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Drag Drop Volume Profile

The Drag Drop Volume Profile Indicator for MT4 identifies the zones with high traded volume. With the Drag & Drop Volume Profile Indicator, traders can quickly and easily create a volume profile chart to help them make better trading decisions.

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Description

The Drag and Drop Volume Profile Indicator for MT4 is an advanced technical trading tool that displays the volume profile of the market. It provides traders with a visual representation of the volume traded in a zone in a market session.

The market volume profile helps Forex traders project the possible direction of the market and identify zones of a potential trend reversal. The concept here is the price tends to be attracted back to areas with high traded volume and then reverse or break out. A price breakout in such an area (zone with high traded volume) may signal trend continuation because the zone tends to act as support or resistance.

Features of the Indicator

The Drag and Drop Volume Profile indicator displays the following:

  • Volume at Price Levels: The indicator indicates the volume traded at various price levels with horizontal bars. The length of the bar reflects the level of traded volume in that region.
  • Value Area: This shows the zones where a percentage of volume (usually between 70.80%) was traded.
  • Point of Control: This level shows where the highest trade volume occurred within a trading period.

Benefits of Using the Indicator

  • Identification of Key Price Levels: The indicator marks out areas with high-volume trading activities, which tend to act as support and resistance levels.
  • Confirmation of Breakouts: The price tends to move in the direction of a breakout accompanied by high volume. So, traders can use the indicator to confirm the strength of a breakout.
  • Intraday Analysis: The indicator provides insight into where the high volume is occurring, which is valuable for intraday analysis of the market.

Indicator Parameter Settings

The indicator comes with the following customizable settings:

StartingBarIndex: Number of bars to begin analysis.

LookBackBarCount: Determines the maximum lookback bar for analysis.

VolumeBarCount: Shows the number of volume bars.

VolumeBarsHeightPercentage: Height of the volume bar.

Point of Control Color: Color to display the point of control.

Value Area Color: Color to display the value area.

Runaway Gap Zones: Color for the runaway gap zones.

Outside of Value Area Color: Color to display outside of the value area.

BackGroundColor: Color for the background.

Display Toolbar: Enables/Disables the display of toolbars.

ValueAreaPercent: Percentage of the value area.

Display Volume Bars Left Adjusted: Enables/Disables the value area to shift the left.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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