Forex Market Profile and Vwap

The Forex Market Profile (FMP) is a unique volume indicator tool that operates differently from the classic letter-coded TPO display. It disregards the overall chart data profile calculation and does not segment the chart into specific periods for calculation. Instead, it offers a different approach to analyzing forex market trends and assisting in devising effective trading strategies.

Data Processing and User Control

This volume indicator exclusively processes data within a user-defined spectrum. It allows traders to easily define the spectrum by dragging the indicator’s ends with the mouse. When the indicator’s right edge is pulled to the live bar and extended into the future, the indicator is considered live and updates with new bars.

Persistent Settings and Multiple Instances

The FMP indicator drops an anchor object on the chart, associating it with a file on the hard drive. This functionality enables you to have a continuous FMP running on a chart, with your settings persisting through restarts until the chart or the indicator is closed. Furthermore, the FMP indicator can run many instances of itself on a single chart, and you have the option to name them for easy differentiation. The name appears semi-transparent over the indicator data.

Customizable Display and Quick Toggle Controls

The indicator’s data window is complemented by quick toggle controls which update the memory of settings for the indicator for that particular chart when their state changes. The left handle, the right handle, and the data window’s display can be customized. Traders have the choice to select from 13 different style combinations or pick each part’s individual style from the 13 available options.

Flexible Profile Display and Additional Features

You can opt to display the profile (tpos) data aligned to the left of the spectrum, symmetrically centered in the middle, aligned to the right of the spectrum. Alternatively, there is an additional Heatmap display mode, and a no display which allows for other metrics to be prominent in the data window. The FMP indicator offers two value area calculations and the ability to adjust the “activity” percentage that each one represents. It also features a point of control calculation, the volume weighted average price calculation (VWAP), the initial balance, the opening range, the developing point of control (DevPOC) as it evolves through the range, and the developing value areas and the developing VWAP.

FAQ

Where can I see this volume indicator in action?

You can watch independent testing of this product on the forexroboteasy.com website.

Can I receive updates on the results of testing this product?

Yes, you can subscribe to updates on the results of testing this product on the aforementioned website.

Can I share my experience using this product?

Yes, your experience and feedback are invaluable. Please feel free to share your experiences using the Forex Market Profile (FMP) volume indicator.

This independent product review aims to provide a detailed overview of the Forex Market Profile volume indicator’s capabilities. Its unique features can help traders perform more in-depth Forex Market Analysis, which in turn can contribute immensely to their currency trading strategies. Remember, as with any trading tool, it is essential to understand fully how it works before incorporating it into your trading strategy.