Volume Profile + Range v6.0 – indicator for MetaTrader 5 (Fixed iBarShift Issue) – indicator for MetaTrader 5
Volume Profile + Range v6.0
(former TPO). Distribution of deals by price levels at a given time interval. Displayed as a histogram. The width of the histogram
at the level means the number of transactions carried out on it.
If a broker provides data on a
real volume, the indicator is able to display distribution on it as well.
- VP: display distributions with a step
equal to standard periods
- VP-Range: display distributions for any
selected period using various methods of setting the calculation boundaries
- configuring displayed data (histogram, modes,
- ability to launch several indicators on a
VP divides the chart into
intervals (equal by time) displaying distribution for each of them. The ranges can be equal only to standard timeframe values not lower
than the current one. For example, for H1, the range can be specified as H1, H4, D1, W1, MN1. MT5 features intermediate timeframes.
VP-Range works only by a single range.
The boundaries can be specified by one of the following ways:
- arbitrarily by vertical lines
- using the number of the last chart minutes
- setting the right border and number of minutes
When specifying the borders by
lines, the bar of the right border is not considered in the calculations. This is done in order to prevent source data and distribution
type from changing when switching timeframes.
Bars from higher timeframes may
contain less bars from lower ones compared to our expectations. This occurs due to natural gaps in quote history caused by low liquidity
and operation interruptions. Therefore, if we make the indicator show a week before a bar, the time of the left boundary may not coincide
with the time of the right one. In different dealing centers, the data may be different but the result turns out to be similar due to a large
amount of applied data.
The calculation method is summing
the number of deals performed at a certain price. Alternatively, the volumes at a certain price can be summed if the real volume type is
set in the parameters.
The trade data is interpolated
based on the most accurate terminal data available (М1 timeframe data). Each bar is divided into several trades based on the estimated
price movement inside the bar. This is a distinguishing feature of the product setting it apart from other ones that have no
interpolation and use the timeframe the indicator is launched at.
A further accuracy improvement
without the use of additional sources could have been reached due to more reliable interpolation of M1 data to ticks. But almost every
broker using MetaTrader 4 has its own quote flow making such improvements practically useless. Tests show that distributions look
almost similar at all brokers. Used methods provide results comparable to distributions received using the most accurate data.
Distributions maximums (modes) are usually
used as support/resistance levels. There is no point in searching for a maximum mode when determining a good level due to a “shading
problem” – the next price cluster greatly affects the previous one sometimes hiding it completely, and vice versa. Study the chart
carefully and specify the levels by constructing distributions on the most interesting segments with the help of VP-Range.
Distributions at a bigger range may have greater weight.
The version 6.0 features the
ability to specify a data source timeframe. MetaTrader 5 also provides the ability to use ticks provided by a broker. See “Data source”
Open the terminal settings
(Tools\Options). Set the maximum number of bars depending on how you will use the indicator on the Charts tab. Each day is 1440 minutes
(not more than 1440 minute bars). For example, if “Max bars in chart” is 250000, the indicator will be able to receive data for
250000/1440=173 working days in case M1 timeframe data is available for them. The value of 65000 provides data for 45 working days (two
months and a couple of days).
Setting the number of bars
Restart the terminal after changing
the parameters. In case a large value is specified for “Max bars in chart” parameter, the terminal may significantly slow down and
require more memory even without the indicators. Please keep in mind that not all dealing centers provide deep chart history.
Installing the indicator:
- close the terminal
- download the archive with the indicators and
- copy the indicator files (*.mq4 or *.mq5) to
the indicator folder of your terminal. The working folder can be seen in the journal when launching the terminal
- launch the terminal
VP and VP-Range general parameters
minimum step between the modes (selected subjectively for each symbol).
scale when drawing the histogram. The greater the value, the faster the operation but the more rough the display.
type (tick or real). If a broker does not provide real volume, the indicator will show nothing.
color 1. Set to None to use a chart background color.
color 2. Set to None to use a chart background color.
width when drawing a histogram.
maximum color (distribution mode). Set None to disable.
color. Set None to disable.
color. Set None to disable.
color (average weighted by price volume). Set None to disable.
& VWAP line style
of median lines and VWAP.
ID, use different values for several indicator instances on a single chart.
only standard values from M1 to MN1 (1, 5, 15, 30, 60, 240, 1440, 10080, 43200). MT5 also allows using intermediate
shift from -12 to +12 hours with a one hour step.
drawing direction – left to right or right to left.
boundary indication method:
of minutes for RangeMode 1 and 2.
level line color (None=disable)
of levels plotted by modes. Set None to disable.
level line style
of mode level lines.