The Market Profile Indicator is a popular, free and useful Forex indicator for the MT4 trading platform. It is designed to help traders identify high probability trading opportunities in the Forex market. The indicator is based on the concept of Market Profile, which was developed by J. Peter Steidlmayer in the 1980s. The Market Profile Indicator works by plotting a histogram on the chart, which shows the distribution of price action over a given period of time. The histogram is divided into two parts: the left side shows the current price action and the right side shows the previous price action. The indicator also plots a reference line on the chart, which is the average price of the current and previous price action. The reference line helps traders identify areas of support and resistance. The indicator help traders identify potential trading opportunities and can be used to identify areas of support and resistance.
The Market Profile Indicator is a powerful and useful free MT4 tool for Forex traders. This indicator allows traders to quickly assess the market conditions and make decisions based on the data. The Market Profile Indicator shows the price action in terms of volume, providing traders with a better understanding of the market. It also shows the supply and demand of the market, which allows traders to identify potential entry and exit points. This indicator is easy to use and can be a great tool for traders to use in their trading strategies.
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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:
Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.
Open the MT4/5 terminal and click on “File” in the top left corner.
Select “Open Data Folder” from the dropdown menu.
In the window that opens, double-click on the “MQL4/5” folder.
Double-click on the “Indicators” folder.
Drag and drop the indicator file from your computer into the “Indicators” folder.
Close the data folder window and restart the MT4/5 terminal.
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.