Volume-Based Point of Control with Period and Historical Levels

Summary

This indicator estimates a volume profile across price levels and plots the level with the greatest assigned volume as the Point of Control (POC). Users can reset the calculation daily, weekly, or after a chosen number of bars. The price increment can be supplied directly or estimated from the chart’s average bar range. When a candle spans multiple increments, its volume is divided evenly across those levels; otherwise, volume is assigned to the relevant price category.

At each reset, the current POC is saved so the indicator can show historical POCs nearest the current price. Optional displays include the most active POC across all completed periods, the next three ranked levels, and the period’s upper and lower bounds. The script requires volume data and does not offer a row-count setting that derives price increments. These levels depend on the selected reset schedule, increment, and its simplified allocation of candle volume; the document provides no trading performance evidence.

Key ideas

• The indicator identifies the price level with the greatest accumulated volume within the active period.
• The calculation period can reset daily, weekly, or after a selected number of bars.
• Price increments can be manually selected or estimated from average candle range.
• Volume from a candle crossing several levels is divided evenly among them.
• Historical POCs near price and the highest ranked POCs across periods can be displayed.
• The method requires volume data and does not include performance testing.

Tags

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