Estimated Time at Price from Lower-Timeframe Volume and Price Data
Summary
This indicator estimates how activity is distributed across price levels by requesting one-minute price and volume data, then aggregating observations into configurable levels. Users can choose percentage spacing or tick-based spacing, and can select a classic display that divides each chart bar into rows. The script tracks up and down activity at those levels and visualizes the resulting distribution with colored labels, boxes, lines, and end-of-chart summaries. It highlights the level with the largest accumulated time or activity as a point-of-control-like reference.
Options control the calculation window, recalculation schedule, line extensions, violated levels, and visual presentation. The script’s stated calculation is limited to roughly the latest 500 chart bars, and estimates depend on lower-timeframe data availability and the selected binning method. It offers a descriptive market profile aid, not a standalone trading rule. The document includes code but no performance study or evidence that high-activity levels reliably act as support or resistance; those interpretations need independent testing.
Key ideas
- The indicator uses one-minute data to estimate activity across price levels on a higher-timeframe chart.
- Price bins can be spaced by a percentage interval or by a tick interval.
- A classic mode divides each bar's range into rows for the activity display.
- Accumulated activity is shown with visual levels and a highest-activity reference.
- The estimates are bounded by the calculation window and do not establish predictive trading value.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.