Volume Profile + Range v6.0 - MetaTrader 5 Script (iBarShift issue fixed) - MetaTrader 5 Script

Volume Profile + Scope v6.0 (pre-TPO). Distribution of trades by price level during a given time interval. Displayed as a histogram. The width level of the histogram refers to the number of transactions carried out on it.

If the broker provides information about real trading volume, the indicator can also show its distribution.

VP divides the chart into intervals (equal to time) to show the distribution of each person. The range can only be equal to the standard time range value and cannot be lower than the current one. 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 a border line is specified, the bar to the right border is not considered in the calculation. This is done to prevent the type from changing when the source data and distribution switch time ranges.

Bars on higher timeframes may contain lower bars than we expected. This occurs due to natural gaps in the quote history and operational disruptions due to low liquidity. Therefore, if we had the indicator show a bar from the previous week, the time on the left border might not be consistent with the time on the right one. In different trading centers, the data may be different, but the results are similar because there are large differences. Application data volume.

Calculation method

Calculated by summing the number of trades executed at a specific price. Alternatively, the volume summing for a specific price can be set in the parameter if the actual volume type is.

Trade data are interpolated based on the most accurate available terminal data (М1 time frame data). Each bar is divided into price movements within multiple trading bars based on estimates. This is a distinctive feature that distinguishes this product from other products. Interpolate and use the time frame in which the indicator starts.

Further improvements in accuracy can be achieved without using other sources due to the more reliable interpolation of ticks from M1 data. But almost every broker using MetaTrader 4 has its own quoting process, making such improvements practically useless. Testing shows that the distribution looks almost similar for all brokers. The method used provides results comparable to distributions received using the most accurate data.

The distribution maximum (mode) is often used as a support/resistance level. There is no point in searching for the maximum pattern when a good level is determined due to "shading". Problem" - the next price cluster can greatly influence the previous price cluster, sometimes hiding it completely and vice versa. Study the chart carefully and with the help of VP-Range specify the levels by building a distribution on the most interesting segments. A distribution with a larger range may have a greater weight.

Version 6.0 features the ability to specify a data source time range. MetaTrader 5 also provides the functionality to use quotes provided by brokers. See the "Data Source" 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 minute bars). For example, if the "Maximum number of bars in the chart" is 250000, the indicator will be able to receive the following data: 250000/1440=173 working days (if M1 timeframe data is available). A value of 65000 provides data for 45 working days (two working days (months and days)).

Set the number of items

Restart the terminal after changing the parameters. If a larger value is specified for the "Maximum number of bars in chart" parameter, the terminal may become significantly slower and require more memory even without an 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 (107.95 KB)

📎 vp-v6.mq5 (82.85 KB)

Source: MQL5 #28523