Interactive Crosshair Volume Profiles with Alternative Candle Price Models
Summary
This article presents an MQL5 indicator for building a volume profile over a chart range selected interactively. A user activates the tool, right-clicks and drags a crosshair to define the time span, and releases the mouse to calculate and render price bins. Bin count is derived from the number of candles in the selected range, while each candle's tick or real volume is assigned to the bin containing a representative price.
The indicator allows the representative price to be Close, Median, Typical, Weighted Close, or OHLC4, then scales horizontal bars by accumulated volume and highlights the Point of Control. The article describes event-driven interaction and says it avoids continuous recalculation when no user action occurs. This is a charting and analysis tool, not a validated reversal strategy: the profile depends on the selected price model and binning scheme, and assigning each candle's volume to one representative price simplifies the distribution of activity within that candle.
Key ideas
- A crosshair interaction lets the user choose the time range for a volume profile directly on the chart.
- The indicator assigns each candle's volume to a price bin using a selectable representative price model.
- Price bins span the selected range's high and low, and their count is based on the number of candles selected.
- Profile bars scale with accumulated volume, and the highest-volume bin is marked as the Point of Control.
- The resulting profile depends on modeling choices and does not establish that a highlighted level will reverse price.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.