Bull and Bear Zigzag Volume Profiles with POC and Value Areas
Summary
This TradingView indicator builds separate bullish and bearish volume profiles across price swings identified by a Zigzag. It assigns volume from bars in each swing to price levels, then plots the profiles in configurable layouts: centered, on the same side, or opposing sides. Users can adjust profile resolution and display style, and optionally show delta labels, points of control, and value area boundaries.
The script also tracks historical POC and value area levels, with options to limit displayed history or remove levels after price violates them. A live mode recalculates the profile for the latest swing. The document provides implementation details and settings, but no empirical performance tests or evidence that these levels predict future price behavior. Zigzag pivots can change as price develops, and the profile is an indicator for chart analysis rather than a tested trading strategy; interpretation depends on the instrument and data source.
Key ideas
- The indicator divides Zigzag-defined price swings into levels and allocates bar volume across those levels.
- Bull and bear volume are plotted separately to distinguish activity associated with rising and falling swings.
- Users can select centered, same-side, or opposing-side profile layouts and adjust visual scaling.
- Optional features mark points of control, value areas, and delta by price region.
- The document reports no performance validation, and evolving Zigzag pivots can affect interpretation.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.