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BoxProfile MT5

Recommended for trading using Market Profile and VSA.

The indicator displays profile of different periods on one chart. Minimum profile period is 15 minutes. The period of each next profile is twice the size of the previous one. The VAH/VAL price area is displayed on each profile. Price levels, where borders of price areas of different periods' profiles converge in one line, represent reliable support/resistance levels.

The indicator displays volume accumulation areas on the chart to confirm reliability of these levels. These areas are sorted and highlighted with corresponding color depending on their sizes.

The Indicator Features:

The indicator works on M1, M5, M15, M30, H1, H4, but it uses history data of М1 to perform calculations, therefore make sure to download the M1 history via the MT4 menu Service->History Center, or just by scrolling the М1 history against the stop. If there are no data, the indicator will display "No data period M1" and perform drawings from the place there the history is available.

The indicator performs all drawings only in the chart view area but you can scroll the chart to the history. The indicator is blinking when you scroll the chart. This happens because volume accumulations are resorted.

The indicator has the NoVolumes mode. When this mode is enabled, volume of each М1 candle used for calculation is assumed to be equal to its spread in points. Profile formation and volume accumulation are calculated by the FootPrint principle.

These profiles are dynamic, they are not time-related, so they move and alter together with fresh data appeared on the chart. Lines of profile price areas of different periods are "strolling around", converging and diverging from time to time. Their convergence forms quite reliable support/resistance levels.

Volume accumulations are sorted by the step of 1/6, so at the end we have six color graduations. You can set the color scheme of these graduations via color variables: LowestBoxColor - up to 1/6, LowBoxColor - up to 2/6, MiddleBoxColor - up to 3/6, MediumBoxColor - up to 4/6, HighBoxColor - up to 5/6, HighestBoxColor - up to 6/6 of the maximum accumulation in the visible view area. You you do not want any of these graduations to be on the chart, just set its color similar to the color of the chart background.

Description of Other Variables:

Default settings are good for any symbol and any period.

  • ProfileStepPoint - fixed step of profile calculation grid. Set in «previous» points, minimum value is 0, maximum value is 50. If set to zero, the calculation step is taken from the ProfileStepPointPix variable. In order to avoid increased load of the terminal when using such symbols as GOLD which have a very small point size per the chart height, we recommend to use at least 20 "old" points.
  • ProfileStepPointPix - dynamic step of profile calculation grid. Set in pixels, minimum value is 1, maximum value is 10.
  • ProfilePriceArea - profile price area, default value is 75%.
  • BoxStepPoint - similar to ProfileStepPoint, but for sorting volumes.
  • BoxStepPointPix - similar to ProfileStepPointPix, but for sorting volumes.
  • BoxExcessRemove - this function acts as follows: if there are several adjacent accumulation boxes on any vertical axis of the chart, the maximum one is displayed and all other are removed.
  • BoxDensity - in this mode each accumulation box displays not a cumulative volume but its concentration. Cumulative volume may be not really large or even imperceptible, but its high concentration per a time unit indicates high activity on this candle (candles) and on the given price level.
  • NoVolumes - if set to true, volumes of М1 candles are not used for calculations.
  • ProfileColor - color of profiles.
  • ProfileBorderColor - color of profile borders and their corresponding text.
  • ProfileTextColor - color of text indicating maximum of each profile.

Happy Trading.

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Version 1.4 - 2015.11.17
The indicator's design now completely matches its logo. Period borders can be disabled using BordersVisible variable. Areas inside and outside a price zone have different colors. These colors can be selected using the ProfileInAreaColor and ProfileOutAreaColor variables.
Version 1.3 - 2015.11.12
Increased the maximum value of the ProfileStepPoint and BoxStepPoint variables to 500 points. This is especially important for the symbols with a very small point value relative to the chart height, for example, GOLD and some indices.
Version 1.2 - 2015.11.03
Volume accumulation display can now be disabled via BoxChartVisible variable.
Version 1.1 - 2015.10.13
Improved algorithm of cluster sorting.