Volume Points of Control and No Control [NariCapitalTrading]

Overview:
The "Volume Points of Control and No Control" (VPOC/VPONC) is a trading indicator/concept I designed to identify key price levels based on volume activity. It shows (on the price label on the y-axis) where there was the most (red) and the least (blue) volume over a specified lookback period. Read below for interpretation.

Key Features:

• Identifies key price levels based on volume
  Customizable lookback period and trade timeframe
  Plots Volume Point of Control (VPOC) and Volume Point of No Control (VPONC)
  

Inputs and Calculations:

Custom Trade Timeframe: Allows users to set the desired timeframe for analysis (e.g., Daily, Weekly).

Lookback Period: Users can specify the period over which to analyze volume data.

VPOC Calculation: Determines the price level with the highest volume within the lookback period.

VPONC Calculation: Finds the price level with the lowest volume within the lookback period.

Indicator Usage:

The VPOC is considered a significant level where traders have shown the most interest, often acting as a strong support or resistance level. The VPONC, conversely, is a concept I made up. It represents a price level where 1) in an trending market, this price was accepted quickly, thus suggesting continuation of an trend. 2) price retracements will typically revisit thinly-traded price areas, the VPONC can sometimes signal an area of support in a downtrend.

Chart Representation:

VPOC Label: Plotted on the y-axis in red, indicating the price level with the highest volume.

VPONC Label: Displayed on the y-axis in blue, showing the price level with the least volume.

These labels are dynamically updated based on the user-specified lookback period and trade timeframe.

Release Notes:

Cleaned-up one comment

Release Notes:

Name update for consistency