Modjoy-Intraday Volume Profile [BigBeluga]
Unlocking Intraday Trading Opportunities with Modjoy-Intraday Volume Profile [BigBeluga]
As a trader, understanding market dynamics and identifying key areas of support and resistance is crucial for making informed decisions. One tool that has gained popularity in recent years is the Modjoy-Intraday Volume Profile, also known as BigBeluga. In this article, we will delve into the core logic and trading strategy behind this powerful indicator, exploring how it can help traders optimize their intraday trading performance.
What is Modjoy-Intraday Volume Profile [BigBeluga]?
The Modjoy-Intraday Volume Profile, or BigBeluga, is a trading indicator that provides a detailed visualization of intraday market activity. It plots the volume of trades executed at each price level, allowing traders to identify areas of high trading activity and potential support or resistance. The indicator is typically displayed as a histogram or profile, with the x-axis representing price levels and the y-axis representing volume.
Core Logic Behind Modjoy-Intraday Volume Profile [BigBeluga]
The core logic behind the Modjoy-Intraday Volume Profile is based on the concept of volume profiling, which involves analyzing the distribution of trading volume across different price levels. By examining the volume profile, traders can gain insights into market sentiment, order flow, and potential price movements. The indicator takes into account the following key factors:
- Volume accumulation: The indicator identifies areas where trading volume is accumulating, which can indicate potential support or resistance levels.
- Volume distribution: The indicator analyzes the distribution of volume across different price levels, helping traders identify areas of high trading activity and potential market interest.
- Price action: The indicator considers the price action and movement, allowing traders to identify potential trends, breakouts, and reversals.
Trading Strategy with Modjoy-Intraday Volume Profile [BigBeluga]
The Modjoy-Intraday Volume Profile can be used as a standalone indicator or in combination with other technical analysis tools. Here are some key trading strategies that can be employed using this indicator:
Identifying Support and Resistance Levels
Traders can use the Modjoy-Intraday Volume Profile to identify potential support and resistance levels by analyzing the volume profile. Areas with high volume accumulation can indicate strong support or resistance, while areas with low volume can indicate potential breakouts or reversals.
Confirming Trends and Breakouts
The indicator can be used to confirm trends and breakouts by analyzing the volume profile and price action. Traders can look for areas where volume is accumulating in the direction of the trend, which can indicate a strong and sustained move.
Identifying Market Sentiment
The Modjoy-Intraday Volume Profile can provide insights into market sentiment by analyzing the distribution of volume across different price levels. Traders can use this information to identify potential market reversals or trend changes.
Benefits of Using Modjoy-Intraday Volume Profile [BigBeluga]
The Modjoy-Intraday Volume Profile offers several benefits to traders, including:
- Improved market analysis: The indicator provides a detailed visualization of intraday market activity, allowing traders to gain a deeper understanding of market dynamics.
- Enhanced trading decisions: By analyzing the volume profile and price action, traders can make more informed decisions about when to enter or exit trades.
- Increased trading accuracy: The indicator can help traders identify potential support and resistance levels, trends, and breakouts, leading to more accurate trading decisions.
Conclusion
In conclusion, the Modjoy-Intraday Volume Profile [BigBeluga] is a powerful trading indicator that can help traders optimize their intraday trading performance. By understanding the core logic and trading strategy behind this indicator, traders can gain a deeper understanding of market dynamics and make more informed trading decisions. Whether used as a standalone indicator or in combination with other technical analysis tools, the Modjoy-Intraday Volume Profile is a valuable addition to any trader's toolkit.
Remember to always use proper risk management and trading discipline when using the Modjoy-Intraday Volume Profile or any other trading indicator. By combining this indicator with a solid trading strategy and risk management plan, traders can unlock new trading opportunities and achieve greater success in the markets.
Modjoy Exclusive Source Code:
//@version=5
indicator("Modjoy-Intraday Volume Profile [BigBeluga]", shorttitle = "StratifyTrade - IVP [1.1]" ,overlay = true, max_lines_count = 500, max_labels_count = 500)
tf = input.timeframe("5" , "LTF " , inline = "xxx", group = "SETTINGS")
scale = input.int (5 , "Sensibility " , inline = "yyy", group = "SETTINGS", minval = 1)
usSC = input.string ("close" , "Source ", options = ["close", "open", "ohlc4", "close + open + ohlc4"], inline = "ggg", group = "SETTINGS")
sVWM = input.bool (false , "VWMA" , inline = "WMA", group = "SETTINGS")
lVWM = input.int (7 , "" , inline = "WMA", group = "SETTINGS")
pllb = input.bool (false , "Display Buyers vs Sellers Activity" , inline = "bbb", group = "SETTINGS")
upcss = input.color (#0099ff , "Color" , inline = "css", group = "Colors")
dncss = input.color (#ff5252 , "" , inline = "css", group = "Colors")
col = input.color (color.white , "" , inline = "css", group = "Colors")
clM = input.string ("Delta" , "" , inline = "css", options = ["Relative", "Delta", "Buyers", "Sellers"], group = "Colors")
switch clM
"Buyers" => dncss := #ffffff00
"Sellers" => upcss := #ffffff00
=> na
NOCSS = color.new(color.white, 100)
check = close > open
sens = 1.0
per = 0.05
type bar
float[] level
float[] vol
int [] buyers
int [] seller
type draw
label[] left
label[] right
label[] tp
type recycle
bar [] b
draw [] d
var bin = recycle.new(
array.new< bar >( )
, array.new< draw >( )
)
if bin.b.size() > 0
bin.b.clear()
if barstate.isfirst
bin.d.unshift(
draw.new(
array.new< label >( )
, array.new< label >( )
, array.new< label >( )
)
)
bin.b.unshift(
bar.new(
array.new< float >(32, na)
, array.new< float >(32, 0 )
, array.new< int >(32, 0 )
, array.new< int >(32, 0 )
)
)
[v, o, c, x, _v] = request.security_lower_tf(
syminfo.tickerid , tf ,
[
check ? volume : -volume
, open
, close
, ohlc4
, volume
] )
method pos(int i, bool trend) =>
out = trend
? (low + (low * ((per * i)) / 100))
: (high - (high * ((per * i)) / 100))
method f_createlvl(recycle r) =>
var float out = na
for i = 1 to 31
for b in r.b
b.level.set(i, i.pos(check
? true
: false
)
)
out := b.level.get(31)
out
method delta(recycle r) =>
float pos = na
float neg = na
int out = na
for b in r.b
pos := b.vol.get(b.vol.indexof(b.vol.max()))
neg := b.vol.get(b.vol.indexof(b.vol.min()))
out := math.abs(pos) > math.abs(neg)
? b.vol.indexof(b.vol.max())
: b.vol.indexof(b.vol.min())
[out, pos, neg]
method make(recycle r, float[] zz) =>
for i = 2 to 31
for [idx, stuff] in zz
if not na(zz) and not na(stuff)
if i > 1 and i < 31
for b in r.b
if check
? stuff < b.level.get(i) and stuff > b.level.get(i - 1)
: stuff > b.level.get(i) and stuff < b.level.get(i - 1)
b.vol.set(i, b.vol.get(i) + v.get(idx))
switch
v.get(idx) > 0 => b.buyers.set(i, b.buyers.get(i) + 1)
v.get(idx) < 0 => b.seller.set(i, b.seller.get(i) + 1)
method empty(recycle r) =>
int [ ] from = array.from(30, 1)
for [idx, d] in r.d
switch idx
0 =>
if d.left .size () > from.get(idx)
d.left .shift()
if d.right .size () > from.get(idx)
d.right.shift()
1 =>
if d.tp .size () > from.get(idx)
d.tp .shift()
css(src) =>
css = src > 0
? upcss
: dncss
color.from_gradient(
math.abs(src)
, 0
, clM == "Delta"
? math.abs(_v.sum()) / sens
: clM == "Relative"
? math.abs(_v.max())
: math.abs(_v.sum()) / sens
, NOCSS
, css
)
grd(src, startcss, endcss, big) =>
color.from_gradient(
src
, 0
, big
, startcss
, endcss
)
while check
? high > bin.f_createlvl()
: low < bin.f_createlvl()
per += 0.05
sens += scale
switch check
true =>
if high <= bin.f_createlvl()
break
false =>
if low >= bin.f_createlvl()
break
switch usSC
"close" => bin.make(c)
"open" => bin.make(o)
"ohlc4" => bin.make(x)
"close + open + ohlc4" => bin.make(c), bin.make(o), bin.make(x)
[dt, pos, neg] = bin.delta()
if pllb
for i = 1 to 31
for b in bin.b
up = b.level.get(i) > high or b.level.get(i) < low
? NOCSS
: grd(b.buyers.get(i), upcss, color.rgb(0, color.g(upcss), 0), b.buyers.max())
dn = b.level.get(i) > high or b.level.get(i) < low
? NOCSS
: grd(b.seller.get(i), dncss, color.rgb(color.r(dncss), 0, 0), b.seller.max())
for d in bin.d
bin.empty()
d.left .push(
label.new(
textcolor = up
, color = NOCSS
, x = bar_index
, size = size.small
, y = b.level.get(i)
, style = label.style_label_right
, text = str.tostring(b.buyers.get(i))
)
)
d.right .push(
label.new(
textcolor = dn
, color = NOCSS
, x = bar_index
, size = size.small
, y = b.level.get(i)
, style = label.style_label_left
, text = str.tostring(b.seller.get(i))
)
)
if i == 1
d.tp.push(
label.new(
x = bar_index
, y = high
, text
= "Buyers | Sellers"
+ "\n"
+ (b.buyers.max() < 99
? str.tostring(b.buyers.max())
+ " "
: str.tostring(b.buyers.max()))
+ " <|> "
+ (b.seller.max() < 99
? " "
+ str.tostring(b.seller.max())
: str.tostring(b.seller.max()))
+ "\n"
+ "\nDelta"
+ "\n"
+ str.tostring(pos > math.abs(neg)
? math.floor(b.vol.max())
: math.floor(b.vol.min()))
, style = label.style_label_down
, textcolor = col
, size = size.small
, color = NOCSS
)
)
//Levels
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(2 ) ? na : bin.b.get(0).level.get(2 ), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(2 )))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(3 ) ? na : bin.b.get(0).level.get(3 ), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(3 )))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(4 ) ? na : bin.b.get(0).level.get(4 ), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(4 )))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(5 ) ? na : bin.b.get(0).level.get(5 ), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(5 )))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(6 ) ? na : bin.b.get(0).level.get(6 ), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(6 )))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(7 ) ? na : bin.b.get(0).level.get(7 ), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(7 )))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(8 ) ? na : bin.b.get(0).level.get(8 ), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(8 )))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(9 ) ? na : bin.b.get(0).level.get(9 ), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(9 )))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(10) ? na : bin.b.get(0).level.get(10), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(10)))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(11) ? na : bin.b.get(0).level.get(11), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(11)))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(12) ? na : bin.b.get(0).level.get(12), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(12)))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(13) ? na : bin.b.get(0).level.get(13), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(13)))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(14) ? na : bin.b.get(0).level.get(14), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(14)))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(15) ? na : bin.b.get(0).level.get(15), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(15)))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(16) ? na : bin.b.get(0).level.get(16), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(16)))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(17) ? na : bin.b.get(0).level.get(17), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(17)))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(18) ? na : bin.b.get(0).level.get(18), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(18)))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(19) ? na : bin.b.get(0).level.get(19), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(19)))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(20) ? na : bin.b.get(0).level.get(20), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(20)))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(21) ? na : bin.b.get(0).level.get(21), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(21)))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(22) ? na : bin.b.get(0).level.get(22), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(22)))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(23) ? na : bin.b.get(0).level.get(23), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(23)))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(24) ? na : bin.b.get(0).level.get(24), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(24)))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(25) ? na : bin.b.get(0).level.get(25), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(25)))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(26) ? na : bin.b.get(0).level.get(26), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(26)))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(27) ? na : bin.b.get(0).level.get(27), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(27)))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(28) ? na : bin.b.get(0).level.get(28), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(28)))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(29) ? na : bin.b.get(0).level.get(29), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(29)))
plot(bin.b.get(0).level.get(dt) == bin.b.get(0).level.get(30) ? na : bin.b.get(0).level.get(30), style = plot.style_circles, linewidth = 2, color = css(bin.b.get(0).vol.get(30)))
// Delta
plot(
bin.b.get(0).level.get(dt)
, style = plot.style_cross
, linewidth = 3
, color = css(bin.b.get(0).vol.get(dt))
)
// VWMA
float vwma = na
if c.size() > 0 and sVWM
vwma := ta.vwma(c.get(v.indexof(v.max())), lVWM)
dist = ((vwma - close) / close) * 100
plot(vwma, color = color.from_gradient(dist, -1, 1, color.new(upcss, 50), color.new(dncss, 50)))
⚠️ High Risk Warning
Trading Forex and Futures involves a very high degree of risk and may not be suitable for all investors. The high degree of leverage can result in the complete loss of your funds. These indicators are educational tools and do not guarantee profits. Please trade responsibly with capital you can afford to lose.