I have not found such an indicator, but I stopped looking for VP indicators on MT4 quite a while ago. The data feeds are not accurate enough to appropriately analyze volume at price. I know in Sierra Charts you can get volume at price for the time frame that you want, which is currently what I have been using for VP. I used to have an indicator that did so in NT7 but you either needed historical tick data or keep the charts running to view it properly. If I find which indicator I used, I will update.
Please post if you have such an indicator for MT4 and find it suitable.
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I use this Custom Period Profile in MT4. Once you've installed it in the indicator folder and restart MT4. Install the +TPO Range Indicator on your chart. Zsolt, Set the first parameter to 2 (in the Range Mode Box), and then in the next box down, RangeMinutes, put what ever minutes you like. 30min or 45 mins like you mentioned or even 1440min(1day) or 2880 (2 days). Then the 3rd box down Mode step, put 10, next box 1, next box light green , 1, dark green, red, dark green, 2. Once you have all these parameters set, hit 'OK' and then you'll find 3 verticle lines on your chart. There will be a dark blue verticle hash line called the "From Line" and a red verticle hash line(not the finer, dotted, red line) called the "To" line. Drag the red verticle hash line to wherever you want your Market Profile to end, counting the minutes. The Blue line will automatically follow. If it doesn't, click somewhere in an open space and then it will. So if you have the RangeMinutes box set to 30 minutes, and drag the red hash verticle line to wherever you want, there will be a 30 min distance between the red and blue hash lines. This is the only area your Market Profile will use to make a Market Profile(Mt4 doesn't use volume, but this indicator does a pretty good job).
IF you keep all the same parameters above but change Rangeminutes to about 2 to 3 days and change the Range Mode box to 0, then you can make a Market Profile wherever you want. i.e. from a Peek High to a Peek Low that's less than a day, and the Market Profile will form for that time frame. Play with it. Zsolt, I know you wrote back in 2011. So maybe someone else will get something out of this instead of paying those outrageous prices for Adjustable Market Profile Tools. If anybody knows anything like this for NT7 that's adjustable(and free or nearly free) please guide me.
Last edited by Reeser; February 15th, 2013 at 08:32 AM.
Reason: wanted to add some stuff
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Can someone please confirm if this indicator uses volume as its input?
It appears that this indicator does not use MT4 volume, I understand MT4 platform may not have the correct volume, but my question is what is the "input" of this indicator? I am not a MT4 programmer.