Rainbow Range Volume Profile
- Göstergeler
- Sürüm: 1.0
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
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Automatically detects and highlights the top 5 POCs.
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Renders a horizontal volume histogram at the right edge of the chart.
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Allows specifying the timeframe used for profile calculation (e.g. M1, M5, H1).
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Auto-updates on new bars and manages drawing objects to minimize clutter.
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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
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Place RainbowVolumeProfile04Simple.mq5 into the MQL5/Indicators folder.
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Restart MetaTrader 5 (or recompile the indicator).
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Attach the indicator to any chart.
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Adjust parameters (bars, resolution, colors, width, timeframe) in the indicator properties as needed.
Practical Tips
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Use H1–H4 for swing analysis and M1–M15 for intraday/scalping setups.
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Repeated or clustered POCs often indicate strong support / resistance zones.
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Change POC colours or profile width to match personal style and improve visibility.
Technical Notes
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The indicator uses iHigh() , iLow() , and iTickVolume() and does not rely on close[] or time[] array parameters to avoid common MQL5 pitfalls.
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Drawing objects are managed (created/deleted) via ObjectsDeleteAll() and OBJ_RECTANGLE_LABEL to reduce flicker and keep the chart clean.
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Chart scale is detected with ChartGetDouble() so the histogram aligns with current visible price range.
Compatibility & Version
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Version: 1.00
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Platform: MetaTrader 5
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Language: MQL5
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Timeframes: All
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Instruments: Forex, CFDs, Crypto, etc.
License
Free to use. If redistributed or used commercially, please retain the original author credits.
