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Another Market Profile Indicator
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[QUOTE="NicolaeZ, post: 99305, member: 37199"] Hi bm0899 Modified the restriction and user can see now the indicator plotted on M5 and M1. Take note that under some circumstances M1 and M5 charts may freeze the platform. EX: If you set the interval for the market profile for say 3 months and try to see it on 1 minute, you probably will freeze the platform. As you noted the indicator currently draw a rectangle having the following limits: Left/Right: Start Time and End Time of the profile. Up/Down: Higher High and Lower Low of the profile. Now on the control panel: Range: means the number of full days of the profile. It is orientative. If you try to profile 2 hours from yesterday, it will indicate 1 day. Most Used: It will give a correct indication only if "Time Weight: No". Some price is most used in the profile. It indicates the number of times that price was used. TF: It is a key point to understand. User should understand that Chart TF has nothing to do with Profile TF. The math behind the indicator is the following: It takes each bar of Profile TF, from Start Time to End Time, and gives 1 point to each price from Bar Low to Bar High. Distance between 2 discrete prices is 1 pip. Say one 15 bar has Bar Low 1.4050 and Bar High 1.4065. All prices between 1.4050 and 1.4065 will receive 1 point. We say all this prices where used once by this bar. Now, this is repeated with all bars from Start Time to End Time. When you set TF on the control panel you set this Profile TF. The Profile will not change when you change the Chart TF if you keep the same Profile TF. This Indi automatically determines the smallest Profile TF available. This means that it check if your broker provides you all bars for the profile you ask for. If you wish the profile for one particular day from 5 years ago, probably you will not have data to compute the profile on say 15 minutes. You will be lucky to get the 1 hour profile. Any way, user is allowed to change the Profile TF for values larger than the minim TF. This way it can eliminate much of the noise. I personally don't think that using this specific indicator for ranges bellow 1 day is relevant, mainly because there are very few data available for a reliable statistical distribution. If you wish the profile of a certain bar, just place the Start Time and End Time vertical bars on the same bar. Indi will automatically move one bar on the next in time available bar (to the right) and will profile that bar on the best Profile TF available. You can later change Chart TF to see more details if you wish. Please not that the bar under the End Time vertical bar it is not counted. If you set your profile limits on Chart TF 1H and you set the EndTime bar on the current bar (Bar 0), than price action from the current last hour will not be counted. It is important to understand that this indi does NOT follow the market. If new bars are formed user should manually change the limits by moving the time limits. Control panel can be minimised: Done [/QUOTE]
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