Point Of Control Migration

A single session's point of control is a well known concept; watching how it moves from day to day is a less common but more useful read. If successive POCs cluster near the same price, the market has agreed on value there and is likely to keep returning to it. If they walk steadily higher or lower, accepted value is genuinely migrating and price is unlikely to spend much time back where it used to trade. This indicator computes the POC for each of the last InpSessions completed daily sessions and connects them with a line, so that migration is visible directly on the chart instead of requiring a session-by-session volume profile tool. Each day's POC is found by dividing that day's high-low range into InpBuckets equal price buckets and crediting each bar's tick volume to the bucket holding that bar's midpoint, then taking the bucket with the most accumulated volume. This is a coarse approximation of a true volume profile, and deliberately so: MQL4 does not expose where inside a bar its ticks actually traded, only the bar's own tick count. The bucket with the most tick volume is a reasonable proxy for the price area with the most activity, but it is not the same precision as a real time-and-sales-based profile - see the notes below. Because MetaTrader 4 has no genuine traded-volume feed on most brokers, this indicator uses tick count (MODE_VOLUME / tick_volume) as the volume proxy throughout, which is the standard MT4 substitute for real volume and is stated openly rather than presented as exchange volume. Notes and limitations - Volume here is tick count, not real traded volume - see the full description. On a genuinely quiet symbol with few ticks per bar, the POC bucket can be noisy from day to day. - The POC is credited to each bar's midpoint bucket, not distributed across the bar's actual high-low range - a coarse approximation chosen for speed, since MQL4 has no sub-bar price path to work with. - Recomputes once per new daily bar, not on every tick, since the session set it draws from does not change intrabar. Recomputation over a large InpSessions on a low chart timeframe (M1) can be noticeably slower than on H1 or higher, since more intraday bars fall inside each session. - This is a visual value-migration tool, not a trading signal - it does not predict direction, only shows where volume concentrated historically.

Indicator · MT5 · v1.0 · Free

Tags: Volume · Trading Sessions · Buy/Sell Arrows · MT5 Indicator · MQL5 Source Code

MetaTrader 4 & 5 indicators · PolyMaria