Lower-Timeframe Volume Footprints for Point of Control and Voids

Summary

This chart indicator estimates a candle-level volume footprint by requesting lower-timeframe bars and assigning their volume to price levels across the chart candle’s range. It tracks the number of lower-timeframe bars and signed volume assigned to each level. Users can display a point-of-control style emphasis, directional delta coloring, volume gradients, total-volume coloring, or highlight levels with no assigned activity as potential voids. A size input controls spacing between the price levels, while the lower-timeframe selection affects the calculation’s granularity.

The document presents the tool as a way to inspect intrabar activity and possible gaps in the estimated footprint, but it supplies no trading rules or performance study. The measurements are approximations derived from lower-timeframe candles, not exchange-level trade-by-trade order flow; the code infers direction from whether each lower-timeframe candle closes above or below its open. Results therefore depend on the selected timeframe, level spacing, and available data. A displayed void or concentration should be treated as a chart feature to investigate, not proof of trapped traders or a reliable signal.

Key ideas

• The indicator distributes lower-timeframe volume across price levels within each chart candle.
• Its point-of-control display emphasizes levels with comparatively high activity.
• Signed volume coloring classifies lower-timeframe candles by whether they close up or down.
• Levels with no assigned activity are highlighted as potential footprint voids.
• The footprint is an estimate from candles, and the document provides no evidence of trading performance.

Tags

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