Market Profile

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

  1. mjackson

    mjackson Guest

    Market profile indicator that I use has stanard deviations which I use to indentify supply and demand levels. There are three standard deviations and excess on the chart...It shows daily market profile's standard deviations (...I turned off market profile...)
     

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  2. Enivid

    Enivid Administrator Staff Member

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    Please make sure you downloaded the latest version from the website because MetaTrader 5 is still getting a lot of updates, which may create bugs in previously working MT5 indicators. The latest version of MarketProfile should work fine with the latest build of MT5.

    Please also remember that the indicator only works on M5, M15 and M30 timeframes.

    Could you please show some screenshots and the input parameters that you use? I can't reproduce such behavior.

    Although, it's called Median in the code and in the input parameters, in fact it's a Mode - the price with the maximum number of TPOs. I named it Median, because, if there are several price levels with the same number of TPOs, the one closest to the center of the range will be chosen.

    Sorry, I do not code for money, but I will consider making any reasonable changes and bugfixes to my indicators.
     
  3. Lexington

    Lexington Trader

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    Hello, thank you very much for that indicator.

    There is a minor problem as soon as MarketProfile is on one chart. The bear candles are filled with green. The bar down color remains the same.
    If I delete the indicator the candles are shown in their intended colors.

    I using MT5 on a Win7 64bit machine.
     
  4. Enivid

    Enivid Administrator Staff Member

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    I don't quite understand your problem. Could you please attach a screenshot showing what is happening?
     
  5. Lexington

    Lexington Trader

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    Sorry for the delayed reply. The small picture shows the effect with MarketProfile.
    I can live with it, perhaps there is a fix for it. No question: great indicator. Thank you very much for sharing!


    [​IMG][/URL] Uploaded with ImageShack.us[/IMG]
     
  6. klwalls

    klwalls Trader

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    Market Profile Time Frames

    Hi Enivid,

    I'm very pleased to have found your Market Profile Indicator. Its the best I've found for MT4. It helps me identify better entry opportunities and definitely helps me stay with a winning trade longer.

    My question is similar to Jedster's about having a Market Profile for longer time frames than just a day. His suggestion seems good or perhaps even a weekly market profile that could be displayed on a 1 hour or 4 hour chart and a monthly profile that could be displayed on a 4 hour and daily chart? I'm just curious as to if you have had a chance to look at this? Thanks.
     
  7. Pieter

    Pieter Newbie

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    Hello, can I spread further this indicator Market Profile? Do you give me your permission?
     
  8. Enivid

    Enivid Administrator Staff Member

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    Yes, you can share this indicator as long as you do not claim its authorship and provide a backlink to the original source.
     
  9. Enivid

    Enivid Administrator Staff Member

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  10. pale_ale

    pale_ale Trader

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    Hi Enivid,

    thank you for sharing this indicator with us. I just have a question for you. At the moment the indicator is using 00:00 as the start of the trading day and not 08:00 (i trade from london in GMT). Does this matter when using this indicator?

    Secondly, i have read the ebooks on market profile, but can;t figure out if i am supposed to use the previous days value area for today's trading or should i use today value area? seeing as today's value area is being developed throughout the day it seems to make sense that i use the previous days value area, but in a strong trend environment, those levels are not likely to be reached. Am i missing something here?

    Thank you.
     
  11. Enivid

    Enivid Administrator Staff Member

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    Currently, you cannot set the time shift in the indicator and I am not sure how difficult it can be do code. However, you can open a demo account with a broker that operates in the timezone with 0:00 coinciding with your 8:00 and use it to run Market Profile analysis.

    Use the previous day's value area during early trading session, switch to the current one when it becomes more or less formed.
     
  12. Jordangel

    Jordangel Trader

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    thanks for sharing it!
     
  13. vspatrick

    vspatrick Trader

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    Hi Enivid,

    I absolutely love your Market profile Indi as it fits perfectly my trading style.
    If you don't mind, I changed 2 small things.

    - new property to enable/disable the timeframe Alert, which could be annoying.
    - Made the graph "dots" non selectable.

    Please feel free to remove my post if inappropriate.
    Thanks again,
    Patrick.
     

    Attached Files:

    Enivid likes this.
  14. Enivid

    Enivid Administrator Staff Member

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    Thanks for sharing your modification. I think some traders will find it useful!

    By the way, I am going to transfer your second change to my version as well. :)
     
  15. bm0899

    bm0899 Trader

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    Please confirm if the Market Profile indicator uses "Tick Volume" or something else?
     
  16. Enivid

    Enivid Administrator Staff Member

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    It does not use tick volume. It uses price movement.
     
  17. bm0899

    bm0899 Trader

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    Thanks Enivid. Can you please elaborate what does "price movement" means? How do you calculate price movement? and What is the difference to tick volume?
     
  18. Enivid

    Enivid Administrator Staff Member

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    It means the price range covered by the bars in a given timeframe.

    High - Low.

    There is nothing common with the tick volume.
     
  19. splus

    splus Trader

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    Hello,

    First thank you for sharing this indicator.

    I want to ask what is the best time frame to use with this indicator? I guess 30 minutes time frame chart?
    Is there a way how to count TPO's above and below POC(median) line, as described in book's for Market Profile and in the picture below? if there is no way is it possible to add such a feature.
    [​IMG]

    Best regards,
     

    Attached Files:

  20. Enivid

    Enivid Administrator Staff Member

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    Depends on the type of the session you are using it for, but I'd apply it on the lowest timeframe possible. Currently, there is no way to show the TPO counts that way. But you can assess their relative quantity by visual observation.
     

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