price point at which the most volume has been executed. In this video, I'll show you how to add it to your TradingView chart, how it works and when you might want to use it in trading. If you prefer the text version, it's provided below the video.
SEE ALSO:Learn how this verified profitable trader trades (full interview)
Whereas Volume Profile is just one line and you can also make it multiple lines, like some people do. So you can show Volume Profile like this and this will show you the levels at which there was the most volume.
So I haven't set it so that it shows me the volume on the candles that are only on the candles that are displayed right now. So as you can see, there's a bunch of volume here and this is the highest volume level.
There's a bunch of here. And then down here around this level is where you're going to see the most volume in this area. So this is really useful information. I only look at the highest volume level because I don't want my charts cluttered up with all this other stuff.
But it's useful to see the volume at all levels. And as you can see, this level is the second highest volume level on this chart. So there's a good chance that there's going to be a turning point.
How Do You Use Volume Profile to Trade?
I don't use it as a rule specifically per se, but I do use it as a guideline to show me where price might turn or where the profit targets might be. So for example, with this Volume Profile right now, I'm actually looking for a short here.
If I do end up taking a short, then I'm going to look for this Volume Profile level as the, as well a little bit above it. But I'm going to sit that as my limit as to how far price could go.
So I'll probably set my take profit a little bit higher than that. And if you are looking for something that's above the level or below level, let's see if I have an example here. So for example, if I move this chart backwards, it will show me the change in Volume Profile level.
Okay, so here, there's a big Volume Profile level here. So if, if you were looking for a long right here, it really helps to know that there was a lot of volume below your level. So you have some confidence to take the trade because a lot of trades have happened here, so there's a good chance that it'll push it out. Right? On the flip side, if you see a volume level really, really close to where you want to take a trade, for example, let's see if we can find one here. Let's scroll back and see, okay, here's a, I think this is a good example right here.
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If the Volume Profile is exactly at your level or maybe a little bit below, then you might be in trouble. If you wanted to take a short here and if you had the highest Volume Profile level right there, then that might tell you, maybe you shouldn't be taking that trade because you're going to run into a bunch of volume and you never know what's going to happen at that point.
So if we put the profile back on there, we can see that yes, that is the highest volume level followed by this level down here. It might not be a good trade level, but again, it's just a guidelines. So it's up to you if you want to actually take the trade or not.
If I scroll back a little bit more, like I said, does it help? It helps to zoom out so you can also see the key levels around price and when you zoom in and out like this, you can get a good idea of where the big volume is and you can trade accordingly.
Conclusion
So try it out, backtest it with Bar Replay and see how it works for you. I just use it as a guideline, but maybe you can use it as a specific training program or a trading system.
All right, thanks for watching.
To learn more about TradingView's Volume Profile indicator go here.
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Supply and demand. That’s about all there is to the price of a futures contract—it’s price discovery in the purest sense. No earnings calls, no share dilution, and no accounting assumptions. That’s what makes futures different from other financial markets.
Such unpolluted technical action can lead to patterns that repeat often and may become actionable. For example, members of the old Chicago Board of Trade (CBOT) observed patterns of price and volume in the 1980s that became a popular model called Market Profile. These observations inspired various studies of how futures volume (or lack of it) at certain price levels reveals whether buyers or sellers are in control of the market, and how this might be used to help estimate the direction of price movement.
The Volume Profile indicator is a similar study that’s available on the thinkorswim® platform from TD Ameritrade. There’s one major difference: Volume Profile displays volume traded at each price level, which makes it easy to see what price was traded most.
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There are many ways to use the Volume Profile. To help get you started, consider the following two major keys that may uncover hidden inflection price points—volume distributions and volume nodes.
![Free Volume Profile Indicator Free Volume Profile Indicator](https://trader-dale.com/wp-content/uploads/2017/03/Screenshot_1.png)
Volume Distributions
In a typical trading session, volume tends to be normally distributed—a fancy way of saying that when volume is displayed as a profile on the same axis as price, the shape at the end of an average session frequently resembles a balanced bell curve (see Figure 1, below). Most volume occurs in the middle of this curve, while relatively little volume occurs in the upper and lower tails.
FIGURE 1: INSIDE THE BELL CURVE
The Volume Profile overlay on the price chart is bell shaped, which means most of the volume is traded in the middle of the bell and the lowest volume is traded on either end. Source: thinkorswim® platform. For illustrative purposes only.
This seems remarkable, because the shape of the Volume Profile during the session often changes fluidly. Sometimes it resembles a “p” shape, where a lower tail exists, but not an upper tail (yet). Sometimes it resembles a “b” shape, where an upper tail exists, but no lower tail (yet).
By spotting the shape of a Volume Profile during the session, and estimating the price at which volume must occur to make it normally distributed, you can estimate the direction of future price movement—information you might find useful.
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High and Low Volume Nodes
Prices at which the highest and lowest volume occurs are also noteworthy. Volume indicates levels of acceptance (high volume) and rejection (low volume). Intuitively, when volume is high, the price is usually equally attractive to both buyers and sellers. At a price where fewer participants are willing to transact, volume must adjust quickly to find equilibrium.
Volume Profile For Mt4
Therefore, low volume occurs at extreme highs and lows, when the price is too high for buyers or too low for sellers. High volume occurs in between extreme highs and lows, at an equilibrium price.
Flexible Volume Profile Indicator
Hypothetically, you might be better off buying at a low-volume node at a support level. When you do, you’re buying at a lower price than everyone else at the equilibrium price. Likewise, selling at a low-volume node at a resistance level means you’re selling at a higher price than everyone else at the equilibrium price.