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Market Profile
Market Profile MetaTrader indicator is a
classic Market Profile implementation that can show the price density over time,
outlining the most important price levels, value area and control value of the
daily trading session. This indicator can be attached to M5, M15 and M30 charts
and will show the Market Profile for the daily sessions. Although M5 timeframe
offers higher precision, M30 timeframe is recommended due to its better
visibility. Three different color schemes are available to draw the profile's
blocks. This indicator is based on bare price action and doesn't use any
standard MetaTrader indicators. It's available for both MetaTrader 4 and
MetaTrader 5 platforms.
Input parameters:
- StartFromDate (default = '') if StartFromToday is
false then the indicator will start drawing profiles from this date. It draws to
the past. For example, if you set it 2010.07.20 and DaysToCount is 2 then it
will draw the profiles on 2010.07.20 and 2010.07.19.
- StartFromToday (default = true) if true then the
indicator starts drawing from today, else from the date in
StartFromDate.
- DaysToCount (default = 2) for how many daily
sessions to draw the market profiles.
- ColorScheme (default = 0) color scheme for profile's
blocks:
- 0 blue to red.
- 1 red to green.
- 2 green to blue.
- MedianColor (default = White) color of the control
value (median).
- ValueAreaColor (default = White) color of the value
area border.
The chart screenshot shows Market Profiles calculated and displayed for two
daily Forex trading sessions. The timeframe is M30 and the second daily session
is still in progress. The earliest prices are blue and the latest prices
are red. The medians and the value areas are marked with the white lines and
display the most important price areas. Traders tend to return to those areas
if the volume of the breakout movement isn't too high. High-volume breakout
out of these areas signifies a real breakout. You can read more about Market
Profile in this short e-book: Book on Market Profile.
Downloads:
Market Profile for MetaTrader 4 in .zip
Market Profile for MetaTrader 4 in .mq4
Market Profile for MetaTrader 5 in .zip
Market Profile for MetaTrader 5 in .mq5
Discussion:
Warning! Before you ask any basic questions regarding installation of
the indicators, please, read this
MetaTrader 4 Indicators Tutorial or MetaTrader 5 Indicators Tutorial
to get the elementary knowledge on handling them.
Do you have any suggestions or questions regarding this indicator? You can
always
discuss Market Profile with
the other traders and MQL programmers on the indicators forums.
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