█ OVERALL
Plot raindrops (custom volume profiles) on user-defined periods, for each period you get high and low, it slices each period in half to get independent vwap , volume profile, and the volume traded per price at each half.
It works on intraday charts only, up to 720m (12H). It can plot balanced or unbalanced raindrops, and volume profiles up to 24H sessions.
As example, you can setup unbalanced periods to get independent volume profiles for the overnight and cash sessions on the futures market, or 24H periods to get the full session volume profile of EURUSD
This indicator is based on the raindrops white paper by Ruslan Lagutin from TrendSpider
I encourage you to go to the source and read the paper if you want a first-hand explanation about the raindrops.
The purpose of this indicator is twofold:
1 — from a Chartist point of view, to have an indicator that displays the volume in a more readable way
2 — from a Pine Coder point of view, to have an example of a use for two very powerful tools on Pine Script:
• the recently updated drawing limit to 500 (from 50)
• the recent ability to use drawings arrays (lines and labels)
If you are new to Pine Script and you are learning how to code, I hope you read all the code and comments on this indicator, all are designed for you,
the variables and functions names, the sometimes too big explanations, the overall structure of the code, all is intended as an example of how to code
in Pine Script a specific indicator from a very good specification in form of white paper (see reference above)
█ SCRIPT URL
https://www.tradingview.com/script/dJr8hv4v-Raindrops-Makit0/