Installation

The indicator ".algo" file(s) packaged inside downloaded zip file, extract the ".algo" file(s) from zip package and follow this process for each:

  1. Open the indicator ".algo" file
  2. cTrader will ask you for confirmation of installation, confirm the indicator installation
  3. cTrader will show a popup message that indicator successfully installed

How it Works?

Let me explain to you how this indicator works, if you don't know how it works you will not be able to use it properly so in this section I will go deep inside indicator and explain how it plots the profile and how it gather the data from price and tick volume.

This steps are applied on all four different versions of indicator.

Data Collection

The indicator collects the data by iterating over past OHLC bars, and it divides a bar tick volume into two part, bullish and bearish volume or buy and sell volume, after that it gives each price level containing that specific bar equal some bullish and bearish volume, the amount of volume given to a price level is determined by dividing the bar total bullish or bearish volume to its range and then it adds that to each price level based on your defined price width in Pips.

Once this process finished we will know how much bullish or bearish volume each level of the price has, and we can plot the data on the chart and the indicator will show each price level bullish or bearish volume amount.

I can't publish the formula that indicator uses for dividing a bar volume into bullish and bearish volume and it will leak our product code and allow others to re-create our product.

POC or Point of Control

This the price level that has the highest number of traded volume, or the longest volume profile bar.

Value Area

The value area is the nearest area to POC, and the range of this area is defined by user and the default value is 70%, so it means 35% above and 35% below POC is considered as value area and anything outside this area isn't in value area.

The percentages are percentile ranks, so if you are familiar with percentile rank you will understand this better.

The indicator uses different color for value area bars.

Delta

The delta option if enabled will compact the indicator output, so instead of showing both bullish and bearish volume bars side by side it will only show the delta of bullish and bearish volume or it will subtract the bullish volume from bearish volume of a price level and show that.

For coloring the delta into bullish and bearish volume, the indicator checks if the delta was positive it means the bullish volume was higher on that level so it will use bullish color and if delta was negative it means the bearish volume was higher on that level so it will use bearish color.

Regular Version

This version of indicator shows the volume profile based on x number of previous bars

Time Frame Version

This version show volume profile based on a larger time frame

Between Two Line Version

This versions is little bit different from above versions, it shows just the volume profile between tow vertical lines in your chart.

You have to attach it on your chart and then add two vertical lines on your chart, the comment of lines must be same and ends with the provided suffix in indicator parameter settings.

You can have as many vertical range lines as you want to, the indicator will plot the profile between each of those lines.

Each pair of vertical lines must have same comment and ends with the suffix you provided for indicator "Lines Comment Suffix" parameter.

Rectangle Version

Its similar to "Between Two Line Version" but it shows the profile on a rectangle box, the setting is similar to two line version except here you add a rectangle on your chart instead of vertical lines and the rectangle comment must end with the indicator "Rectangle(s) Comment Suffix" parameter value.