Rainbow Range Volume Profile

Rainbow Range Volume Profile

A simple, lightweight volume profile indicator that visualizes price-range volume with color-coded POCs (Points of Control).

Overview

RainbowVolumeProfile04Simple.mq5 calculates and displays a price–by–volume (Volume Profile) over a user-specified number of bars. The indicator automatically detects the top 5 volume concentration levels (POCs) and draws a colorful horizontal histogram at the right side of the chart. The computation is lightweight and updates in real time.

Key Features

• Automatically detects and highlights the top 5 POCs.

• Renders a horizontal volume histogram at the right edge of the chart.

• Allows specifying the timeframe used for profile calculation (e.g. M1, M5, H1).

• Auto-updates on new bars and manages drawing objects to minimize clutter.

• Compact, efficient algorithm designed for smooth performance.

Inputs / Parameters

How to Use

1. Place RainbowVolumeProfile04Simple.mq5 into the MQL5/Indicators folder.

2. Restart MetaTrader 5 (or recompile the indicator).

3. Attach the indicator to any chart.

4. Adjust parameters (bars, resolution, colors, width, timeframe) in the indicator properties as needed.

Practical Tips

• Use H1–H4 for swing analysis and M1–M15 for intraday/scalping setups.

• Repeated or clustered POCs often indicate strong support / resistance zones.

• Change POC colours or profile width to match personal style and improve visibility.

Technical Notes

• The indicator uses iHigh() , iLow() , and iTickVolume() and does not rely on close[] or time[] array parameters to avoid common MQL5 pitfalls.

• Drawing objects are managed (created/deleted) via ObjectsDeleteAll() and OBJ_RECTANGLE_LABEL to reduce flicker and keep the chart clean.

• Chart scale is detected with ChartGetDouble() so the histogram aligns with current visible price range.

Compatibility & Version

• Version: 1.00

• Platform: MetaTrader 5

• Language: MQL5

• Timeframes: All

• Instruments: Forex, CFDs, Crypto, etc.

License

Free to use. If redistributed or used commercially, please retain the original author credits.