Forex Volume Profile with Support and Resistance MT4 Indicator:
About the Forex Volume Profile with Support and Resistance MT4 Indicator
This indicator combines two very popular trading strategies (Volume Profile + Fractal Support levels) into one helpful indicator. Both explained below:
VOLUME PROFILE (TradingView’s Explanation):
Essentially, Volume Profile takes the total volume traded at a specific price level during the specified time period and divides the total volume into either buy volume or sell volume and then makes that information easily visible to the trader.
Support and Resistance (MiltonPrime Explanation ) :
Support and resistance levels offer useful information for any financial instrument. Traders can analyze price charts by combining trend and momentum, price patterns, and support and resistance.
Fractals (MiltonPrime Explaination):
Resistance Fractal: a resistance Fractal appears above the candlestick if a candle high has a high that is higher than at least two candles to the left and two candles to the right. This is a minimum and there is no maximum. So more candles to the left and/or the right of it is acceptable.
Support Fractal: a support Fractal appears below the candlestick if a candle low has a low that is lower than at least two candles to the left and two candles to the right. This is a minimum, so more candles to the left and/or the right of it is acceptable.
The support and resistance level is not where the Fractal is shown on the chart. The actual support and resistance level is the candle low and/or candle high itself with candlesticks that have a Fractal.
Copy and paste the file into the MQL4 Indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)