The Market Profile indicator for Metatrader 5 is a popular technical tool that provides insights into levels of increased trading activity in the Forex market.
This indicator presents trading activity data for the Asian, European, and American trading sessions using specific colors:
- Asian session color: green
- European session color: blue
- American session color: violet
- Median line color: gray
To utilize this indicator for trading purposes, the following guidelines can be followed:
- The market is considered bullish when the price crosses above the previous day’s gray-colored median line.
- The market is considered bearish when the price crosses below the previous day’s gray-colored median line.
The indicator offers several customizable inputs and parameters, including the start date, last day start, count profile, Asian color, European color, American color, and Median color.
For optimal results, it is recommended to use the Market Profile MT5 indicator in conjunction with other technical indicators.
Before implementing this indicator in live trading, it is advisable to familiarize yourself with its functionality and performance by testing it on a demo account.
It is compatible with all time frames and Forex pairs.
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marketprofile.mq5 Indicator (MT5)
Chart Example
The following image shows how the Market Profile indicator looks like when applied to the MT5 chart.
How To Buy And Sell Trading Instruments Using The Market Profile Forex Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is confirmed when the candle closes above the previous day’s gray median market profile line.
- Execute a buy trade and place your stop loss slightly below the most recent support zone.
- Buy take profit method: either close the buy trade at a predetermined take profit level or hold the buy trade and await a sell signal.
Sell Signal
- A sell signal is confirmed when the candle closes below the previous day’s gray median market profile line.
- Execute a sell trade and place your stop loss above the most recent resistance region.
- Sell take profit method: either close the sell trade at a predetermined take profit level or hold the sell trade and await a buy signal.
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marketprofile.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the marketprofile.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration