Fixed Range Volume Profile MT5
- Indicators
- Abdelkhabir Yassine Alaoui
- Version: 1.2
- Updated: 1 April 2024
- Activations: 10
Fixed Range Volume Profile with alerts for MT5
This indicator shows where the price has spent more time, highlighting important levels that can be used in trading.
and can show the price density over time, outlining the most important price levels, value area, and control value of a given trading session. This indicator can be attached to timeframes between M1 and D1 and will show the Market Profile for daily, weekly, monthly, or even intraday sessions. Lower timeframes offer higher precision. Higher timeframes are recommended for better visibility. It is also possible to use a free-draw rectangle session to create a custom market profile on any timeframe. Six different color schemes are available to draw the profile's blocks. Drawing profiles as a plain color histogram is also possible. Alternatively, you may choose to color the profile based on bullish/bearish bars. This indicator is based on bare price action and does not use any standard indicators.
A system of alerts is available for price crossing the levels of Value Area high and low, Median, and Single Print zones.
Input Settings :
- StartFromDate (default = __DATE__) — if StartFromCurrentSession is false, then the indicator will start drawing profiles from this date. It draws to the past. For example, if you set it 2018-01-20 and SessionsToCount is 2, then it will draw the profiles for 2018-01-20 and 2018-01-19.
- Session (default = Daily) — trading session for market profile: Daily, Weekly, Monthly, Intraday, and Rectangle. For a rectangle session to get calculated, a rectangle chart object with the name starting with MPR should be added to the chart. Pressing 'r' on the keyboard will add a properly named rectangle object automatically.
- StartFromCurrentSession (default = true) — if true, then the indicator starts drawing from today, else — from the date given in StartFromDate.
- SeamlessScrollingMode (default = false) — if true, the StartFromDate and StartFromCurrentSession parameters are ignored; the sessions are calculated and displayed starting from the current chart position's rightmost bar. This allows scrolling back in time indefinitely to view past sessions.
- ValueAreaPercentage (default = 70) — a percentage share of the session's TPOs to include in the Value Area.
- SessionsToCount (default = 2) — for how many trading sessions to draw the market profiles.
- EnableDevelopingPOC (default = false) — if true, multiple horizontal lines will be drawn to depict how the Point of Control developed through the session.
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