MR Volume Profile 5

The "MR Volume Profile 5" indicator is a charting tool that displays trading volume at different price levels rather than time intervals. A key concept in volume profile is the point of control (POC)—the price level with the highest volume traded during the session or time range. While tools like VWAP or OBV provide volume trends, the "MR Volume Profile 5" indicator offers granular detail about where the most market activity occurs at specific price levels. This makes it a more precise tool for identifying support, resistance, and potential breakout zones. 

"MR Volume Profile 5" is based on the indicator "VP-Range: Volume Profile (on time range) v6.0. © FXcoder". When we settled on the original indicator ("VP-Range-v6"), we spent a lot of time comparing the volumes with those from the volume profile in the NinjaTrader 8 terminal with the CQG datafeed. The settings of EURUSD-6E, GBPUSD-6B, AUDUSD-6A, and other currency pairs were compared. The author of the original indicator, on whose basis we operate, chose not to show the VAH and VAL zones, but rather to show other maximums. These are "modes" of distributions to be used as support and resistance levels. We have also added the classic Gaussian distribution (Bell Curve) with the corresponding 68%, 95%, and the remaining 5% of the normal distribution. Thus, the indicator significantly expands the possibilities for analyzing market movements. Finally, we have an indicator similar to the one in NinjaTrader 8 to meet our needs in the "Masters of Risk" trading system.

The features of our indicator are as follows:

- The indicator shows the total traded volume at each price level within the rectangle. The Point of Control (POC) is calculated according to the classical formula. Depending on the mode you have selected (Gaussian distribution or "Mode" of distribution), the indicator additionally displays the Value Area High (VAH) and Value Area Low (VAL) areas or other "maximums" (Mode). In the Gaussian distribution mode, for users who prefer the full set of data, we have also enabled the 95% Value Area boundaries to be displayed. According to our research, there are reactions to price movements at these boundaries.
 
- VAH and VAL levels are used in the classic way as support and resistance levels.

- The levels at the 95% boundaries of the value area are also used in the classical way as support and resistance levels.

- "Мodes" of distributions (other maximums) are also used as support and resistance levels. It is important to remember that "modes" of distributions (other maximums) over a longer time range carry more weight.

- Volume profile can help provide a clear view of market structure and identify where major players are trading.

- With the "+" button, you can add a profile, and with the "x" button, you can delete it.

- Using the "L" button, you can extend the POC, VAH, VAL, or "modes" of distributions (other maximums) levels.

- Below the profile rectangle, you can see the sum of the total traded volume within the rectangle.

- When combined with other forms of analysis, "MR Volume Profile 5" can help improve your trading strategy significantly.

- In combination with the "MR Range Breakouts 5" indicator, you can see where the places with the highest concentration of open positions in the range are. In a "Seller's range", buyers remain locked in a range—the area below the POC volume level. In a "Buyer's range", sellers remain locked in a range—the area above the POC volume level.

- In combination with the "MR Reversal Patterns 5" indicator, you can see how volumes are distributed in the "Reversal Patterns".

- In combination with the "Volumes and Sentiments 5" indicator, you can see the imbalance of volumes in the "volume profile" of the range.


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For MetaTrader 4 https://www.mql5.com/en/market/product/171091


Indicator settings:

Data source: - Here you can select the timeframe from which volume data will be used. By default, the "M5" timeframe is selected. The most accurate data is from the "M1" timeframe, but the amount of data is limited by the number of bars in the terminal.
Volume types: - The option provides a choice of using "Tick" volumes or "Real" volumes. Note: To use real volumes, your broker must provide them in the MetaTrader terminal.
Points in 1 Pip: - Offers you a choice of the number of Points in 1 Pip.

Section Visual Stiles Settings
Style 1: "Volume Profile" view type - Shows the type of construction of the volume profile.

1. Gaussian distribution - The volume profile is built using a Gaussian distribution.
2. "Modes" of distribution - The volume profile is built using the modes (maximums) of distribution.

Style 2:  Histogram view type - Shows the structure of the volume profile histogram.

1. Line - The histogram is made up of lines.
2. Empty bar - The histogram is made up of empty bars.
3. Filled bar - The histogram is made up of filled bars.
4. Outline - The histogram is made up of an outline.

Section Settings for "Volume Profile"
Rectangle border color: - Color for the rectangle.
POC (Point Of Control) level color: - Color for POC level.
VAH,VAL or "Mode" levels color: - Color for VAH, VAL or "Mode" levels.
Gaussian 95% levels color: - Color for Gaussian 95% levels. If you do not want these levels to be displayed, you can choose to display them without color (None).
"Mode" frequency step size: - Provides an option to manually enter a pips amount to determine other maximums ("Modes" of distributions). By default, 10 pips is used, but for financial instruments of types such as NAS100, XAUUSD, BTCUSD and others, you can set the values to 20 or 30 pips. The greater the number of pips used to determine the maximums, the more their number is reduced.
POC, VAH, VAL and "Mode" levels style: - Line style for POC, VAH, VAL and "Mode" levels. By default, the "Dash" line style is selected.
POC, VAH, VAL and "Mode" levels width: - Line width for POC, VAH, VAL and "Mode" levels. If the "Dash" line style is selected, the line width will always be "1". If the "Solid" line style is selected, the line width can be your choice.

Section Settings for "Volume Profile" Histogram
Area percentage of the histogram: - Percentage of the histogram area relative to the length of the rectangle.
Color for Gaussian 68% histogram: - Color for Gaussian "Value Area" (68%) histogram.
Color for Gaussian 95% histogram: - Color for Gaussian "Value Area High" and "Value Area Low" (68% to 95%) histograms.
Color for Gaussian over 5% histogram: - Color for Gaussian over 5% (95% to 99%) histograms.

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