Market Profile is a tool widely used by futures traders.
Market Profile MetaTrader is a standard solution of the Market Profile that displays the statistical time distribution of the price, price area and control value for the day trading session. The indicator is based on the simple price movement and does not use standard MetaTrader 5 platform indicators.
More information on the Market Profile can be found in:
- Erik L. Nayman, Master Trading. The Secret Materials (in Russian)
- Erik L. Nayman, A Way to Financial Freedom. Professional Approach to Trading and Investments (in Russian)
- J. Piper, The Way to Trade.
See also the article “The Price Histogram (Market Profile) and its implementation in MQL5”.
The author implemented different colors for the indicator: green is for the Asian session, blue is for the European one, while violet is for the American session. Working periods are M30 and M15.
Input parameters:
- StartDate – for history testing (test starting date);
- lastdayStart – if true, it is drawn till the last day (StartDate is ignored);
- CountProfile – the number of day profiles to be drawn.
The mode is drawn in gray.
This indicator was first implemented in MQL4 and published in Code Base at mql4.com 23.03.2006. In MQL5 this indicator is presented as MarketProfile.mq5 file.
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