Market Profile Mq5 Indicator : Free Download

Market Profile is a tool widely used by futures traders. Market Profile MetaTrader is a standard solution of the Market Profile that displays the statistical time distribution of the price, price area and control value for the day trading session. Market Profile Indicator is based on the simple price movement and does not use standard MetaTrader 5 platform indicators.

Market Profile was developed by truly brilliant thinker Peter Steidlmayer. He found the natural expression of the market (volume) and organized it in a way that is readable (the bell curve), so that objective information generated by the market is accessible to market participants. Steidlmayer has suggested using the alternative representation of information about "horizontal" and "vertical" market movements that leads to a completely different set of models. 

Market Profile can be added to the M5, M15 and M30 charts to show market profile for day sessions. Though M5 timeframe is much more accurate, M30 is recommended for more clarity. Also, it is a standard market profile calculation method. Three different colour schemes are available for profile blocks drawing.

Market Profile tries to provide this internal logic in the context of the market. It is a method of analysis that starts off with the understanding that price alone does not communicate information to the participant, just as words without syntax or context may have no meaning. Volume is an integral part of the direct expression of the market - understand it and you understand the language of the market. 

Market Profile measures the horizontal market movement through the vertical one. Let's call that "equilibrium" through "disequilibrium". This relationship is the fundamental organizing principle of the market. A trader's whole style of trading may change depending on what part of the equilibrium/disequilibrium cycle the market is in. Market Profile can determine both when the market is going to shift from equilibrium to disequilibrium and how big the move is going to be.

The two basic concepts of Market Profile are:

1. The market is an auction, and it moves in the direction of the price range where the supply and demand are more or less equal.
2. The market has two phases: horizontal activity and vertical activity. The market moves vertically when supply and demand are not equal or they are in disequilibrium, and horizontally when they are in equilibrium or balance.

Input parameters:

• StartFromDate (by default = __DATETIME__) - if StartFromToday is equal to false, the indicator will start drawing profiles from that date. It draws back in time. For example, if you set this variable to 2010.07.20 and DaysToCount to 2, the profiles will be drawn for 2010.07.20 and 2010.07.19;
• StartFromToday (by default = true) - if true, the indicator starts drawing from the current day, otherwise - from the date specified in StartFromDate;
• DaysToCount (by default = 2) - the number of day sessions, for which the market profiles are to be drawn;
• ColorScheme (by default = 0) - color schemes for profiles blocks:

0 - from blue to red;
1 - from red to green;
2 - from green to blue.

• MedianColor (by default = White) - reference value (median) color;
• ValueAreaColor (by default = White) - price area border color.

Free Download: MarketProfile.mq5