The Volume Profile is a very useful indicator, it allows you to spot the price levels where important price action takes place. It is similar to Support and Resistance levels but with a different logic. Volume Profile Indicator for MT5 will show you the concentration of Price Action at the different prices.
What Is The MT5 Volume Profile Indicator
The Volume Profile indicator, also called Market Profile in some cases, is a very useful tool to check price action on a chart.
One of the first thing to notice when analysing a chart is support and resistance, Volume Profile is one way of doing this.
Not only MT5 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 price actions in the past can significantly help setting up trades, stop losses and take profits in the future.
The indicator scans the defined 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, the more activity at that price level.
You can either see the volume profile up to the most recent candle or set a previous date.
How To Download And Use The MT5 Volume Profile Indicator
You can Download the Indicator with the link at the bottom of this page and install it following the below instructions.
The installation is very easy to perform, same is the use.
Once you run the Indicator you can set a few default options, the rest will be managed from the panel.
MT5 Volume Profile Installation
To install the indicator please follow the instructions below:
- Download the indicator file
- Open the Metatrader Data Folder (In File > Open Data Folder)
- Open the MQL5 Folder
- Copy the file in the Indicators
- Restart Metatrader
For more detailed instruction on how to perform the installation please visit this article.
Please feel free to leave a feedback regarding the indicator or Contact Us for anything else.