TPO Volume Range Indicator Download for MetaTrader 4 – Free – [TFLAB] – MT4/MT5 Resource

The TPO Volume Range indicator is designed specifically for MetaTrader 4 to visualize volume distribution within a specific price range. This trading tool uses two vertical lines and a colored histogram on the right side of the chart to display volume levels.

The vertical lines are movable, allowing the user to define the desired range of analysis.

Additionally, green horizontal lines indicate high volume areas on the chart; these levels are considered key support and resistance zones.

TPO Volume Range Indicator Specification Sheet

The technical specifications of the TPO volume range indicator are as follows.

TPO volume range overview

Histogram calculations in the TPO Volume Range Indicator can be performed using three different methods, which the user can choose in the settings panel:

• Calculate range between two lines : Calculate the volume based on the distance between two adjustable vertical lines.
• Calculate the range of last minutes : Automatically generate a histogram based on a user-defined number of minutes.
• Calculate the range from a certain point to a line : the user selects a starting point and the indicator calculates up to a vertical line. (The distance between the two lines is not adjustable in this mode.)

Bullish Trends and Buy Setups

Based on the 4-hour chart of the NZD/USD currency pair, the blue and red vertical lines define the volume range.

The chart shows that price reacts bullishly after hitting the green line (high volume area), triggering a potential buying opportunity.

Bearish Trends and Sell Setups

Generate a histogram based on the selected range based on the AUD/USD 4-hour chart.

The chart shows that after the decline, the price rebounded upward and touched high volume level . In this case, the downtrend is likely to continue, and further declines are possible.

TPO volume range indicator settings

The setting panel items of the TPO volume range indicator are as follows:

Calculation

• Range calculation mode : select volume calculation range
• Range Duration (in minutes) : Defines the time period for automatic mode
• Mode step size (in points) : Set the price increment step size
• Points calculation ratio : conversion ratio for points calculation
• Data source (time range selection) : Specify the source time range of the data

Volumes Setup

• Histogram bar style : defines how the volume bar is displayed
• Histogram position (on window) : The position of the histogram on the chart
• Histogram Bar Primary Color : Histogram Bar Primary Color
• Secondary color for histogram bars : Secondary color for bars
• The line width of the histogram bars : the thickness of the volume bar
• The color of the pattern line : the color of the bar with the highest trading frequency
• Maximum line color : Maximum volume bar color
• Centerline Color : The color of the median volume bar
• VWAP (Volume Weighted Average Price) color : VWAP line color

Lines Setting

• Mode line width : The thickness of the mode line
• Median and VWAP line styles : Median and VWAP line styles
• Mode Level Line Color (None = Disabled) : Color of the horizontal line showing the highest volume level

Conclusion

The TPO Volume Range Indicator is based on the concepts of Time Price Opportunity and Volume Profiles, visualizing the distribution of volume within a selected price range to highlight key price reaction levels.

This powerful tool in technical analysis enables traders to accurately detect support and resistance zones and evaluate potential entry points.