Market Profile

[Enivid]

I have updated Market Profile indicator to version 1.04, fixing some potential "Array out of range" errors.

 

[MikeJody]

Greetings, this is a fabulous market profile indicator. Question: does anyone use market profile in actual trading? I have read a ton on market profile, but what is seriously lacking is an actionable trading methodology.

 

[San]

Hi Enivid,

Really like this indicator and appreciate your work. What I did notice is a slight mis-alignment of the profile with respect to High and Low price within the range.
Please refer to the screenshot for more detail and perhaps better explanation of what I mean.
This happens in all timeframes, the offset seems the same.

 

[Enivid]

The upward shift should be there because MetaTrader does not support one-point height rectangles. So, two-point height has to be used, which results in that extra pip above the highest high. The lower shift is due to the pip rounding as your USD/JPY currency pair uses 3 decimal places instead of 2 in the quotes. The indicator uses pips instead of points to lessen the number of generated rectangles. You can change the indicator to work with points instead. Change the line 90 from this:

onetick = NormalizeDouble(1 / (MathPow(10, DigitsM)), DigitsM);

to this:

onetick = Point;

And then replace lines 86-88 from this:

if (Digits == 5) DigitsM = 4;
else if (Digits == 3) DigitsM = 2;
else DigitsM = Digits;

to this:

DigitsM = Digits;

However, the indicator will become very slow after that because it will have to work with ten times more graphical objects.

 

[boa_conflictor]

I would like to ask if it's possible to add a feature to draw forward(or if forward is not possible normal horizontal lines) automatic lines on the high and low of the value area from the previous(session 2) period? This would be very handy in case the indicator is used for Daily periods, so that every day the previous period is marked.

 

[TheGMan]

I would like to ask if it's possible to add a feature to draw forward(or if forward is not possible normal horizontal lines) automatic lines on the high and low of the value area from the previous(session 2) period? This would be very handy in case the indicator is used for Daily periods, so that every day the previous period is marked.

Attached is an indicator that will plot the previous High & Low of the day. This may or may not be what you are looking for but I use it religiously on all my charts.

G

 

[Enivid]

I would like to ask if it's possible to add a feature to draw forward(or if forward is not possible normal horizontal lines) automatic lines on the high and low of the value area from the previous(session 2) period? This would be very handy in case the indicator is used for Daily periods, so that every day the previous period is marked.

If @TheGMan's indicator does not work for you, you can try using this one:
https://www.earnforex.com/forum/threads/high-low-objects-indicator.22595/#post-129775

 

[boa_conflictor]

Although for other purposes these indicators can be handy, but my request was for the high-low of the value area of session 2 from this indicator?

Is this possible?

 

[Enivid]

But how is it different?

 

[boa_conflictor]

But how is it different?

Market Profile is made up of TPO’s (Time Price Opportunities). A different letter is assigned to each 30-min time period of every trading session. I like to begin with A, but you will see varying charts start with different letters.

The POC (Point of Control) is the row at which the most number of TPO’s occurred.

A value area is calculated using 70% of the days TPOs to give us a value area high and a value area low. This value area is used as a reference in the following day’s trading session.

 

[boa_conflictor]

If enabled in the indicator the value area bracket of the previous day will already show, but it would be handy if the high and low of the bracket could be extended?

 

[Enivid]

Oh, I somehow missed that you were asking about the value area's high/low - I thought you mean the whole profile area. Let me see what I can do here.

 

[boa_conflictor]

Dunno when you are going to do this, but maybe it would be a good idea to put an extra option to adjust trading time/server time as well.

Currently using this indi with providers which have different server time, and the start of the new trading day appears different.

Anyway, thanks your effort.

 

[Enivid]

Version 1.05 is now available for download. It incorporates the changes suggested by @virtuado, namely new Value Area High/Low projections and time shift input parameter.

 

[boa_conflictor]

Thanks Enivid, much appreciated.

It seems the timeshift works the other way around, + goes to the left and - to the right, but who cares, it works!

 

[Enivid]

Why is it the other way around? It works exactly as stated in the input parameter description:

Positive value will move the session start to the left; negative — to the right.

 

[boa_conflictor]

At the indicator download page you stated it correct.

This is the description of the indicator:
TimeShiftMinutes: shift session + to the right, - to the left.

That's why i said " the other way around"? I did not even read the description at the download page...

 

[Enivid]

You are right, sorry for that! I have now fixed the mistake without changing the version number.

 

[boa_conflictor]

It was not a big thing, but i noticed it.

Thanks again!

 

[boa_conflictor]

I noticed that on some charts, there is some kind of mirror market profile visible.
So far i noticed this on EURGBP and NZDCAD.

Is this a bug?