What Is Volume In Forex

Book Profile is a very useful indicator — it allows you to spot the cost levels where important cost activity took place. Information technology is similar to back up and resistance levels just with a dissimilar logic.

Book Profile indicator for MT4/MT5 presented below volition show you the concentration of price action at the various price levels.

And the best thing is that you can download this MetaTrader indicator for free!

Volume Profile is quite like to Market Profile indicator but with fewer features and its calculations take into business relationship tick volume.

What Is Volume Contour Indicator?

Volume Profile indicator (also called Market Contour in some cases) is a handy tool for checking price action on a nautical chart.

One of the first thing that traders mark up when analyzing a chart is support and resistance. Volume Profile can be used for doing that too.

Not only Book Profile allows y'all to spot support and resistance levels, it also highlights prices where there was heavy price action in the by.

Knowing that some prices had of import activity in the past can significantly aid setting upward trades, stop-losses, and take-profits for your futurity trades.

The indicator scans the defined number of previous bars and calculates the volume of activity at each toll level.

The consequence is presented through a vertical histogram nautical chart — the longer the histogram is, the more activity at that price level was.

You can gear up the indicator to display the volume profile up either to the current, most recent candle, or to some previous appointment.

Download Volume Profile for MT4

You can download a gratis Volume Profile indicator for MT4 using the post-obit link:

➥ Download MQLTA MT4 Volume Profile

Installation Instructions for MT4 Version

To install the MT4 Volume Profile indicator, please follow the instructions below:

Download the indicator annal file.
Open up the MetaTrader iv data binder (via File->Open Data Folder).
Open up the MQL4 Folder.
Re-create all the folders from the archive directly to the MQL4 binder.
Restart MetaTrader 4 or refresh the indicators list by right-clicking the Navigator subwindow of the platform and choosing Refresh.

Or yous tin can read a more than detailed education on how to perform the installation.

Download Volume Profile for MT5

Y'all tin can download a free Volume Contour indicator for MT5 using the following link:

➥ Download MQLTA MT5 Book Profile

Installation Instructions for MT5

To install the MT5 Volume Profile indicator, please follow the instructions below:

Download the indicator archive file.
Open the MetaTrader 5 data folder (via File->Open up Data Folder).
Open the MQL5 Folder.
Copy all the folders from the archive straight to the MQL5 folder.
Restart MetaTrader five or refresh the indicators list by right-clicking the Navigator subwindow of the platform and choosing Refresh.

Or y'all tin can read a more detailed instruction on how to perform the installation.

Book Profile Indicator Parameters

Once you download and install the indicator using the information above, you can run it and configure its parameters, including the calculation properties and brandish style.

The input parameters are the same for MT4 Volume Contour and for MT5 Volume Contour.

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CFDs are leveraged products and as such loses may be more than the initial invested capital. Trading in CFDs carry a loftier level of adventure thus may not be appropriate for all investors.