Description
When we hear the volume word in trading we think of OHLC bars traded volume amount and the horizontal histogram that shows volume on bottom of most trading platforms charts, but volume profile is another way of showing traded volume amount on chart, instead of showing each bar volume we show each price level volume and by using this method we will be able to tell which price level had most trading volume and which one had least trading volume.
After we found key price levels based on volume then we will be able to use those key levels for entry and exit of our trades because we expect major market moves to happen around those levels.
Combining volume key levels with something like support and resistance or supply and demand trading methods give us a robust trading system.
This indicator uses the tick volume data not real volume data because the real volume data isn’t available in FX and cTrader doesn’t provide it too.
Features
- Dividing each level volume in three part: Bullish, bearish and neutral
- Showing each set of bars volume profile separately based on user-defined periods number
- Fully customizable based on user needs
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