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Market Profile tool, find the strongest S/R levels

May 03, 2018
Market Profile tool, find the strongest S/R levels

Market Profile tool will help you to identify the strongest support and resistance levels which the market does obey to, so that you wouldn't be caught off guard by that nice level which proved to be fake again. This indicator is designed by AtoZ team to provide you information about the market profile and identify the strongest levels for a specific instrument and selected timeframe.

Market Profile tool trading tips & tricks

There are different ways to use the market profile. Usually trader is looking for extreme high values (spikes to the right side) to determine the strongest market levels. These areas are also used as high probability Take Profit targets. They act statistically as magnets, because price traded in the past larger periods of time in those areas. As a trading strategy, price tends to trade from one peak to another. S so if price leaves a peak, it usually cross easily the valley and climbs to the next one. To be relevant, market profile should be computed with as many data as possible. The indicator automatically determines the best time frame available for the time range set by the user. Market Profile tool, find the strongest SR levels Gold H1, Market Profile tool the strongest S/R levels For example, if the time range is 1 week, probably most brokers will provide data for TF 1 minute. Even if user is looking on 1 Hour TF chart, internally the indicator will grab data from 1 minute TF. The art to determine the relevant range is up to user experience. Normally, user should select ranges that includes current area traded. It is useless to use the Market Profile tool for virgin areas, never traded or traded in the late past. It is supposed that any instrument tends to complete a Gauss distribution in one larger area before migrates to another area. This way, larger valleys (gaps) tend to be filled before migration. Market Profile tool, find the strongest SR levels Gold H1, Market Profile tool example of the strongest S/R levels

Using Market Profile tool

Select the range on a chart to determine market profile for (Blue Square) by dragging the corresponding vertical blue lines. Select the area where the profile will be plotted (Red Square) by dragging the corresponding vertical red lines. If after changing chart TF areas become irrelevant, please press Reset Range. The default range is 20 bars for the current chart time frame. The dimension of the red square will not affect the profile. The area acts for better visualization of the shape, a larger Red Square is recommended. You can press the minimize button to hide the profile. In this mode, indicator does not uses any resources for computation. You can also filter older data by selecting "OldnessMatter" to "Yes."

Download Market Profile tool

You can download Market Profile tool for free by clicking the “Download” button located at the top right corner.

Create your custom indicator

If you would like to create your own custom indicator, please contact AtoZ team. Also, don’t miss out on various other indicators you can find here.

How do you install an indicator on MT4?

In order to install this indicator on your MT4, you need to: 1. Click on “Download” button above to download Market Profile tool; 2. Save the the file to your computer; 3. Extract and move the .ex4 file into: MQL4Indicators; 4. Restart your Metatrader platform; 5. Click “Indicators” button in Metatrader toolbar; 6. Select “Custom”; 7. Search and select “NZ Market Profile; 8. Adjust settings or press OK to add the indicator to your selected chart; This MT4 Forex tool has a set expiry data. To reactivate it later, please place a sent key file to MQLFilesAtoZ LicenseProduct Code # Note: Forex NZ_MarketProfile tool was developed by AtoZForex. AtoZForex carry copyrights over this trading tool. Contact us button, ahoora trend indicator Do you have a reliable indicator or EA? Would you like to share it with our users?

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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