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Market Profile

The Market Profile indicator for MT5 displays the activities of traders in the market. With its easy-to-use interface and powerful features, the Market Profile indicator for MT5 is one of the most popular and useful Forex indicators available.

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Description

The Market Profile indicator for MT5 is an incredible technical indicator that detects and displays the market structure, volume dynamics, and sentiments. This indicator helps traders visualize the collective impacts of the activities of market participants, which assist in making objective trading decisions.

The indicator is a versatile trading tool that helps Forex traders identify optimal zones for support and resistance zones, trade entry, and take profit/stop loss. Besides, it is a great tool for identifying short and long-term trading opportunities in the Forex market.

Features of the Market Profile Indicator for MT5

The indicator is a multi-timeframe financial market analyzer that groups the market data based on time, price, and volume distribution. It calculates and displays the value area, point of control, and oversell volume profile, represented as histogram bars.

The value area indicates zones with significant trading activities. On the other hand, the point of control depicts the price level with significant trading volume, while the volume profile shows the amount of volume traded at each level. These levels are potential support and resistance zones in the market.

Benefits of Using the Indicator

  • Market Structure Analysis: The Market Profile indicator for MT5 makes technical analysis a lot easier for beginners and experienced traders. The market structure displayed by the indicator assists Forex traders in understanding the market sentiment, which helps in projecting the potential direction of the price.
  • Trading Opportunities: Forex traders can use the indicator to identify trading opportunities. For instance, in an uptrend, traders might look for a trading opportunity to go long (buy) if the price retraces to the point of control.
  • Risk Management: Finally, the indicator can improve traders’ risk management techniques. For example, traders can set take profit at a key support zone displayed by the indicator.

Indicator Settings Description

The indicator comes with the following customizable settings:

StartFromDate: lower priority: Determines the start date to draw the volume profile.

StartFromCurrentSession: higher priority: Determines the start session to draw the volume profile.

SessionsToCount: Number of sessions: Determines the number of sessions for the market profile analysis.

color scheme: Determines the colors for the market profile blocks.

MedianColor: Determines the median color.

ValueAreaColor: Determines the border color for the price area.

ShowValueRays: draw previous: Enables/Disable the display of previous value areas rays.

TimeShiftMinutes: shift session: Determines shift session time for analysis.

EnableIntradaySessions 1: Enables/Disables first intraday session analysis.

IntradaySession1StartTime: Determines start time for first intraday session analysis.

IntradaySession1EndTime: Defines end time for the first intraday session analysis.

IntraDaySession1ColorScheme: Defines the color for the first intraday session.

EnableIntradaySession2: Enables/Disables second intraday session analysis.

IntradaySession2StartTime: Determines start time for second intraday session analysis.

IntradaySession2EndTime: Defines end time for the second intraday session analysis.

IntraDaySession2ColorScheme: Defines the color for the second intraday session.

EnableIntradaySession3: Enables/Disables third intraday session analysis.

IntradaySession3StartTime: Determines start time for third intraday session analysis.

IntradaySession3EndTime: Defines end time for the third intraday session analysis.

IntraDaySession3ColorScheme: Defines the color for the third intraday session.

EnableIntradaySession4: Enables/Disables fourth intraday session analysis.

IntradaySession4StartTime: Determines start time for the fourth intraday session analysis.

IntradaySession4EndTime: Defines end time for the fourth intraday session analysis.

IntraDaySession4ColorScheme: Defines the color for the fourth intraday session.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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