Discussing the article: "Creating Custom Indicators in MQL5 (Part 7): Hybrid Time Price Opportunity (TPO) Market Profiles for Session Analysis"
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Check out the new article: Creating Custom Indicators in MQL5 (Part 7): Hybrid Time Price Opportunity (TPO) Market Profiles for Session Analysis.
In this article, we develop a custom indicator in MQL5 for hybrid Time Price Opportunity (TPO) market profiles, supporting multiple session timeframes such as intraday, daily, weekly, monthly, and fixed periods with timezone adjustments. The indicator quantizes prices into a grid, tracks session data including highs, lows, opens, and closes, and calculates key elements like the point of control and value area based on TPO counts. It renders profiles visually on the chart with customizable colors for TPO letters, single prints, value areas, POC, and close markers, enabling detailed session analysis.
The hybrid Time Price Opportunity (TPO) market profile is a visualization tool that maps price distribution over time within defined trading sessions, using letters, rectangle markers, or just dots to represent time intervals at specific price levels, revealing areas of high activity like the value area and point of control where most trading occurred. This approach helps us identify support, resistance, and fair value zones by aggregating price action into a profile histogram, where denser TPO stacks indicate balanced trading and thinner ones suggest potential breakouts or imbalances. We typically apply it across sessions to gauge market sentiment, entering positions near value area edges or monitoring shifts in the point of control for trend continuations.
Our plan is to define sessions based on selected time frames with time zone adjustments. We will quantize prices into a grid for TPO assignment and track session metrics, such as highs and lows. We will also compute the point of control as the level with the highest TPO count. Next, we derive the value area covering a set percentage of total TPOs. Finally, we visualize the profile with color-coded labels, dots, and squares for enhanced chart analysis. In brief, here is a visual representation of our objectives.
Author: Allan Munene Mutiiria