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.
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.
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.
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?
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?
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?