Volume Profile + Range

Related: Compression Breakout Channels with Buy and Sell Volume Analysis - another powerful indicator for MetaTrader 5 traders.

Volume Profile + Range v6.0 (former TPO). Distribution of deals by price levels at a given time interval, displayed as a histogram. The width of the histogram at each level represents the number of transactions executed at that level.

Also recommended: Simple Anchored VWAP - Institutional Volume Benchmark - similar indicator with strong performance on MetaTrader 5.

If a broker provides real volume data, the indicator can also display distribution on that volume.

Key features:

- VP: Display distributions with a step equal to standard periods.

- VP-Range: Display distributions for any selected period using various methods to set calculation boundaries.

- Configure displayed data (histogram, modes, maximum).

- Ability to launch multiple indicators on a single chart.

VP divides the chart into intervals (equal by time) and displays distribution for each. The ranges can be equal only to standard timeframe values not lower than the current one. For example, for H1, the range can be specified as H1, H4, D1, W1, MN1. MT5 offers intermediate timeframes.

VP-Range works with a single range, and the boundaries can be specified in several ways:

- Arbitrarily by vertical lines.

- Using the number of the last chart minutes.

- Setting the right border and the number of minutes to it.

When specifying borders by lines, the bar of the right border is excluded from calculations to prevent source data and distribution type changes when switching timeframes.

Bars from higher timeframes may contain fewer bars from lower timeframes due to natural gaps in quote history caused by low liquidity and operation interruptions. Therefore, if the indicator is set to show a week before a bar, the time of the left boundary may not align with the right one. Data may vary across dealing centers, but the result is similar due to the large amount of data applied.

The calculation method sums the number of deals performed at a certain price. Alternatively, volumes at a certain price can be summed if the real volume type is selected in the parameters.

Trade data is interpolated based on the most accurate terminal data available (M1 timeframe data). Each bar is divided into several trades based on the estimated price movement inside the bar, a feature that sets this product apart from others that lack interpolation and use the timeframe the indicator is launched at.

Further accuracy improvements without additional sources could be achieved through more reliable interpolation of M1 data to ticks. However, almost every broker using MetaTrader 4 has its own quote flow, rendering such improvements impractical. Tests show that distributions appear similar across brokers, and the used methods provide results comparable to distributions obtained using the most accurate data.

Distribution maximums (modes) are often used as support/resistance levels. When determining a good level, there is no need to search for a maximum mode due to the "shading problem" - where the next price cluster significantly influences the previous one, sometimes obscuring it. Study the chart carefully and specify levels by constructing distributions on the most interesting segments using VP-Range. Distributions at a larger range may carry more weight.

Installation:

Open terminal settings (Tools > Options). Set the maximum number of bars based on your intended indicator usage on the Charts tab. Each day is 1440 minutes (not more than 1440 minute bars). For example, if "Max Bars in Chart" is 250000, the indicator can receive data for 250000/1440=173 working days if M1 timeframe data is available.

Setting the number of bars:

Restart the terminal after changing parameters. With a large "Max Bars in Chart" value, the terminal may slow down and require more memory, even without indicators. Note that not all dealing centers provide deep chart history.

Installing the indicator:

- Close the terminal.

- Download and unzip the indicator archive.

- Copy the indicator files (*.mq4 or *.mq5) to your terminal's indicator folder (check the journal for the working folder).

- Launch the terminal.

VP and VP-Range General Parameters:

VP Parameters:

VP-Range Parameters:

You may also like: Spread Profile by Hour - excellent alternative for indicator users on MetaTrader 5.

#property copyright "robotfx"
#property link "https://robotfx.org"
#property strict
#property indicator_chart_window
#property indicator_plots 0
#define put_in_range(a, l, h) ((h) < (l) ? (a) : ((a) < (l) ? (l) : ((a) > (h) ? (h) : (a))))
#define color_is_none(c) (((c) >> 24) != 0)
#define rgb_to_color(r, g, b) ((color)((((b) & 0x0000ff) << 16) + (((g) & 0x0000ff) << 8) + ((r) & 0x0000ff)))
#define round_price(a, p) ((int)((a) / p + 0.5))
#define norm_price(a, p) (((int)((a) / p + 0.5)) * p)

.......

• This tool is provided for educational and testing purposes only.
• Past performance does not guarantee future results.
• Trading involves substantial risk of loss. Use on a demo account first.
• Results may vary depending on market conditions, broker, and settings.
• We recommend thorough backtesting and forward testing before using with real funds.