This indicator calculates the volume profile and places labels that correspond to the VAH, VAL and POC levels, for each candle individually.
Indicator operation features
The indicator works on the timeframes from M5 to MN, but it uses the history data of smaller periods:
- M1 - for periods from M5 to H1,
- M5 - for the H4 period,
- M30 - for the D1 period,
- H4 - for the W1 period,
- D1 - for the MN period.
The color and location of the VAL, VAH and POC labels on the current candle are considered to be correct only near the Close time of the candlestick.
- ValueArea - box price area in percents.
- ValueAreaType - price area calculation method:
- OfPocND - normal distribution relative to the POC level.
- OfTotalVolume - distribution based on the amount of volume traded in the profile.
- VolumesType - type of volumes used in the calculations:
- Tick - tick volumes.
- Real - real volumes, if broadcasted by the broker.
- Without - ignore volumes, calculation according to the TPO principle.
- DrawingMode - display mode:
- Dots - in the form of labels for the VAL, VAH and POC levels on each candle.
- Curves - in the form of curves connecting the VAL, VAH and POC levels on each candle.
- BarsLimit - limit on the number of candles for plotting the profile.
- VALColor - color for the VAL labels or for the curve connecting the VAL labels.
- VAHColor - color for the VAH labels or for the curve connecting the VAH labels.
- LowestBoxColor, LowBoxColor, MiddleBoxColor, MediumBoxColor, HighBoxColor, HighestBoxColor - group of variables that define the color for the labels of the POC levels, depending on the volume at each of these levels.
The clustering step along the price axis is now assigned automatically.
The indicator is compiled in MT4 build 1280.
The NoVolumes input variable has been replaced with VolumeType.
Added the AreaType input variable, which defines the price area calculation method.
Added the BarsLimit input variable, which limits the number of candles to be used in calculations.
Fixed error which only allowed return data for the iCustom function during the first call of the indicator.
Designation of the indicator line indexes:
0 – LowestBox
1 – LowBox
2 – MiddleBox
3 – MediumBox
4 – HighBox
5 – HighestBox
6 – Val
7 – Vah
The VAH and VAL levels do not disappear in the ModeLine mode, and are also displayed as lines. If they need to be hidden, set the value of the BoxPriceArea variable to zero.
Display of VAH/VAL values of the price area can be disabled now by setting BoxPriceArea to zero.
The number of price gradations has been reduced to 6, so the step is now 1/6 of the maximum accumulation in the visible chart view area.
The indicator now displays the position of the maximum POC, the relative value of POC maximums (according to the color gradation) on various candlesticks, the price area VAH/VAL, and can be used for trading not only the "VSA" method but also "Market Profile".
Default settings are recommended.