Market Profile MetaTrader indicator — is a classic Market Profile implementation that can show the price density over time, outlining the most important price levels, value area, and control value of a given trading session. This indicator can be attached to timeframes between M5 and D1 and will show the Market Profile for daily, weekly, or monthly sessions. Lower timeframes offer higher precision. Higher timeframes are recommended for better visibility. Three different color schemes are available to draw the profile's blocks. This indicator is based on bare price action and does not use any standard MetaTrader indicators. It is available for both MetaTrader 4 and MetaTrader 5 platforms.
- Session (default = Daily) — trading session for market profile: Daily, Weekly, or Monthly.
- StartFromDate (default = __DATE__) — if StartFromCurrentSession is false, then the indicator will start drawing profiles from this date. It draws to the past. For example, if you set it 2016-01-20 and SessionsToCount is 2, then it will draw the profiles for 2016-01-20 and 2016-01-19.
- StartFromCurrentSession (default = true) — if true, then the indicator starts drawing from today, else — from the date given in StartFromDate.
- SessionsToCount (default = 2) — for how many trading sessions to draw the market profiles.
- ColorScheme (default = Blue_to_Red) — color scheme for profile's blocks: blue to red, red to green, or green to blue.
- MedianColor (default = clrWhite) — color of the control value (median).
- ValueAreaColor (default = clrWhite) — color of the value area border.
- ShowValueAreaRays (default = false) — if true, then the value area's High and Low price levels of the last session before the most current one will be projected to the right-hand side of the chart.
- TimeShiftMinutes (default = 0) — time shift for the sessions, in minutes. Positive value will move the session start to the left; negative — to the right.
The chart screenshot shows market profiles calculated and displayed for two daily Forex trading sessions. The timeframe is M30 and the right-hand daily session is still in progress. The earliest prices are blue and the latest prices are red. The medians and the value areas are marked with the white lines and display the most important price areas. Traders tend to return to those areas if the volume of the breakout movement is not too high. High-volume breakout out of these areas signifies a real breakout. You can read more about Market Profile in this short e-book: Book on Market Profile.
Downloads (ver. 1.06, 2017-11-30)
Market Profile for MetaTrader 4 in .zip
Market Profile for MetaTrader 4 in .mq4
Market Profile for MetaTrader 5 in .zip
Market Profile for MetaTrader 5 in .mq5
Do you have any suggestions or questions regarding this indicator? You can always discuss Market Profile with the other traders and MQL programmers on the indicators forums.
1.06 — 2017-11-30
- Added proper object cleanup when Market Profile is used with chart templates.
1.05 — 2017-11-23
- Added optional display for the previous session's Value Area High/Low lines.
- Added time shift input parameter to move the sessions across time zones.
1.04 — 2016-11-07
- Fixed "Array out of range" errors.
1.03 — 2016-01-25
- Added support for three sessions: daily, weekly, and monthly.
- Fixed chart object deletion to only delete indicator's own objects.
- Optimized execution speed.
- Increased the range of supported timeframes.
- Added inline indicator description.
- Improved interface (enumerated input parameters).
- Fixed some potential "Array out of range" errors.
- Code rewritten completely to comply with the current MQL4 and MQL5 standards.
1.01 — 2011-12-11
- Fixed compatibility issues due to new coding conventions in MQL5.
1.00 — 2010-07-23
- Original version of Market Profile released for MT4 and MT5.