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Another Market Profile Indicator
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[QUOTE="bm0899, post: 99340, member: 37271"] Hi Nicolae, Thanks again for the your hard work on this and replying to everything and also making all changes. I am not able to use volume profile techniques properly as there are no decent MT4 indicator exists out there which can only show volume profiles for few candles only selected by user. Your indicator is very close to something which no one has ever done before on MT4 (your indicator has all the ingredients to make a volume by price indicator). Volume by price indicator uses “volume data” only as its input to create the profile. The indicator looks perfect, however if you can make the following few changes only it would become one of the most sought after MT4 indicator: (1) Make a volume by price profile indicator (output looks same, except input is volume only instead of price as your current indicator). “The Volume by Price study overlays a Volume Profile graph for each period onto a chart. The cumulative volume at each price increment over a specified period of time are displayed as horizontal histogram in the background of a bar chart.” Essentially, the volume is obtained from the broker’s provided volume data and this volume can be either bid or ask volume. Volume and price are the only two variables which are directly derived from the market itself and thus very important. (2) Ability to operate and use this indicator on beyond Forex (and to any instrument – as long as there is volume by price data available). (3) Ability to use this on M1 and M5 without crashing. I plan to use this on M1 chart by selecting ‘5-10 candles’ volumes. If “volume by price” is used then the indicator shouldn’t crash, if only few candles are selected. I am mainly a scalper. Volume by price profile indicator already been created on other platforms (e.g., Ninjatrader but nothing exists on MT4). Volume Profiling Techniques Videos: [SIZE=6][B][MEDIA=youtube]KzZvbBULRsk[/MEDIA][/B] [B][MEDIA=youtube]SpNuPONw6S4[/MEDIA][/B][/SIZE] [URL]https://www.tradingview.com/stock-charts-support/index.php/Volume_Profile[/URL] [URL]http://www.sierrachart.com/index.php?page=doc/doc_VolumeByPrice.php[/URL] [/QUOTE]
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