Market Profile Indicator for MetaTrader 4 — This is a classic Market Profile tool that helps traders visualize price density over time, highlighting key price levels, the value area, and control values for specific trading sessions. You can attach this indicator to any timeframe from M1 to D1, making it versatile for daily, weekly, monthly, or intraday sessions. Lower timeframes offer sharper precision, while higher timeframes provide better clarity. Plus, you can use a free-draw rectangle session to customize your market profile across any timeframe. It also comes with six different color schemes for drawing profile blocks, or you can opt for a plain color histogram. Another option is coloring the profile according to bullish or bearish bars. This indicator focuses on pure price action and does not rely on standard indicators, and it's compatible with both MetaTrader 4 and MetaTrader 5.
Input Parameters
Main Settings
- Session (default = Daily) — Choose the trading session for the market profile: Daily, Weekly, Monthly, Intraday, or Rectangle. For a rectangle session to be calculated, you need to add a rectangle chart object named starting with MPR to your chart. You can quickly add this by pressing 'r' on your keyboard.
- StartFromDate (default = __DATE__) — If StartFromCurrentSession is set to false, the indicator will start drawing profiles from this specified date and look back in time. For instance, setting it to 2018-01-20 with SessionsToCount set to 2 will draw profiles for both 2018-01-20 and 2018-01-19.
- StartFromCurrentSession (default = true) — When set to true, the indicator will begin drawing from today; otherwise, it will draw from the date specified in StartFromDate.
- SessionsToCount (default = 2) — Determines how many trading sessions to draw market profiles for.
- SeamlessScrollingMode (default = false) — If set to true, the parameters StartFromDate and StartFromCurrentSession will be ignored; sessions will be calculated starting from the rightmost bar of the current chart position, allowing you to scroll back in time indefinitely to review past sessions.
- EnableDevelopingPOC (default = false) — When true, multiple horizontal lines will illustrate how the Point of Control has evolved throughout the session.
- EnableDevelopingVAHVAL (default = false) — If set to true, it will draw multiple horizontal lines to indicate how the Value Area High and Value Area Low have developed during the session.
- ValueAreaPercentage (default = 70) — This represents the percentage of the session's TPOs that will be included in the Value Area.
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