Volume Profile Indicator, Unlock Hidden Market Secrets
Appropriate for all kinds of traders, the Volume Profile Indicator for MT5 with vpoc is the greatest Forex volume indicator for chart analysis.
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- Indicator Settings
Description
Trading volume is an important parameter that most Forex traders often overlook during technical analysis. Because trading activity with increased volumes is often associated with price reversals, forex traders consider these areas to be important. Volume Profile
Indicator for MT5 provides forex traders with low and high volumes as well as VPOC volume control point.
VPOC or POC is considered an important support or resistance area where trading volumes peak. As a result, the market is likely to turn into the VPOC zone.
Opportunities for trading using the Volume Profile Indicator
As the indicator plotted volume levels to generate a volume profile, the H1 price chart in the GBPUSD example above reversed into VPOC and proceeded to move in the trend’s direction via low volume zones. As a result, it assisted the forex trader in locating possible reversal zones. Furthermore, the volume control point—VPOC or POC—served as a pivot point and demonstrated exceptional resistance or support.
Following their identification, VPOC or POC regions are frequently retested by markets as future support and resistance points. Therefore, more access points are provided by recurrent testing in these locations. However, the volume control point offers a great way to exit the market and take winnings in the form of VPOC. The high volume zone serves as a possible escape point in addition to VPOC.
To develop a comprehensive market picture, traders frequently combine VPOC with TPO (Time Price Opportunities). The volume profile indicator is helpful for all kinds of online Forex traders since it shows visual lines and bars. The indicator is also quick to download, free to use, and compatible with any chart timeframe. To get the greatest trading outcomes, forex traders should, nevertheless, validate the indicator indications with price action.
Conclusion
Forex day traders can get a comprehensive picture of volumes with the Volume Profile Indicator for MT5. Nonetheless, the forex trader can better understand the market profile by combining the volume profile with TPO. To put it briefly, the volume control point, or VPOC, sometimes referred to as POC, offers visual cues regarding possible market reversal zones on charts. All things considered, this indicator presents fantastic trading chances.
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Range Period: The time period used for calculating the chart.
Range Count: The number of periods to include in the calculation.
Time Shift: Adjusts the indicator values forward or backward in time.
Step Size (Points): The increment size measured in points.
Point Scale: A multiplier that scales the step size.
Volume Type: Defaults to MT4’s tick volume; can be switched to real volume for forex traders.
Data Source: Defines where the volume data is pulled from.
Bar Style: Determines the visual style of the indicator bars.
Draw Direction: Sets the direction in which the indicator bars are drawn.
Color 1: Primary bar color.
Color 2: Secondary bar color.
Line Width: Sets the thickness of the bars.
Mode Color: Color for the Volume Point of Control (VPOC or POC).
Maximum Color: Color indicating the highest volume level.
Median Color: Color representing the median volume level.
VWAP Color: Color of the Volume Weighted Average Price.
Mode Line Width: Thickness of the line for volume control points.
Median & VWAP Line Style: Line style for both median and VWAP levels.
Identifier: Label used to identify the diagrams.
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