Indicators for МТ4 / Volume Profile

 

 

Volume Profile

 

The volume profile shows the distribution of volumes at prices for a certain period of time. This is an important information as the accumulation of volumes often becomes lines of support and resistance.

In the "classical" theory of volumes trading it is agreed to use the volumes of the day (current and previous), the week (current and previous), and the volume profile for the whole contract.

When calculating the profile with the market profile theory the prices are calculated for the Value Area, the area where 80% of the traded volume is located. During the profile calculation we use modern knowledge of probability theory and statistics as well as the first standard deviation (62.8%).

To see where data comes from look to the picture below where you can see the same chart in cluster mode. Volume profile values are digits on the green right to price.

Maxium values in volume profiles (on the red) are corresponds to the red lines on profile.

You can see that profile always draws on the chart. Commonly we are using profile for a 24hour since session starts, current and previous weeks and also profiles for a whole contract.

 

Settings:

• Instrument (default is "AUTO") - as many dealing centers (DCs) within the same instruments can use different tickers names this parameter allows you to specify the name of the ticker from which the data will be imported. If the value is "AUTO" the server tries to identify the required ticker analyzing the name of the instrument from the DC.
• MetaTrader_GMT (the default value is "AUTO") as each DC individually sets the data server to display data correctly in the indicator you should specify the time zone of the DC server. Unfortunately, there are no built-in methods for this parameter determining, so in the AUTO mode the server compares the time of the last quotation of the client.
• Update_Time - the indicator update in seconds.
• Profile_Period (the default value is "Daily") - determines the time diapason for the profile calculation
  Possible Values Profile_Period:
  • Custom_Period is a users mode, the profile will be calculated for the period indicated in the parameters Custom_Start_time , Custom_End_time
  • per_Hour - profiles will be calculated per every hour.
  • Daily - profiles will be structured per the day. The start of bidding after the technological trading break in the stock market for clarity should be considered as the start of a new 24 hours (01:00 - 24:00 GMT + 2)
  • Globex - profiles will be calculated for the Globex session without the last hour. The start of bidding after the technological trading break in the stock market for clarity should be considered as the session start. (01:00 - 23:00 GMT + 2)
  • Weekly - profiles will be calculated per week from bidding start on Monday until the sales closing on Friday
  • per_Asia - profiles will be calculated according to the Asian session (00:00 - 09:00 GMT + 2)
  • per_Europe - profiles will be calculated according to the European session (09:00 - 15:00 GMT + 2)
  • per_NYSE - profiles will be calculated according to the US session (15:00 - 24:00 GMT + 2)
  • per_CME - profiles will be calculated according to the American session of the Chicago Stock Exchange (16:30 - 23:30 GMT + 2)
  • per_Contract - the profile will be calculated according to the all available traded contracts
• Amount_of_Profiles (the default is "1") - the ammount of periodic profiles to calculate. The period is selected by the Profile_Period parameter
• Profile_Position (the default value of "Draw_OnChart") - specifies the position in the chart to display the profile.
  Possible Values Profile_Position:
  • Draw_OnChart - profiles will be calculated directly on the price chart of the instrument.
  • WindowLeft - profiles will be calculated in the left part of the window (this option supposes only 1 chart plotting)
  • WindowRight - profiles will be calculated on the right side of the window (this option supposes only 1 chart plotting

  Click To Zoom

• Forex_auto_shift (the default value is "true") – if it is set to “true” the indicator automatically determines the shift between the futures and forex.
• Forex_Shift - the number of points to which the chart will be shifted up or down if the parameter Forex_auto_shift is set to "false". The variable can be higher than zero as well as less. It is created to take into consideration the forward points (the difference between the futures and spot price).
• Comment_On_TimeFrame (the default value of "0-All, 1-M1, 2-M5, 4-M15, 8-M30,") is a text comment, it has no effect on the indicator
• Comment_On_TimeFrame _ (the default value of "16-H1, 32-H4, 64-D1) - can be mixed") is a text comment, it has no effect on the indicator
• Only_On_TimeFrame (the default value is "0") - used to display profiles on certain timeframes. As objects are plotted directly on the chart the tab "display" and the data in it are ignored. In order to apply the profile to certain timeframes it is necessary to add the numbers of these timeframes (the numbers are mentioned in comments above). For all timeframes, leave "0", to display only on the M5 timeframe, put "2", for example, for timeframes only M30 and H1 it is necessary to add 8 and 16 and insert the sum 24 into the value Only_On_TimeFrame.
• LineColor_in_VA (the default value for LightGray) is the color for drawing the profile volume lines which are in Value Area (68.2% volumes)
• LineColor_Max_Volume (the default value is "Red") – is the color for lines drawing with maximum volumes
• LineColor_out_VA (the default value for "Gray") is the color for drawing of the profile volume lines which are out of the Value Area (68.2% volumes)
• LineColor_Width (the default value is "1") - the width of the volume profile lines
• Reverse Settings (the default value "--------- Reverse for USD / XXX symbols ---------") is a text comment, it has no effect on the indicator
• ReverseChart (the default value is "false") for reverse packages (exception USD / JPY, USD / CAD, USD / CHF), set the "true" value for these indicators to "reverse "and correspond the chart.
• PriceMultiplier (the default value is "1") - multiplier for futures prices to correspond them to forex (leave "1" when forex_auto_shift is true)
• DO_NOT_SET_ReverseChart (the default value of "... for USD / JPY, USD / CAD, USD / CHF -") this is a text comment, it does not effect the indicator in any way, the comment itself gives a hint that you do not need to set the ReverseChart parameter for USD / JPY, USD / CAD, USD / CHF, because the indicator will recognize and reverse these indicators if necessary.
• Custom_Period_Settings (the default value is "Settings for Custom Period") - is a text comment, it has no effect on the indicator
• Get_Custom_Period_from_Chart (the default value is "true") - with the Profile_Period = Custom_Period parameter, the data for the Custom_Start_Time and Custom_End_Time variables will be received directly from vertical lines on the chart (and available for free change by the user). Lines appear immediately after the Custom_Period mode setting.
• Custom_Start_time (the default is "2017.01.01 00:00") - if Custom_Start_Time and Custom_End_Time are different from the value "2017.01.01 00:00" and Get_Custom_Period_from_Chart = "false" - the server will load the history period defined by these parameters.
• Custom_End_time (the default value is "2017.01.01 00:00") - see Custom_Start_Time
• Minutes_Between_Profiles (the default value "0") - distance in minutes between profiles in Custrom_Period mode. Needs for building multiple profiles on custom periods.
• Lines_are_Background (the default value is "true") - when drawing lines MQL sets the "draw as background" parameter.
• Lines_are_Active (the default value is "false") - enables (true) or disables (false, recommended) the ability to select lines with the PC mouse device.
• Expert_User_Settings (the default value is "--------- Settings for expert users ---------" - is a text comment, it has no effect on the indicator
• ZOOM_scale_in_percent (the default value is "60") - the zoom scale is in percent of 100, on where the profile can be placed. The whole time period of structuring should be taken for 100% .
• Correlate_Volume_To (default value is "0") - By default (with the value "0") each profile is scaled within the specified scale and only based on its own values. If the necessity for all profiles in the series to be equally scaled arises, then ther is a need to set the value of Correlate_Volume_To to approximately the maximum value of the volume. In this case all profiles in the series will be scaled according to this value.
• Draw_as_Background (the default value is "true") - when drawing lines the MQL parameter is set to "draw as a background".
• Max_Volume_k (default value "0.85") is the coefficient which determines that the maximum volumes are all those with the coefficient higher than the maximum volume level (Value 0.85 means that all volumes higher than 85% of the maximum volume value will be highlighted with VolumeLine_Max_Volume color)
• Draw_POC_Continious (the default value is false) - the parameter determines whether to draw (true) the line of maximum volume up to the end of the whole width of the window or not (false)
• Continious_line_style (default value "2") - determines the line type for the Draw_POC_Continious parameter (valid value from 1 to 5)
• Information_Corner - MT4 chart corner for information. 0 - left up, 1 - right up, 2 - right down, 3 - right left

FAQ:

How to remove text/descriptions of objects on the chart close to Volume Profile?

- press F8 and uncheck box "Show objects description"

(this is russian version of properties, check the same on your local language)

 

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