Market Profile Level Sensor Indicator for MT4

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Market Profile Level Sensor Indicator for MT4

Introduction to the Market Profile Level Sensor Indicator for MT4

Trading volume is a key indication that many traders are willing to trade at a certain price level. This is very logical since a spike in trading volume means that the currency pair is being traded. However, most trading platforms only present volume per period or bar which does not tell us what price point traders are willing to trade.

The Market Profile Level Sensor indicator is a tool which traders can use to identify key support and resistance levels based on price point volume.

What is the Market Profile Level Sensor Indicator?

As traders, we are accustomed to volume being plotted as bars on the x-axis of the chart. This means that the volume is measured per period.

Market Profile is a volume charting technique in which volume is plotted on the y-axis of the chart. This means that volume is now being measured per price point. Price points or areas on the price chart where there is a large volume of trade means that there are many traders willing to trade at that point. This also means that these levels can be considered as support or resistance areas.

How the Market Profile Level Sensor Indicator Works?

The Market Profile Level Sensor indicator has a preset number of bars in which it would detect the volume being traded per price level. It would add up the volume of trade at each price point per pip step. It would then plot the volume of trade on the right edge of the chart as bars oriented on the y-axis of the chart.

Market Profile Level Sensor Indicator for MT4

This indicator allows traders to change the number of bars that it would include in the summing of the volume under the “Max History” variable.

How the Market Profile Level Sensor Indicator Works

How to use the Market Profile Level Sensor Indicator for MT4

Just as with most Market Profile indicators, this indicator is intended to identify key support and resistance levels based on volume spikes identified by the indicator.

Traders can trade either breakouts or reversal trades based on the support and resistance levels identified with this indicator.

Areas with less volume tend to have less resistance. As such, breakouts developing in the direction of such low volume areas tend to be high probability trades.

Buy Trade Setup

When to Enter?

Identify a resistance area which is adjacent to a low volume area. Open a buy order as price breaks above the resistance area. Set the stop loss below the entry candle.

When to Exit?

Set the take profit target price level at the level where the low volume area ends.

How to use the Market Profile Level Sensor Indicator for MT4 - Buy Trade

Sell Trade Setup

When to Enter?

Identify a support area which is adjacent to a low volume area. Open a sell order as price breaks below the support area. Set the stop loss above the entry candle.

When to Exit?

Set the take profit target price level at the level where the low volume area ends.

How to use the Market Profile Level Sensor Indicator for MT4 - Sell Trade

Conclusion

Market Profile indicators are very useful support and resistance indicators. There are many professional traders who use a Market Profile type of indicator such as this. In most cases, these traders would trade intra-day breakouts using this type of indicator.

MT4 Indicators – Download Instructions

Market Profile Level Sensor Indicator for MT4 is a Metatrader 4 (MT4) indicator and the essence of this technical indicator is to transform the accumulated history data.

Market Profile Level Sensor Indicator for MT4 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.

Based on this information, traders can assume further price movement and adjust their strategy accordingly. Click here for MT4 Strategies

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How to install Market Profile Level Sensor Indicator for MT4.mq4?

  • Download Market Profile Level Sensor Indicator for MT4.mq4
  • Copy Market Profile Level Sensor Indicator for MT4.mq4 to your Metatrader Directory / experts / indicators /
  • Start or restart your Metatrader 4 Client
  • Select Chart and Timeframe where you want to test your MT4 indicators
  • Search “Custom Indicators” in your Navigator mostly left in your Metatrader 4 Client
  • Right click on Market Profile Level Sensor Indicator for MT4.mq4
  • Attach to a chart
  • Modify settings or press ok
  • Indicator Market Profile Level Sensor Indicator for MT4.mq4 is available on your Chart

How to remove Market Profile Level Sensor Indicator for MT4.mq4 from your Metatrader Chart?

  • Select the Chart where is the Indicator running in your Metatrader 4 Client
  • Right click into the Chart
  • “Indicators list”
  • Select the Indicator and delete

Market Profile Level Sensor Indicator for MT4 (Free Download)

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