Volume Profile + Range v6.0 - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

Volume Profile + Scope v6.0 (formerly TPO). Distribution of trades by price level during a given time interval. Displayed as a histogram. The width of the histogram at this level represents the number of transactions performed on it.

If the broker provides data on real trading volume, the indicator can also show its distribution.

VP divides the chart into intervals (equal to time), showing the distribution for each interval. These ranges can only be equal to standard time range values ​​that are no lower than the current time range. For example, for H1, the range can be specified as H1, H4, D1, W1, MN1. MT5 has intermediate time frames.

VP-Range only works with a single range. Boundaries can be specified in one of the following ways:

When the border is specified with a line, the bar to the right of the border is not considered in the calculation. This is done to prevent the source data and distribution type from changing when switching time ranges.

Higher timeframe bars may contain fewer timeframe bars than we would expect. This occurs due to natural gaps in quote history caused by low liquidity and operational disruptions. Therefore, if we have the indicator display a week before a bar, the time of the left border may not coincide with the time of the right border. In different trading centers, the data may be different, but due to the large amount of application data, the results are similar.

Calculation method

It is calculated by adding the number of trades executed at a certain price. Alternatively, the volumes for a specific price can be summed if the actual volume type is set in the parameters.

Trading data is interpolated based on the most accurate available terminal data (М1 timeframe data). Each bar is divided into multiple trades based on the estimated price movement within the bar. This is a distinguishing feature of this product that distinguishes it from other products that do not have interpolation and use indicators to start time frames.

Since the M1 data interpolates ticks more reliably, accuracy can be further improved without using other sources. But almost every broker using MetaTrader 4 has its own quoting process, making such improvements practically useless. Tests show that the distributions look almost similar for all brokers. The method used provides results comparable to distributions received using the most accurate data.

Distribution maxima (patterns) are often used as support/resistance levels. There is no point in searching for the largest pattern when determining good levels due to the "shadow problem" - the next price cluster greatly affects the previous price cluster, sometimes hiding it completely, and vice versa. Study the chart carefully and construct the distribution of the most interesting parts with the help of VP-Range to specify the level. A distribution with a wider range may have greater weight.

Version 6.0 includes the ability to specify a data source time range. MetaTrader 5 also provides the functionality to use quotes provided by brokers. See the DataSource parameter.

Open Terminal settings (Tools\Options). Set the maximum number of bars based on how you will use the indicator on the Chart tab. 1440 minutes per day (no more than 1440 minutes). For example, if the "Maximum number of bars in the chart" is 250000, the indicator will be able to receive data for 250000/1440=173 working days (if M1 timeframe data is available). A value of 65000 provides 45 working days (two months and several days) of data.

Set the number of items

Restart the terminal after modifying the parameters. If a large value is specified for the "Maximum number of bars in chart" parameter, the terminal may slow down significantly and require more memory even without the indicator. Keep in mind that not all trading centers offer in-depth chart history.

Installation indicator:

VP and VP-Range general parameters

VP-range parameter

Attachment download

📎 vp-range-v6.mq5 (43.55 KB)

📎 vp-v6.mq5 (41.36 KB)

Source: MQL5 #15440