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Display Weekly and Monthly Market Profile in MetaTrader

January 25, 2016 by Andriy Moraru

After introducing the MetaTrader Market Profile indicator back in 2010, today I have finally updated both the MT4 and MT5 versions to work with weekly and monthly trading sessions in addition to the daily ones. Also, I have improved its functionality and fixed a number of bugs:

  • Color scheme selection is now done with a dropdown list rather than by a numeric input.
  • Both MT4 and MT5 now feature a description with basic instruction on use.
  • The range of supported timeframes in MT5 is now more flexible. For example, you can use it on M6 or M12.
  • More obvious warning when trying to use Market Profile on wrong timeframes.
  • Faster processing with less unneeded calculations. First run calculation about 10 times faster now.
  • Session type selection (daily, weekly, monthly) is also done with a dropdown list.
  • Indicator removal will not affect chart objects created manually or by other indicators.
  • Fixed a bug that could cause “Array out of range” errors.
  • Code rewritten according to the current MQL standards.

Here is an example of this indicator in action on GBP/USD @ H4 showing market profiles of the five weekly sessions:

Market Profile - Five Weekly Trading Sessions

You can get the code of the MT5 and MT4 versions or read more info about this market profile indicator.

If you find any bugs in this MetaTrader indicator or if you want to make a suggestion regarding its functionality, please use the commentary form below.

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