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Rainbow Range Volume Profile

FREE

Published: 9 November 2025

Current version: 1.0

Rainbow Range Volume Profile

Indicators
Yoshito Tokunaga
Yoshito Tokunaga
Japan

747
Version: 1.0

Rainbow Volume Profile

A simple, lightweight volume profile indicator that visualizes price-range volume with color-coded POCs (Points of Control).

Overview

RainbowVolumeProfile04Simple.mq5 calculates and displays a price–by–volume (Volume Profile) over a user-specified number of bars. The indicator automatically detects the top 5 volume concentration levels (POCs) and draws a colorful horizontal histogram at the right side of the chart. The computation is lightweight and updates in real time.

Key Features

Automatically detects and highlights the top 5 POCs.
Renders a horizontal volume histogram at the right edge of the chart.
Allows specifying the timeframe used for profile calculation (e.g. M1, M5, H1).
Auto-updates on new bars and manages drawing objects to minimize clutter.
Compact, efficient algorithm designed for smooth performance.

Inputs / Parameters

Parameter	Description	Default
CaluculationBars	Number of bars to include in the profile calculation	120
PriceResolution	Number of price bins (histogram resolution)	25
VolumeProfileWidth	Width of the profile on screen (pixels)	180
VolumeColor	Default bar color for non-POC levels	WhiteSmoke
VolumeColorPOC_1st … VolumeColorPOC_5th	Colors for 1st–5th POC highlights	HotPink , Orange , Yellow , Lime , Aqua
TimeFrame	Timeframe used to calculate the profile	PERIOD_CURRENT
CheckTimeFrame	Timeframe used to detect updates (data refresh frequency)	PERIOD_M1

How to Use

Place RainbowVolumeProfile04Simple.mq5 into the MQL5/Indicators folder.
Restart MetaTrader 5 (or recompile the indicator).
Attach the indicator to any chart.
Adjust parameters (bars, resolution, colors, width, timeframe) in the indicator properties as needed.

Practical Tips

Use H1–H4 for swing analysis and M1–M15 for intraday/scalping setups.
Repeated or clustered POCs often indicate strong support / resistance zones.
Change POC colours or profile width to match personal style and improve visibility.

Technical Notes

The indicator uses iHigh() , iLow() , and iTickVolume() and does not rely on close[] or time[] array parameters to avoid common MQL5 pitfalls.
Drawing objects are managed (created/deleted) via ObjectsDeleteAll() and OBJ_RECTANGLE_LABEL to reduce flicker and keep the chart clean.
Chart scale is detected with ChartGetDouble() so the histogram aligns with current visible price range.

Compatibility & Version

Version: 1.00
Platform: MetaTrader 5
Language: MQL5
Timeframes: All
Instruments: Forex, CFDs, Crypto, etc.

License

Free to use. If redistributed or used commercially, please retain the original author credits.

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Rainbow Range Volume Profile

Yoshito Tokunaga

Overview

Key Features

Inputs / Parameters

How to Use

Practical Tips

Technical Notes

Compatibility & Version

License