TPO Volume Range Indicator Download for MetaTrader 5 – Free – [TFLAB] – MT4/MT5 Resource

The TPO Volume Range indicator shows the volume distribution within a specific price range. This indicator uses two adjustable vertical lines to allow traders to define their desired time frame.

The histogram shows market activity at each price level, with green horizontal lines highlighting areas with the highest volume. These levels are often considered key support and resistance and play a key role in trade decisions.

TPO Volume Range Indicator Specification Sheet

The specifications and features of the TPO Volume Range Indicator are as follows.

TPO Volume Range Analysis Overview

The histogram calculation in the TPO Volume Range indicator is performed using three different methods:

• Calculate the range between two lines: The volume is calculated based on the distance between two adjustable vertical lines.
• Calculate the range of the last minutes: the indicator automatically plots a histogram based on the entered minutes.
• Calculate the range from a point to a line: The user selects a starting point and defines the range of analysis with a vertical line. (The distance cannot be changed in this mode.)

Bullish Trends and Buying Opportunities

Based on the 1-hour USD/CHF chart, the blue and red vertical lines define the volume analysis range.

As shown in the chart, the price reacted bullishly after hitting the green line (indicating a high-traffic area) , creating a good opportunity for abuy to enter.

Bearish trends and selling opportunities

The 30 minute GBP/USD chart plots a volume histogram based on a defined range.

The chart shows that after a small upward correction, the price reached an area of ​​high trading density before turning lower.

TPO volume range indicator settings

The configurable items in the TPO volume range indicator are as follows:

Calculation

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

Volumes Setup

• Histogram Bar Style : Defines the visual style of the volume bar
• Histogram position (on window) : Set the position of the histogram on the chart
• Histogram Bar Primary Color : Histogram Bar Primary Color
• Secondary color for histogram bars : Secondary color for histogram 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 : Set the width of the mode line
• Median line and VWAP line style : Set the style of the median line and VWAP line
• Mode Level Line Color (None = Disabled) : Sets the color of the horizontal line marking the highest volume area

Conclusion

The TPO Volume Range indicator displays a histogram of volume within a selected range, highlighting key price reaction areas.

This tool is one of the most advanced analytical instruments available today for technical analysis and helps identify effective support and resistance in determining price levels by focusing on the volume distribution of different price levels.