Range Volume Profile Indicator for MetaTrader 5 Download - Free - [TradingFinder]

The Range Volume Profile indicator is one of the volume indicators in MetaTrader 5 (MT5) that displays the buy and sell volume within a specific price range.

By using the trading volume histogram on the chart, this indicator allows traders to identify supply and demand zones and perform specialized analyses based on this data.

Range Volume Profile Indicator Table in MT5

The general specifications of the indicator are listed in the table below:

Support Zone and Bullish Trend

The Range Volume Profile indicator displays the volume range in an uptrend between two vertical lines, red and blue, showing two zones with high buy and sell volume.

Traders can use these zones to identify the supply and demand within the market and enter a buy trade when the price reaches the support zone. In the 15-minute chart of USD/CAD, the price has entered a price correction phase after an uptrend.

Using the two vertical lines, this trend is marked, and the supply and demand zones have been identified. After returning to the support zone and the maximum buy/sell volume level, the price moved upward.

In the upper zone, there is a supply level where the price, after bouncing from this zone, is moving and ranging between the demand and supply zones.

Resistance Zone and Bearish Trend

In the 30-minute chart of GBP/USD, the price has started a corrective move after a downtrend. Using the Range Volume Profile indicator and drawing two vertical lines, the volume between these two lines is highlighted, allowing traders to identify the main supply zone in this bearish trend.

After returning and reaching the maximum supply level, the price reacted strongly and moved downward.

Range Volume Profile Indicator Settings

The settings for the Range Volume Profile indicator are as follows:

Calculation

• Range calculation mode (between lines or other): Select the range calculation mode, which has three calculation modes, including calculation between two vertical lines, calculation based on the last candles, and calculation between two vertical lines with a fixed distance;
• Duration of range (in minutes): The setting for the third mode, which keeps the distance between the two vertical lines fixed in minutes and calculates it;
• Step size for mode (in points): Select the step size for each histogram bar based on points;
• Scale for points calculation: Select the scale for point calculation;
• Data source (timeframe selection): Select the data source based on the timeframe.

Volumes Setup

• Style for histogram bars: Choose the type of display for histogram bars;
• Position of the histogram (on the window): Select the position of the histogram on the chart window;
• Primary color for histogram bars: Choose the primary color for the histogram bars;
• Secondary color for histogram bars: Choose the secondary color for the histogram bars;
• Line width for histogram bars: Choose the line width for histogram bars;
• Color for maximum line: Choose the color for the maximum volume line;
• Color for median line: Choose the color for the median line;
• Color for VWAP (Volume Weighted Average Price) Line: Choose the color for the VWAP line.

Lines Setting

• Style for median & WAP line: Choose the style for drawing the VWAP line.

Conclusion

The Range Volume Profile indicator is one of the support and resistance indicators in MetaTrader 5. This indicator uses colored histogram bars to display the volume of buying and selling within specified price ranges.

Traders can use this tool to identify supply and demand zones and conduct their analysis on the chart.