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.
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