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Ignore or Append Saturday/Sunday Hours in Market Profile

December 24, 2018 by

The new version of Market Profile, which has been released just now, implements two new major changes and two minor ones.

The first major change is that you can now control how the indicator processes Saturday and Sunday candlesticks. Before the update, it would try to draw separate market profile sessions if there were some Saturday or Sunday candlesticks available — like on any other normal day. For example, on a broker with GMT-5 server time (new week trading starts on Sunday at 18:00), a series of intraday sessions would look like this (Sunday is the one going from yellow to cyan):

Market Profile - Sunday is a normal session

Now, you can tell the indicator to just ignore the Saturday/Sunday sessions. For example, if you do not think that the week’s early hours are important. The same intraday sessions would then draw like this:

Market Profile - Sunday is ignored

And the third option available now is to append the Saturday/Sunday hours to Friday/Monday sessions. This can be useful if you still would not want to lose those hours but would like your sessions to be displayed more consistently:

Market Profile - Sunday is a appended

Another big change to the Market Profile indicator is that it is now possible to control which Medians and Value Area borders get “rayed”:

Select which sessions get "rayed" in Market Profile

The minor changes to the indicator include:

  • A Median is now drawn as a single line (instead of a rectangle). Each market profile is drawn with colored dots (or TPO’s), which in MetaTrader are displayed using small filled rectangles. Since it is not possible to draw a rectangle starting and ending between the price levels, each dot (TPO) in MetaTrader is drawn from the actual price (P) to next price (P + pip). This means that all dots (TPO’s) appear shifted by one pip up. Previously, a Median (the longest series of dots/TPO’s inside a Value Area) was drawn as an unfilled rectangle around the dots (TPO’s). This would correctly highlight the series of the dots (TPO’s), but could look confusing. With a single line Median, it is located exactly at the Median price level and appears at the bottom of the longest dot (TPO) series.
  • Arrays that are used to hold information about price levels in a given market profile session have been reduced in size significantly. This means that trading symbols with significant volatility (like Bitcoin for example) can be processed a bit faster now. It is still recommended to increase PointMultiplier input parameter if MP works slowly for you — for example, I recommend setting it to 200 if you are trying to draw market profiles on Bitcoin or other cryptocurrencies.

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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