Discussing the article: "Building a Crosshair Volume Profile Indicator in MQL5"

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Check out the new article: Building a Crosshair Volume Profile Indicator in MQL5.

We implement an interactive Crosshair Volume Profile indicator in MQL5 for MetaTrader 5. Using a right-click-and-drag crosshair, you select a chart region; the indicator then builds adaptive price bins, accumulates tick or real volume, detects the POC, and renders the profile on the chart. You will practice OnChartEvent()-driven interaction, cursor-to-time/price mapping, and price-source models (Close, Median, Typical, Weighted, OHLC4) for on-demand volume analysis.

Unlike conventional Volume Profile tools that rely on predefined or fixed analysis windows, this implementation enables users to generate an on-demand Volume Profile for any region of the chart. The Crosshair Volume Profile Indicator is an event-driven MQL5 indicator that combines the familiarity of MetaTrader 5's Crosshair tool with the analytical power of a Volume Profile. When activated via the menu button, the indicator enables mouse-move events and disables the default context menu. This reserves right-click-and-drag interactions for range selection. When the indicator is switched OFF, these chart settings are automatically restored, preventing interference with MetaTrader 5's native controls and preserving the user's normal workflow. The selected range is then used to compute and render a color-scaled Volume Profile together with its Point of Control (POC).

The indicator also supports multiple volume allocation models—including Close, Median, Typical, Weighted Close, and OHLC4—providing a more flexible framework for analyzing how volume is distributed across price levels.

The indicator also supports quick profile deletion. Press "C" twice to clear the current Volume Profile, reducing chart clutter and keeping the price chart unobstructed. Below is a visual model of the indicator described in this project:

Author: Chukwubuikem Okeke