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I al looking for an indicator to display POC line for user defined number of bars period. I mean if i am in 15sec and i put 40. Then 15sec*40=10min. If i am in 4tick renko and put 10 than for that period...
A POC (point of control) is nothing else than an approximated mode. So what you look for is actually a moving mode, as opposed to a moving median or a moving average. Let us have a look at the options
building a moving average
(1) basic: arithmetic average calculated from the closes (SMA)
(2) standard : calculate an arithmetic average from time price opportunities
(3) advanced: calculate an arithmetic average from volume weighted time-price opportunities
building a moving median
(4) basic: calculate the median as the central value of all closes
(5) standard: calculate the median from time price opportunities
(6) advanced: calculate the median from volume-weighted time price opportunities
building a moving mode
(7) standard: calculate the mode from time price opportunities
(8) advanced: calculate the mode from volume-weighted time price opportunities
The chart below shows versions (2), (5) and (7). Have quickly coded them to find out, how they look like. However, they are not safe for distribution. You will notice that the mode (POC) is a bit jumpy, as it jumps around between high volume zones.
Well the result on picture seems bad, because POC jump on different time intervals.
I want nothing else than a simple market profile indicator but not for the whole day, but for the user defined period to trade intraday, with the same strategy than based on day profiles.
