Market Profile

Discussion in 'MetaTrader Indicators' started by Enivid, Jul 23, 2010.

  1. Enivid

    Enivid Administrator Staff Member

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    Discuss Market Profile indicator in this thread. The indicator displays daily market profiles and is freely available for MT4 and MT5. You can ask any questions about this indicator here.
     
    Last edited: Sep 8, 2017
  2. TheGMan

    TheGMan Active Trader

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    Dear Admin

    1st I would like to say I love the Market Profile indicator! :)

    Are you the Author/Coder of this indicator?

    If you are... may I ask a favor of you? Could you somehow tweak the code so that I can draw a rectangle box on my chart that does not disappear when I change time frames? I understand that the current code deletes the rectangle boxes.

    This would be of great help to me.

    Thanks again Enivid GREAT Job here!
    G
     
  3. Enivid

    Enivid Administrator Staff Member

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    Yes, I am the coder of this indicator (not the author because Market Profile indicator was created by J. Peter Steidlmayer before I was born).

    You can easily tweak the indicator to remove object deletion simply by removing one line of code from it.

    For MQL4, find and remove:
    Code (MQL4):
    ObjectsDeleteAll(0, OBJ_RECTANGLE);
    For MQL5, find and remove:
    Code (MQL5):
    ObjectsDeleteAll(0, 0, OBJ_RECTANGLE);
    But the result won't be very good, since the objects just won't fit on a larger timescale. But you can try it if you think that you need it.
     
    Last edited: Sep 28, 2015
  4. TheGMan

    TheGMan Active Trader

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    Thanks Envid!

    That worked fine for what I wanted it to do. That is... to go to a higher time frame so I could see more real estate on the chart & I could then draw some rectangle areas of previous supply & demand & bring the rectangle area forward to the current time with out them disappearing.

    The original "ValueArea" rectangle seems to stay in tack so all is good.

    Thanks again!
    G
    :D
     
  5. Enivid

    Enivid Administrator Staff Member

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    No problem. Do you use this indicator for trading?
     
  6. TheGMan

    TheGMan Active Trader

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    Well to be honest with you Envid... an associate of mine passed this indicator my way just the other day & I like what I see. So We are going to give it a go this week. I'll keep ya posted as to my results.

    PS - I like your site & forum... nice job!
    G
     
  7. leverage

    leverage Trader

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    Attn: Envid

    Would like to talk to you about the Mkt Profile indicator you coded. I am using it now and would like to make it better. If you have a minute please get back to me, we can chat over skype if possible.

    T
     
  8. Enivid

    Enivid Administrator Staff Member

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    Please ask all the questions related to Market Profile indicator here.
     
  9. forexdutchy

    forexdutchy Trader

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    Hi Enivid,

    Great indicator, thanks! I was just wondering if it would be possible to ad a starting time for the profile. Because now its plotting the profile for 24h starting from 0:00 in mt4.

    I tried to change the settings of the indicator but nothing changed in starting time.

    Wouldn't it be more logical to set the starting time of the profile at 08:00 European time? Just thinking out loud here....
     
  10. Jedster

    Jedster Trader

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    Hi Envid,

    This is a great indicator, so thanks for that. I've been researching recently use of the market profile. There is a great article here on how to use market profile:

    http://www.cmegroup.com/education/interactive/webinars-archived/building-a-trading-strategy-with-market-profile.html

    One of the techniques is to separate the data into periods of bell curves, rather than just splitting into fixed timeframes, such as a daily charts. To do this, we would need to use a wider timescale to allow the market profile to be drawn for several months (in the case in the above video, 6-18 month periods appear to be common). This is then used to establish high and low usage areas which is where the market moves to.

    Would you be able to modify the indicator to cope with this? It could operate in two modes, daily mode (as is now) or if a bar count was specified in an optional parameter, the market profile would be drawn for that many bars. So to get a 90 day profile on 1H chart, set the new optional parameter to 2160 (90 * 24). It would then allow the market profile to be drawn for any custom period?

    Cheers

    Jedster
     
  11. Enivid

    Enivid Administrator Staff Member

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    Interesting suggestion. I'll see if that can be done.
     
  12. Jedster

    Jedster Trader

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    ok, thanks. If you need any help testing or anything like that, let me know.
     
  13. mjackson

    mjackson Guest

    LUA is just another way to recognize supply and demand...
     
    Last edited by a moderator: Nov 20, 2011
  14. mjackson

    mjackson Guest

    LUA...
     

    Attached Files:

    • LUA.png
      LUA.png
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  15. mjackson

    mjackson Guest

    another LUA....
     

    Attached Files:

  16. MBU

    MBU Trader

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    I receive some warnings after compiling the indicator with MT5:

    19, 33: date literal string is incomplete
    280, 29: possible use of unintialized variable 'colour'
    280, 45: possible use of unintialized variable 'offset1'
    283, 45: possible use of unintialized variable 'offset2'
    1,1: no indicator plot defined for indicator, assigned to 1 by default

    I tested it with MT5, because that are just warnings, but there was nothing to see in the chart. Did I something wrong?

    Greetings
    Mike
     
    Last edited: Dec 13, 2011
  17. Enivid

    Enivid Administrator Staff Member

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    Those warnings are OK. What timeframe did you attach it to? What settings (input parameters) did you use?
     
  18. MBU

    MBU Trader

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    Hello Enivid,

    thank's for your fast support.

    I used the preconfigured settings and switched to different colours and other timeframes (as the recommanded 30-Min) to see any results, but nothing happend.

    I want to use it with the Major's i. e. EUR/USD, but no success this time.

    Thank's for any suggestions.

    Mike
     
  19. Enivid

    Enivid Administrator Staff Member

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    Should work without problem then. Any output in the Experts tab?
     
  20. cesario

    cesario Trader

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    I cannot get the indicator to work properly in Metatrader 5.

    First, it draws the market profile sometimes, other times it just doesn't do anything.

    Second, when the indicator does draws the market profile, it seems it uses random times for day start and end times. Example, today's market profile chart starts at 16:00 and ends at 11:00, yesterday's ended at 12:00. On other days it ends at 13:00.

    Third, you are calculating the Point of Control as if it were the Median. It is not the Median but the Mode that makes the Point of Control.

    Can you make a better one and how much would you charge for it?
     

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