The Market Profile Indicator for MT4 / MT5 displays the price levels and zones where increased trading activity happens. These zones with substantial forex trading activity provide the forex traders with the best entry levels, support, and resistance levels. Moreover, price levels indicate the best reversal zones. As a result, forex traders can identify BULLISH and BEARISH market trends and BUY and SELL entry points as well as the best reversal points.
The indicator works well in all intraday timeframes and the daily, weekly, and monthly charts. However, the histogram is calculated daily and displays the Mediane area for that particular day. New forex traders will benefit from this indicator. As it displays the various BULLISH and BEARISH market profiles automatically eliminating the need to identify the profiles manually. Advance forex traders can deploy and adapt to different trading strategies to BUY and SELL upon identification of the unfolding market profile.
The GBPUSD M30 chart above shows the Market Profile Indicator for MT4 / MT5 in action. The indicator displays the Market Profile Histogram in BLUE and the middle area in WHITE.
The Market Profile indicator arranges each day as a single block or as a trading session and displays a histogram based on time, volume and price action. The indicator is not a standalone indicator and cannot be traded separately.
The general idea behind trading the Market Profile indicator is to determine the Median. Since there is increased trading activity; these levels can be identified by a forex trader as a histogram peak. The median of the previous trading day acts as an important support or resistance level. Traders can BUY if the price crosses the previous day’s median area up with a stop loss at the previous swing low. Similarly, traders may enter a SELL position if the price crosses the Median down with a stop loss position at the previous swing high.
The Market Profile Indicator for MT4 / MT5 shows the distribution and accumulation phases of the market very clearly. Obviously, the trend is developing in stages. Also gains momentum and peaks, eventually losing momentum. Since the indicator clearly displays the trend cycle, it helps the forex trader to plan the best trades.
Note: As digital item no refund, no return. You will get Google Drive Link For Download.
Please use on demo account so you can understand how this indicator work then go for live.