The invention describes a coded light modulation arrangement (1), adapted to be connected between a driver (31) and a LED (3), which coded light modulation arrangement (1) comprises input terminals (10) adapted to connect to the driver (31) and to receive a drive current (IDRIVE), an energy storage arrangement comprising a number of energy storage devices (E1, E2); a data input interface (12) realized to receive a data stream (D), said data stream (D) comprises a sequence of binary symbols comprising a logic high and a logic low; a switch arrangement comprising a number of switches (S1, S2) arranged to connect the energy storage devices (E1, E2) of the energy storage arrangement and to modulate the drive current such that, in a charging switch configuration corresponding to the logic low, a negative modulation current (INEG) is diverted from a drive current (IDRIVE) of the LED (3) to the energy storage arrangement; and, in a discharging switch configuration corresponding to the logic high, a positive modulation current (IPOS) is drawn from the energy storage arrangement and added to the drive current (IDRIVE) of the LED (3); and output terminals (11) adapted to connect to the LED (3) and to provide the modulated drive current directly to the LED (3) to emit the low and high radiant flux level as coded light (Lcoded) to be received by a photosensor of a coded light receiver device. The invention further describes a method of performing coded light modulation for light emitted by a LED (3); a luminaire; and a coded light communication arrangement (5).