Intraday Volume Profile Forex MT4

Intraday Volume Profile – This is a visualization tool for understanding the high activity zone and low activity zone, as part of the  D1 senior timeframe.

The volume profile provides an excellent visual image of supply / demand at each price for the selected timeframe. Introducing  POC – Point of Control, which indicates the price at which the maximum volume was sold, as well as Value Area – the area where 68% of the instrument’s assets are traded.

POC – profile can be used as support and resistance for intraday trading.

VWAP – Volume Weighted Average Price.

ATTENTION!

• For the indicator to work, a history of M1 is required, the deeper and fuller it is, the more qualitatively the profile will be built. The story should be downloaded only by  your broker !
• The use of the indicator in automated systems is not possible for technical reasons.
• If the RedrawObjects parameter is set to false , then after restarting Terminal.exe, previously created profiles will not be rebuilt, the construction of profiles will begin from the closing date of  Terminal.exe .

The indicator includes 3 types of profile:

• VisualVolume – Volume based on the Volume Indicator for MT4, visually shows the strength of the market. Unlike standard Volumes, it filters tick volume noise.
• TickVolume – Standard tick volume from MT4.
• Price – Tick price.

Profiles are formed according to the following intraday timeframes: M15 , M30 , H1 , H4, H8, H12, D1 .

Input parameters:

• TypeProfile – profile types;
• DigitsSet – the number of decimal digits that determine the accuracy of the price of the current chart symbol.
• Width – width (DigitsSet dialing step)
• ShiftOn(Days to look back) – number of days (history)
• Histogramdepth – depth of the histogram, if there is little data (1.0..more) / a lot (less> 0.0..1.0), this parameter allows you to strengthen or weaken the visual representation of the profile
• HistogramFill – filling the histogram with the current profile color
• IntradayTimeFrame – profile timeframe
• OffSetTimeFrame – profile offset relative to the broker’s server time
• ShowPOC – shows VPOC trace line
• ShowVAHighAndLow – shows the VA boundaries of the maximum and minimum lines
• ShowMid – the average value of the profile volume
• ShowVWAP – Weighted Average Price (VWAP)
• BorderType – type of drawing price boundaries (POC, VAHighAndLow, Mid, VWAP)
• ValueAreaRange – range of region values [%]
• ColorSchemeProfile – profile color schemes
• ColorSchemeProfileValueArea – profile color schemes
• ColorSchemeProfileVPOC – profile color schemes
• ColorSchemeProfileMid – profile color schemes
• ColorSchemeProfileVWAP – profile color schemes
• ShowInfo – show profile statistics
• RedrawObjects – redrawing objects on a chart
• Font – font name
• FontSize – font size

A brief guide to setting up the indicator for testing in the MT4 Strategy Tester.

• The DigitsSet variable can take values ​​from Digit0 to Digit5. It is important to set the value of the DigitsSet variable to one bit less than the bit depth of the instrument itself, in some cases two digits less. (Example: EURUSD has Digits = 5, in this case the variable DigitsSet = Digit4 or less)
• The Width variable can take a value from x1 to x20. The variable defines the width of the price range and is calculated relative to the value of the DigitsSet variable. The smaller the Width value, the more visually the profile image will be expressed.
• The ShiftOn/Days to look back  variable can take a value from 0 or more. This is a shift in the history of quotes, if ShiftOn/Days to look back = 0, the profiles of the current day will be built.
• The IntradayTimeFrame variable can take a value from M15 to D1. This is the time frame within which the profile will be built.

Example! EURUSD has Digits = 5, set the following values:

1. DigitsSet = Digit4
2. Width = x1
3. ShiftOn/Days to look back = 0
4. IntradayTimeFrame = D1

Important to remember: In the strategy tester, the ShiftOn/Days to look back  variable must have a value of 0, on an online chart this value can be anything (depending on the depth of the M1 quotes history), the higher the value, the longer the profiles will be built.