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 a given trading session. This indicator can be attached to timeframes between M5 and D1 and will show the Market Profile for daily, weekly, or monthly sessions. Lower timeframes offer higher precision. Higher timeframes are recommended for better visibility. Three different color schemes are available to draw the profile's blocks. This indicator is based on bare price action and does not use any standard MetaTrader indicators. It is available for both MetaTrader 4 and MetaTrader 5 platforms.
The chart screenshot shows market profiles calculated and displayed for two daily Forex trading sessions. The timeframe is M30 and the right-hand 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 is not 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.
Warning! Before you ask any basic questions regarding installation of the indicators, please read this MetaTrader 4 Indicators Tutorial or MetaTrader 5 Indicators Tutorial to get the elementary knowledge on handling them.
Do you have any suggestions or questions regarding this indicator? You can always discuss Market Profile with the other traders and MQL programmers on the indicators forums.