How to Use Set Files
Step 1.
Open a new chart or select an existing chart, and attach a new indicator instance:
(The indicator properties window opens after attaching an indicator instance to a chart.)
Step 2. Load file, e.g., 'Market Profile TPO and Volume Point of Control.set', via the indicator properties window 'Inputs' tab.
To open the properties window of an instance already attached:
For example compositions with two indicator instances, e.g., 'Market-Profile-TPO-and-Volume-Profile-Histogram-Composite-Instance-1.set' and 'Market-Profile-TPO-and-Volume-Profile-Histogram-Composite-Instance-2.set', use the same chart and a new instance for each file.
Data Visualization and Analytics
What is the difference between Volume Profile and Market Profile TPO?
Volume Profile displays the quantity of buy and sell orders (Real Volume), or data ticks (Tick Volume) per price level.
Market Profile displays the quantity and indices of time periods per price level. Units are named TPO's, short for Time Price Opportunity. Market Profile is a charting technique by J. Peter Steidlmayer, a trader at the Chicago Board of Trade (CBOT), ca 1959-1985.
Volume Profile Histogram
Market Profile TPO Block Structure
Market Profile displays the quantity and indices of time periods per price level. Units are named TPO's, short for Time Price Opportunity. Market Profile is a charting technique by J. Peter Steidlmayer, a trader at the Chicago Board of Trade (CBOT), ca 1959-1985.
Volume Profile Histogram
Market Profile TPO Block Structure
What is the difference between Real Volume and Tick Volume?
Real Volume is the quantity of buy and sell orders, data used in analytics to represent activity based on monetary value and classification, inherent to the market or type of instrument data might not be available, i.e., Forex and CFD's without access and value respectively.
MetaTrader 4, for use with CFD brokers, natively does not feature Real Volume, the indicator adds support via its application program interface (API) for use with equities, indices and commodities CFD's, i.e., CFD for stock or futures exchange contract.
Tick Volume is the quantity of data ticks, data used in analytics to represent activity based on data feed updates with classification by Price Action.
Tick Volume is the quantity of data ticks, data used in analytics to represent activity based on data feed updates with classification by Price Action.
Data Feed and Connections
Which data is provided with the indicator?
Data provided is of the broker the terminal is connected to. The indicator does not provide data, via its application program interface (API) cross-platform and third-party data source connections can be made.
Which brokers provide Real Volume data?
All MetaTrader 4, and most MetaTrader 5 brokers are CFD brokers, CFD brokers only provide Tick Volume, and not Real Volume as might with exchange stocks and futures brokers.
What are the differences between brokers in Real Volume data provided?
The scope of the Order Book, it is of the stock or futures exchange, named Market Data, or of the brokerage clients trade operations only as in most cases. For demo accounts and such other limitations or adjustments.
What is the difference between Top of Book (Level 1) or Market Depth (Level 2) data?
Top of Book Level 1, the Time and Sales (T&S) list, is the trade operation data for price charts and volume indicators such as Volume Profile. Market Depth Level 2 additionally provides data required for the Depth of Market (DOM) Column or Ladder.
How to connect Top of Book (Level 1) or Market Depth (Level 2) data?
For example, via a native MetaTrader 5 terminal connection with a MQL5.com Market subscription for Nasdaq (Level 1) data, or via the indicator its application program interface (API) with third-party data such as of Barchart.com or directly obtained from the marketplace applicable such as CME Group .
License purchase and rentals
Can a software license be used for both MetaTrader 4 and 5?
No, licenses purchased and rented via the MQL5.com App Store are per platform for 10 device activations. Cross-platform compatible data connector extensions do not require a license.
Is a support plan included with a software license?
Licenses purchased and rented under the MQL5.com App Store agreement do not include specific form(s) of support from the developer. It is provided as documentation and help resources, not personal, which imply respective, to the level of use, knowledge of the applicable concepts and platform(s).
Why do Volume by Price MT4 product and checkout page links point to MQL5.com?
MQL4 and MQL5, short for MetaQuotes 4 and 5 programming languages, are for the development of MetaTrader applications. MQL5.com is a website providing various services for traders and developers of both platforms,
the MQL5.com Market service, or App Store, is for sellers to publish and distribute MetaTrader 4 and 5 applications which are licensed per platform to an MQL5.com user account.
Configuration and features
How reliable is MetaTrader 5 historical and real-time tick-by-tick data used with MetaTrader 4?
Most brokers internally use the same data feed when provisioning both platforms, with the indicator cross-platform interfaces, this allows to use data including Real Volume without any discrepancies.
Why does repaint occur after chart timeframe or price scale change?
The default dataset feed mode History Bars + Real-time Ticks Accumulation stores distributions in-memory. Chart timeframe and price scale must be maintained or redistribution might occur (on movement outside of the current scale) and tick accumulation is restarted, using coarse historical bar data up to that time.
Automatically maintain price level grid with the Scale Fix Auto application module.
The second mode History Ticks + Real-time Ticks stores data tick-by-tick on disk which is persistant on redistribution, and never repaints.
The second mode History Ticks + Real-time Ticks stores data tick-by-tick on disk which is persistant on redistribution, and never repaints.
Why does shift occur after chart timeframe change?
Range selection method options such as the default Range Window = 80 and Range Bars = 97:-95 are relative to chart bars.
Range selections are set on initialization which, for Indicator type chart applications, includes change of chart timeframe.
Use absolute range selection method, e.g, Range Date/Time, or relative method by time, e.g., Range Days.
What is the use for .tpl, .set and .ini files?
Set files (.set extension) are to configure chart applications (e.g., type 'Indicator' and 'Script') they contain application input parameter settings. Set files can be saved and loaded via the application's properties window 'Inputs' tab. Set files can be edited with a text file editor to create subcollections to overload.
Templates (.tpl extension) are to configure charts they contain chart property settings including configurations of all applications attached to it. Templates can be saved and loaded via the menu bar or context menu.
INI files (.ini extension) are to configure by indicator specific functions they contain global settings, and values of text input parameters to load by reference. INI files can be edited with a text file editor.
Templates (.tpl extension) are to configure charts they contain chart property settings including configurations of all applications attached to it. Templates can be saved and loaded via the menu bar or context menu.
INI files (.ini extension) are to configure by indicator specific functions they contain global settings, and values of text input parameters to load by reference. INI files can be edited with a text file editor.
General disclosure: Materials, information, and presentations are for data visualization software feature informational purposes only and should not be considered specific investment advice nor recommendations. Risk disclosure: Trading currencies, equities, indices and commodities involves substantial risk of loss and is not suitable for all investors. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security nor life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.
