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To install or update the Volume by Price Indicator open the MetaTrader 4 or 5 terminal, specify your MQL5.com account in the settings, go to Toolbox \ Market \ Purchased and click the 'Install' or 'Update' button. Installation location is in the Data Folder MQL4|MQL5\Indicators\Market subfolder of the terminal directory, attach the indicator to charts via the 'Navigator' window or menu bar. Update notifications are received via MQL5.com Messages service. Updates arrive directly to the MetaTrader platform within 24 hours after publication.
For a quick start browse example compositions and download chart templates. Apply chart templates via the menu bar or context menu (right mouse click). Alternatively, download set files to use via the indicator properties window. Both chart templates and set files require manual setting of applicable chart timeframe period. Set files additionally require setting of scale. Example compositions use a chart color scheme via the indicator parameter 'Color Scheme' under 'Chart Properties' set it to default to make changes via the chart properties window instead.
For details on configuration options and methods see documentation. Reference the input parameter specification list with example settings and make configurations via the indicator properties window 'Inputs' tab.
To install or update extensions and resources download the package or individual files and copy to the respective type folder in the terminal directory then refresh the 'Navigator' window or restart the terminal. For quick access to the terminal directory use command 'Open Data Folder' in the File menu.
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 StructureTick Volume is the quantity of data ticks, data used in analytics to represent activity based on data feed updates with classification by Price Action.
Compared to Real Volume, ethically, Tick Volume compiled Volume Profile and Footprint can only be considered as a completely different method of analytics. Theoretically, the difference in data type representation is very large, i.e., a tick of a large order, being a single for tick volume and multiples for trade volume, with a mere relation between ticks of (intermediary processed possibly accumulated) price updates. In practice however, the difference in terms of visual price level variation, the general form, is small. Large orders do not occur much as they are strategically split into smaller orders, technologically, processing speed related accumulation likewise. With discretion, this could be used as an lower quality, low cost, alternative. For Order Flow Analysis Volume Delta, between order type and Price Action classification, i.e., actual buy and sell orders, and higher and lower price changes, the difference is incomparable. This can only be used as another method of analytics.
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.
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.
General disclosure: Materials, information, and presentations are for data visualization software feature educational purposes only and should not be considered specific investment advice nor recommendations. Example composition charts shown with indicators configured, including ranges and chart scales, strictly for best viewing with these purposes. Risk disclosure: Trading currencies, equities, indices and commodities involves substantial risk of loss and is not suitable for all investors. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security nor life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.
