TPO Volume Range Indicator for MetaTrader 5 Download – Free – [TFLAB]

The TPO Volume Range Indicator enables the display of trading volume distribution within specific price ranges. This indicator uses two adjustable vertical lines to allow traders to define their desired time range.

The histograms display market activity at each price level, and green horizontal lines highlight the areas with the highest volume. These levels are commonly recognized as key support and resistance and play a critical role in trade decision-making.

TPO Volume Range Indicator Specification Table

The specifications and features of the TPO Volume Range Indicator are as follows.

TPO Volume Range Analysis at a Glance

Histogram calculation in the TPO Volume Range Indicator is performed using three different methods:

• Calculate the range between two lines: Volume is calculated based on the distance between two adjustable vertical lines.
• Calculate range for the last few minutes: The indicator automatically draws the histogram based on the number of minutes entered.
• Calculate range from a certain point to a line: The user selects a starting point, and the analysis range is defined with one vertical line. (In this mode, the distance cannot be changed.)

Bullish Trend and Buy Opportunity

According to the 1-hour USD/CHF chart, the blue and red vertical lines define the volume analysis range.

As shown in the chart, the price reacts bullishly after touching the green lines(indicating high volume areas), creating a good opportunity for a buy entry.

Bearish Trend and Sell Opportunity

The 30-minute GBP/USD chart draws volume histograms based on the defined range.

The chart shows that after a minor upward correction, the price reaches a high trade density zone and then turns downward.

TPO Volume Range Indicator Settings

The configurable items in the TPO Volume Range Indicator are shown below:

Calculation

• Range calculation mode: Select the volume calculation range
• Duration of range (in minutes): Set the number of minutes for automatic mode
• Step size for mode (in points): Set the price increment steps
• Scale for points calculation: Point conversion ratio
• Data source (timeframe selection): Select the data source timeframe

Volumes Setup

• Style for histogram bars: Define the visual style of volume bars
• Position of the histogram (on the window): Set the histogram's position on the chart
• Primary color for histogram bars: Main color of histogram bars
• Secondary color for histogram bars: Secondary color of histogram bars
• Line width for histogram bars: Thickness of the volume bars
• Color for the mode line: Color of the highest trade frequency bar
• Color for maximum line: Color of the maximum volume bar
• Color for median line: Color of the median volume bar
• Color for VWAP (Volume Weighted Average Price): VWAP line color

Lines Setting

• Mode line width: Set the width of the mode line
• Style for median & VWAP lines: Set the style for median and VWAP lines
• Mode level line color (None = disable): Set the color for horizontal lines marking the highest volume zones

Conclusion

The TPO Volume Range Indicator displays volume histograms within the selected range, highlighting key price reaction areas.

This tool is one of the most advanced analytical instruments in technical analysis and helps identify valid support and resistance levels by focusing on volume distribution across different price levels.