Lower-Timeframe Volume Heatmaps and Price-Level Volume Profiles
Summary
This indicator builds a visual view of lower-timeframe activity across recent chart candles. It divides each candle into configurable time columns and price rows, then colors the resulting heatmap according to the direction and relative volume of the underlying lower-timeframe bars. Options control candle bodies, closes, volume display, cumulative or difference views, and whether the visualization appears over the main chart or separately.
It also aggregates volume by price to draw a profile, highlighting a value area and point of control, with optional reference lines on the price chart. The script requests lower-timeframe open, close, volume, and time data, and adjusts the requested resolution based on a user-selected plan and chart interval. Its display is constrained by available lower-timeframe history, chart type and timeframe eligibility, and object limits; the chosen resolution and row or column settings affect the detail shown. The document offers visualization logic, not evidence that profile levels predict future price movement.
Key ideas
- The heatmap maps lower-timeframe volume and price direction into configurable time columns and price rows.
- Volume can be displayed directly, cumulatively, or as a difference between directional components.
- A price-volume profile can identify a value area and point of control for the analyzed range.
- Lower-timeframe data availability and chart settings constrain the indicator's coverage and resolution.
- The visualization describes observed trading activity but does not establish predictive value for its levels.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.