Market Profile Indicator
Market Profile Indicator for MT4 provides Point of control histogram that Indicates trading zones with substantial BUY and SELL trade.
The Market Profile Indicator for MT4 displays the price levels and zones where increased trading activity happens. These zones with substantial forex trading activity provide the forex traders with the best entry levels, support, and resistance levels. Moreover, price levels indicate the best reversal zones. As a result, forex traders can identify BULLISH and BEARISH market trends and BUY and SELL entry points as well as the best reversal points.
The indicator works well in all intraday timeframes and the daily, weekly, and monthly charts. However, the histogram is calculated daily and displays the Point of Control for that particular day. New forex traders will benefit from this indicator. As it displays the various BULLISH and BEARISH market profiles automatically eliminating the need to identify the profiles manually. Advance forex traders can deploy and adapt to different trading strategies to BUY and SELL upon identification of the unfolding market profile. Furthermore, the indicator is free to download and easy to install.
Market Profile Indicator For MT4 Trading Setup
The above EURUSD H1 chart shows the Market Profile Indicator for MT4 in action. The indicator displays the market profile histogram in BLUE and the Point of Control in WHITE.
The market profile indicator arranges every day as a separate block or as a trading session and depicts the histogram based on time, volume, and price action. The indicator is not a standalone indicator and cannot be traded alone.
The general notion of trading the market profile indicator is to identify the Point of Control. As there is an increased trading activity; these levels can be identified by the forex trader as the histogram peak. The Point of Control of the previous trading day acts as an important support or resistance level. Traders can BUY if the price crosses the previous day’s Point of Control to the upside with a stop loss at the previous swing low. Similarly, traders can open a SELL position if the price crosses the Point of Control to the downside with a stop loss position at the previous swing high.
Market profile indicator for MT4 shows the distribution and accumulation phase of the market very clearly. It is obvious that the trend develops in stages. Also gains momentum and reaches a peak eventually losing momentum. As the indicator depicts the trend cycle clearly it assists the forex trader in planning the best trades.
Conclusion
The Market Profile indicator for MT4 is a versatile tool as it depicts the various stages of market trends. It is tremendously easy to apply and alter forex trading strategies once the forex trader identifies the market profile. As a result, forex traders can succeed in bearish and bullish market conditions and involve in trend following as well as a reversal. Additionally, forex traders can download the indicator for free and install it with ease.
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