Market Profile

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

  1. Enivid

    Enivid Administrator Staff Member

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    I have updated Market Profile indicator to version 1.04, fixing some potential "Array out of range" errors.
     
  2. MikeJody

    MikeJody Newbie

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    Greetings, this is a fabulous market profile indicator. Question: does anyone use market profile in actual trading? I have read a ton on market profile, but what is seriously lacking is an actionable trading methodology.
     
  3. San

    San Trader

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    Hi Enivid,

    Really like this indicator and appreciate your work. What I did notice is a slight mis-alignment of the profile with respect to High and Low price within the range.
    Please refer to the screenshot for more detail and perhaps better explanation of what I mean.
    This happens in all timeframes, the offset seems the same.

    2017-03-07_20-42-05.png
     
    Enivid likes this.
  4. Enivid

    Enivid Administrator Staff Member

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    The upward shift should be there because MetaTrader does not support one-point height rectangles. So, two-point height has to be used, which results in that extra pip above the highest high. The lower shift is due to the pip rounding as your USD/JPY currency pair uses 3 decimal places instead of 2 in the quotes. The indicator uses pips instead of points to lessen the number of generated rectangles. You can change the indicator to work with points instead. Change the line 90 from this:
    Code (MQL4):
    onetick = NormalizeDouble(1 / (MathPow(10, DigitsM)), DigitsM);
    to this:
    Code (MQL4):
    onetick = Point;
    And then replace lines 86-88 from this:
    Code (MQL4):
    if (Digits == 5) DigitsM = 4;
    else if (Digits == 3) DigitsM = 2;
    else DigitsM = Digits;
    to this:
    Code (MQL4):
    DigitsM = Digits;
    However, the indicator will become very slow after that because it will have to work with ten times more graphical objects.
     
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  5. virtuado

    virtuado Master Trader

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    I would like to ask if it's possible to add a feature to draw forward(or if forward is not possible normal horizontal lines) automatic lines on the high and low of the value area from the previous(session 2) period? This would be very handy in case the indicator is used for Daily periods, so that every day the previous period is marked.
     
  6. TheGMan

    TheGMan Active Trader

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    Attached is an indicator that will plot the previous High & Low of the day. This may or may not be what you are looking for but I use it religiously on all my charts.

    G
     

    Attached Files:

    Enivid likes this.
  7. Enivid

    Enivid Administrator Staff Member

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    If @TheGMan's indicator does not work for you, you can try using this one:
    https://www.earnforex.com/forum/threads/high-low-objects-indicator.22595/#post-129775
     
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  8. virtuado

    virtuado Master Trader

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    Although for other purposes these indicators can be handy, but my request was for the high-low of the value area of session 2 from this indicator?

    Is this possible?
     
  9. Enivid

    Enivid Administrator Staff Member

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    But how is it different?
     
  10. virtuado

    virtuado Master Trader

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    Market Profile is made up of TPO’s (Time Price Opportunities). A different letter is assigned to each 30-min time period of every trading session. I like to begin with A, but you will see varying charts start with different letters.

    [​IMG]The POC (Point of Control) is the row at which the most number of TPO’s occurred.

    A value area is calculated using 70% of the days TPOs to give us a value area high and a value area low. This value area is used as a reference in the following day’s trading session.
     
  11. virtuado

    virtuado Master Trader

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    If enabled in the indicator the value area bracket of the previous day will already show, but it would be handy if the high and low of the bracket could be extended?
     
  12. Enivid

    Enivid Administrator Staff Member

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    Oh, I somehow missed that you were asking about the value area's high/low - I thought you mean the whole profile area. Let me see what I can do here.
     
  13. virtuado

    virtuado Master Trader

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    Dunno when you are going to do this, but maybe it would be a good idea to put an extra option to adjust trading time/server time as well.

    Currently using this indi with providers which have different server time, and the start of the new trading day appears different.

    Anyway, thanks your effort.
     
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  14. Enivid

    Enivid Administrator Staff Member

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    Version 1.05 is now available for download. It incorporates the changes suggested by @virtuado, namely new Value Area High/Low projections and time shift input parameter.

    Market Profile with Previous Session Value Area High and Low Lines.png
     
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  15. virtuado

    virtuado Master Trader

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    Thanks Enivid, much appreciated.

    It seems the timeshift works the other way around, + goes to the left and - to the right, but who cares, it works! :)
     
  16. Enivid

    Enivid Administrator Staff Member

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    Why is it the other way around? It works exactly as stated in the input parameter description:
     
  17. virtuado

    virtuado Master Trader

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    At the indicator download page you stated it correct. :)

    This is the description of the indicator:
    TimeShiftMinutes: shift session + to the right, - to the left.

    That's why i said " the other way around"? I did not even read the description at the download page...
     
  18. Enivid

    Enivid Administrator Staff Member

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    You are right, sorry for that! I have now fixed the mistake without changing the version number.
     
  19. virtuado

    virtuado Master Trader

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    It was not a big thing, but i noticed it.

    Thanks again!
     
  20. virtuado

    virtuado Master Trader

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    I noticed that on some charts, there is some kind of mirror market profile visible.
    So far i noticed this on EURGBP and NZDCAD.

    Is this a bug?
     

    Attached Files:

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