Data Visualization and Analytics
What is the difference between Volume Profile and Market Profile TPO?
Volume Profile displays the quantity of buy and sell orders (Real Volume), or data ticks (Tick Volume) per price level.
Market Profile displays the quantity and indices of time periods where prices occurred per price level. Units are named TPO's, short for Time Price Opportunity. Market Profile is a charting technique by J. Peter Steidlmayer, a trader at the Chicago Board of Trade (CBOT), ca 1959-1985.
Volume Profile Histogram
Market Profile TPO Block Structure
What is the difference between Real Volume and Tick Volume?
Real Volume is the quantity of buy and sell orders, data used in analytics to represent activity based on monetary value and classification, inherent to the market or type of instrument data might not be available, i.e., Forex and CFD's without access and value respectively.
MetaTrader 4, for use with CFD brokers, natively does not feature Real Volume, the indicator adds support via its application program interface (API) for use with equities, indices and commodities CFD's, i.e., CFD for stock or futures exchange contract.
Tick Volume is the quantity of data ticks, data used in analytics to represent activity based on data feed updates with classification by Price Action.
Data Feed and Connections
How to connect Top of Book (Level 1) or Market Depth (Level 2) data?
For example, via a native MetaTrader 5 terminal connection with a MQL5.com Market subscription for Nasdaq (Level 1) data, or via the indicator its application program interface (API) with third-party data such as of Barchart.com or directly obtained from the marketplace applicable such as CME Group .
For third-party data connection with the indicator API simple, relatively low cost, custom programmatic functions (network connection and data formatting) might be required, the MetaEditor features an AI assistant (OpenAI GPT-4 models), and at MQL5.com Freelance work orders can be opened and developers selected.
License purchase and rentals
Why do Volume by Price MT4 product and checkout page links point to MQL5.com?
MQL4 and MQL5, short for MetaQuotes 4 and 5 programming languages, are for the development of MetaTrader applications. MQL5.com is a website providing various services for traders and developers of both platforms,
the MQL5.com Market service, or App Store, is for sellers to publish and distribute MetaTrader 4 and 5 applications which are licensed per platform to an MQL5.com user account.
Configuration and features
What is the use for .tpl, .set and .ini files?
Set files (.set extension) are to configure chart applications (e.g., type 'Indicator' and 'Script') they contain application input parameter settings. Set files can be used via the application's properties window 'Inputs' tab.
Templates (.tpl extension) are to configure charts they contain chart property settings including configurations of all applications attached to it. Templates can be used via the menu bar or context menu.
INI files (.ini extension) are to configure advanced or less frequently used settings and can be edited with a text file editor.
For indicator they contain input parameter settings and can be used via the indicator's properties window 'Inputs' tab by file path as text input parameter values.