Volume Profile Indicator for MT4/MT5
Volume Profile is a very useful indicator — it allows you to spot the price levels where important price action took place. It is similar to support and resistance levels but with a different logic.
Volume Profile indicator for MT4/MT5 presented below will show you the concentration of price action at the various price levels.
And the best thing is that you can download this MetaTrader indicator for free!
Volume Profile is quite similar to Market Profile indicator but with fewer features and its calculations take into account tick volume.
What Is Volume Profile Indicator?
Volume Profile indicator (also called Market Profile in some cases) is a handy tool for checking price action on a chart.
One of the first thing that traders mark up when analyzing a chart is support and resistance. Volume Profile can be used for doing that too.
Not only Volume Profile allows you to spot support and resistance levels, it also highlights prices where there was heavy price action in the past.
Knowing that some prices had important activity in the past can significantly help setting up trades, stop-losses, and take-profits for your future trades.
The indicator scans the defined number of previous bars and calculates the volume of activity at each price level.
The result is presented through a vertical histogram chart — the longer the histogram is, the more activity at that price level was.
You can set the indicator to display the volume profile up either to the current, most recent candle, or to some previous date.
Downloads
You can download a free Volume Profile indicator for MT4 using the following link:
➥ Download MQLTA MT4 Volume ProfileInstallation Instructions for MT4 Version
To install the MT4 Volume Profile indicator, please follow the instructions below:
- Download the indicator archive file.
- Open the MetaTrader 4 data folder (via File->Open Data Folder).
- Open the MQL4 Folder.
- Copy all the folders from the archive directly to the MQL4 folder.
- Restart MetaTrader 4 or refresh the indicators list by right-clicking the Navigator subwindow of the platform and choosing Refresh.
Or you can read a more detailed instruction on how to perform the installation.
Downloads
You can download a free Volume Profile indicator for MT5 using the following link:
➥ Download MQLTA MT5 Volume ProfileInstallation Instructions for MT5
To install the MT5 Volume Profile indicator, please follow the instructions below:
- Download the indicator archive file.
- Open the MetaTrader 5 data folder (via File->Open Data Folder).
- Open the MQL5 Folder.
- Copy all the folders from the archive directly to the MQL5 folder.
- Restart MetaTrader 5 or refresh the indicators list by right-clicking the Navigator subwindow of the platform and choosing Refresh.
Or you can read a more detailed instruction on how to perform the installation.
Volume Profile Indicator Parameters
Once you download and install the indicator using the information above, you can run it and configure its parameters, including the calculation properties and display style.
The input parameters are the same for MT4 Volume Profile and for MT5 Volume Profile.
Discussion
Do you have any suggestions or questions regarding this indicator? You can always discuss Volume Profile with other traders and coders on the indicators forums.
