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Fixed Range Volume Profile MT5
2 posts

Introduction to Fixed Range Volume Profile MT5

Fixed Range Volume Profile for MT5 is a versatile and insightful indicator designed to enhance trading decisions by visualizing where the price has spent the most time. This indicator highlights key levels in the market, and provides a detailed view of price density over time, making it an invaluable tool for traders.

Key Features

  • Displays Market Profile for various sessions (daily, weekly, monthly, intraday).
  • Supports lower timeframes for higher precision and higher timeframes for better visibility.
  • Free-draw rectangle session for custom market profiles.
  • Six different color schemes for profile blocks.
  • Option to draw profiles as a plain color histogram or based on bullish/bearish bars.
  • System of alerts for price crossing specific levels (Value Area high and low, Median, Single Print zones).

Input Settings

  • StartFromDate: If StartFromCurrentSession is false, the indicator will start drawing profiles from this date.
  • Session: Defines the trading session for market profile (Daily, Weekly, Monthly, Intraday, Rectangle).
  • StartFromCurrentSession: If true, the indicator starts drawing from today; else, from the date given in StartFromDate.
  • SeamlessScrollingMode: Allows scrolling back in time indefinitely to view past sessions.
  • ValueAreaPercentage: Percentage share of the session's TPOs to include in the Value Area.
  • SessionsToCount: Number of trading sessions to draw the market profiles.
  • EnableDevelopingPOC: If true, multiple horizontal lines depict how the Point of Control developed through the session.

Benefits for Traders

  • Identifies significant support and resistance levels.
  • Highlights potential areas of high trading activity.
  • Aids in making more informed trading decisions.
  • Provides a clear visual representation of market behavior.

Use Cases

  • Day Traders: Utilize lower timeframes for precise entry and exit points.
  • Swing Traders: Analyze weekly and monthly profiles for broader market trends.
  • Scalpers: Leverage the free-draw rectangle session for custom and quick market profiles.

Conclusion

The Fixed Range Volume Profile MT5 is an essential tool for traders seeking to understand market dynamics and improve their trading strategies. By offering a detailed view of volume distribution and key market levels, it empowers traders to make well-informed decisions and stay ahead in the competitive trading environment. 🚀📊