Market Profile
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Market Profile
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
Description & Settings
Avals
Market Profile is a tool widely used by futures traders.
Market Profile MetaTrader is a standard solution of the Market Profile that displays the statistical time distribution of the price, price area and control value for the day trading session. The indicator is based on the simple price movement and does not use standard platform indicators.
More information on the Market Profile can be found in:
(in Russian)
(in Russian)
See also the article .
Input parameters:
StartDate - for history testing (test starting date);
lastdayStart - if true, it is drawn till the last day (StartDate is ignored);
CountProfile - the number of day profiles to be drawn.
The mode is drawn in gray.
This indicator was first implemented in MQL4 and published in 23.03.2006. In MQL5 this indicator is presented as MarketProfile.mq5 file.
This indicator can be added to M5, M15 and M30 charts to show market profile for day sessions. Though M5 timeframe is much more accurate, M30 is recommended for more clarity. Also, it is a standard market profile calculation method. Three different color schemes are available for profile blocks drawing.
Input parameters:
StartFromDate (by default = __DATETIME__) - if StartFromToday is equal to false, the indicator will start drawing profiles from that date. It draws back in time. For example, if you set this variable to 2010.07.20 and DaysToCount to 2, the profiles will be drawn for 2010.07.20 and 2010.07.19;
StartFromToday (by default = true) - if true, the indicator starts drawing from the current day, otherwise - from the date specified in StartFromDate;
DaysToCount (by default = 2) - the number of day sessions, for which the market profiles are to be drawn;
ColorScheme (by default = 0) - color schemes for profiles blocks:
0 - from blue to red;
1 - from red to green;
2 - from green to blue.
MedianColor (by default = White) - reference value (median) color;
ValueAreaColor (by default = White) - price area border color.
