Approximating Intrabar Point of Control with Lower-Timeframe Data

Summary

This indicator estimates a point of control for each chart bar using lower-timeframe highs, lows, and volume. It divides the chart bar’s price range into bins and distributes each sampled intrabar’s time count or volume across the bins it intersects. The midpoint of the bin with the greatest accumulated value becomes the estimated intrabar point of control, shown as a chart marker.

The indicator also draws horizontal levels at past estimates and tracks whether later price bars touch them. Untouched levels can remain extended as naked points of control, while touched levels can change color or be hidden. An optional marker identifies the highest-volume untouched level within a lookback. The author explicitly describes the calculation as approximate: bin count and sampling timeframe affect accuracy, while finer sampling can reduce historical availability. The document offers no evidence that these levels predict price movement, so they are best treated as a visualization of estimated participation rather than a validated trading signal.

Key ideas

• The indicator estimates each bar’s point of control by dividing its price range into bins.
• Lower-timeframe data is allocated across bins using either time counts or volume.
• The highest-valued bin’s midpoint is plotted as the estimated point of control.
• Past levels are tracked as naked until price touches them, and an optional feature highlights the highest-volume untouched level in a lookback.
• Bin resolution and sampling timeframe affect accuracy and historical availability.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.