Introduction
In the world of Forex trading, having reliable tools can make all the difference. One such tool is the trading robot known as VolumeProfile. Despite some mixed reviews, this robot has proven useful for many traders in providing a broader picture of price action and volume analysis. Below, we’ll cover how to install and set up VolumeProfile for maximum effectiveness, share our experience using it, and offer tips on improving its performance. For detailed statistics and further information, visit VolumeProfile Trading Robot Overview.
Installation and Setup
Setting up the VolumeProfile robot involves a few straightforward steps. Follow this guide to get started:
Step 1: Download the Robot
1. Visit the MQL5 marketplace and locate the VolumeProfile trading robot.
2. Purchase and download the robot to your MetaTrader 5 platform.
Step 2: Installation
1. Open MetaTrader 5.
2. Go to File > Open Data Folder.
3. Navigate to MQL5 > Experts.
4. Paste the downloaded VolumeProfile .ex5 file into this folder.
5. Restart MetaTrader 5.
Step 3: Adding VolumeProfile to a Chart
1. Open a new chart or select an existing one.
2. In the Navigator panel, locate the VolumeProfile robot under Expert Advisors.
3. Drag and drop VolumeProfile onto the chart.
4. Adjust the robot’s settings according to your trading strategy. Refer to the user manual for details on specific parameters.
Experience Using VolumeProfile
Using the VolumeProfile robot has been a mixed bag of emotions. While it excels in providing a broader perspective on price action, it comes with its quirks. Users like ROBERT EDWARD BIRD have pointed out issues such as the robot moving to the middle of the screen or disappearing when properties are adjusted. On the flip side, experienced traders like CSG CSG appreciate the optical clarity and smooth functioning even with large historical data.
In our experience, the key to getting the most out of VolumeProfile is understanding its strengths and limitations. It’s particularly effective on higher timeframes and can integrate well with other tools like StereoTrader. However, it may not be as useful on lower timeframes, as noted by ROBERT EDWARD BIRD.
Tips for Improving Performance
To make VolumeProfile work more effectively for you, consider the following tips:
- Customize Colors and Settings: Adjust the robot’s colors and settings to make it less intrusive and more tailored to your trading style.
- Combine with Other Tools: Use VolumeProfile in conjunction with other indicators and tools for a more comprehensive trading strategy.
- Stay on Higher Timeframes: As noted by various users, VolumeProfile is more reliable on higher timeframes.
- Regular Updates: Ensure your MetaTrader 5 and the VolumeProfile robot are always up to date to minimize bugs and glitches.
Source Code of VolumeProfile
Here’s the kicker: we don’t actually know the original source code of the VolumeProfile robot sold on MQL5. However, based on its description, we at EASY Trading Team have created our version of the code. If you have any questions regarding this example code, feel free to ask. Keep in mind that the team at EASY Trading Team does not sell the VolumeProfile robot; we merely provide a similar code based on its description.
Code:
You don't have permission to view the code content. Log in or register now.Download VolumeProfile Trading Robot
Ready to add VolumeProfile to your trading toolkit? Visit VolumeProfile Download Page for detailed statistics and to see how this robot can fit into your trading strategy. Happy trading, and remember: always approach every new tool with a hint of skepticism.
Got questions? Drop a line on easytradingforum.com, and we’ll be happy to assist.