Color Market Profile Based on Bullish/Bearish Bars

Our Market Profile indicator has received another major update today — version 1.13 implements the following changes:

Market Profile blocks (TPO’s) can now be colored according to whether the original bar is bullish or bearish in contrast to the bar being older or newer. This might be useful to quickly recognize whether a trend in the price zone was slow or fast:

Market Profile run in MT5 Strategy Tester on EUR/USD @ M5 timeframe for a daily trading session with TPO's colored according to the origin bar being bullish or bearish - cyan or magenta.

Warnings about incorrect combination of timeframe and MP session can now be disabled via input parameters. This might come handy when you are actively using Market Profile on one timeframe but also often switch the chart to some other timeframes to check the price action there. This will not make MP work with unsupported timeframe/session combo, but it will help you to get rid of the pesky alert pop-ups.

Value Area High, Value Area Low, and Point of Control rates are now printed to the left of the profile for reference by default. You can turn this feature off, change the numbers’ color, and alter the font size using the input parameters.

VAH, VAL, and POC rates marked up on Market Profile

In MetaTrader 5, input parameters are now grouped for better user experience when dealing with inputs. Unfortunately, MT4 doesn’t support input groups yet.

Market Profile input parameters are grouped in MetaTrader 5

You can get the code of the MT5 and MT4 versions or read more info about this market profile indicator.

If you find any bugs in this MetaTrader indicator or if you want to make a suggestion regarding its functionality, please use the commentary form below.

Posted on Forex blog.

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