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Volume Profile

The Volume Profile indicator for MT5 displays the distribution of trading volume of the price. The indicator is easy to use and can be used by both beginner and experienced traders.

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Description

The Volume Profile indicator for MT5 is a custom indicator that displays the distribution of trading volume across various price levels over a trading period. It displays longer bars to mark zones of higher trading activities, while shorter bars depict zones with lower trading activities.

Hence, by displaying zones of high and low trading activity within a period, the indicator provides traders with an in-depth market analysis, which is essential for making informed decisions.  Moreover, the indicator analyzes the shape and structure of the market volume profile, enabling traders to identify zones of trading opportunities, such as significant support and resistance levels, areas of consolidation, and breakouts from consolidation phases.

Features of the Volume Profile Indicator for MT5

This volume profile (V6.0) indicator provides a range of features, such as displaying the volume distributions with standard period steps. It also offers flexible calculation boundary methods, enabling users to adjust the criteria in calculating the volume profile within a period.

Furthermore, the indicator offers customizable data options, including histograms and modes, allowing users to determine how the data of the volume profile is displayed on their chart.

Benefits of Using the Indicator

  • Identification of Key Levels: The indicator helps traders identify significant levels in the market, which tend to act as a support or resistance zone for price reversal or continuation. Identifying significant zones enables traders to make informed trading decisions on trade entries, exits, and stop loss placement.
  • Confirmation Tool: The Volume profile indicator can be used along with price action/other technical indicators, serving as a confirmation tool for additional validation for trade setups.

Indicator Settings Description

The indicator comes with the following customizable settings:

Range period: Determines the period over which the volume profile is calculated.

Range count: Determines the number of price ranges to be analyzed in a specific period.

Timeshift: Shifts the volume profile analysis forward or backward.

Mode step (points): Defines the distance between each mode in the volume profile.

Point scale: Determines the measurement distances for the point scale.

Volume type: Determines the type of volume to be analyzed.

Data source: Specifies the source of data for volume profile analysis.

Bar style: Determines the type of bars used to display the volume profile.

Draw direction: Determines the direction (e.g., from left to right) the volume profile is drawn.

Color 1: Defines the bar color to display the volume profile.

Color 2: Defines the bar color to display the volume profile.

Line width: Determines the line width.

Mode color: Defines the color mode line.

Maximum color: Defines the color for the maximum volume level of the profile.

Median color: Determines the line color for median volume.

VWAP color: Determines the line color for the Weighted Average Price (VWAP) in the profile.

Mode line width: Defines the width of the mode lines.

Median & VWAP line style: Determines the line style (e.g., dotted, solid, etc.) for the median and VWAP in the profile.

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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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