Market Profile 3
- Hussien Abdeltwab Hussien Ryad
- Version: 4.0
- Updated: 7 August 2022
Market Profile 3 MetaTrader 4 indicator — is a classic Market Profile implementation that can show the price density over time, outlining the most important price levels, value area, and control value of a given trading session. This indicator can be attached to timeframes between M1 and D1 and will show the Market Profile for daily, weekly, monthly, or even intraday sessions. Lower timeframes offer higher precision. Higher timeframes are recommended for better visibility. It is also possible to use a free-draw rectangle session to create a custom market profile on any timeframe. Six different color schemes are available to draw the profile's blocks. Drawing profiles as a plain color histogram is also possible. Alternatively, you may choose to color the profile based on bullish/bearish bars. This indicator is based on bare price action and does not use any standard indicators.
A system of alerts is available for price crossing the levels of Value Area high and low, Median, and Single Print zones.
- Session (default = Daily) — trading session for market profile: Daily, Weekly, Monthly, Intraday, and Rectangle. For a rectangle session to get calculated, a rectangle chart object with the name starting with MPR should be added to the chart. Pressing 'r' on the keyboard will add a properly named rectangle object automatically.
- StartFromDate (default = __DATE__) — if StartFromCurrentSession is false, then the indicator will start drawing profiles from this date. It draws to the past. For example, if you set it 2018-01-20 and SessionsToCount is 2, then it will draw the profiles for 2018-01-20 and 2018-01-19.
- StartFromCurrentSession (default = true) — if true, then the indicator starts drawing from today, else — from the date given in StartFromDate.
- SessionsToCount (default = 2) — for how many trading sessions to draw the market profiles.
- SeamlessScrollingMode (default = false) — if true, the StartFromDate and StartFromCurrentSession parameters are ignored; the sessions are calculated and displayed starting from the current chart position's rightmost bar. This allows scrolling back in time indefinitely to view past sessions.
- EnableDevelopingPOC (default = false) — if true, multiple horizontal lines will be drawn to depict how the Point of Control developed through the session.
- ValueAreaPercentage (default = 70) — a percentage share of the session's TPOs to include in the Value Area.
- AlertNative (default = false) — if true, the indicator will issue the platform's native pop-up alert when some alert conditions are met.
- AlertArrows (default = false) — if true, MetaTrader will draw arrows on the chart when some alert conditions are met.
- AlertForValueArea (default = false) — if true, alerts will be issued whenever a Value Area ray (high or low) is crossed by the price.
- AlertForSinglePrint (default = false) — if true, alerts will be issued whenever a Single Print ray is crossed by the price.
- AlertOnPriceBreak (default = false) — if true, alerts will be issued when the price breaks any of the trigger levels but then returns back behind it.
- AlertOnBarClose (default = false) — if true, alerts will be issued when the bar opens on one side the trigger level and closes on the other side of it.
- AlertOnGapCross (default = false) — if true, alerts will be issued when the trigger level appears inside a price gap between the last two bars.
Is very nice on MT4, but on MT5 version is bad. I will add in comments an example of how I see the chart bad in MT5, while in MT4 perfect. In MT5 also we can't change colors in settings, many limitations. Go in comments to check photos.