PZ Market Profile Indicator
PZ Market Profile indicator for mt4 – download free. Trend reversal indicator for mt4. Best support and resistance indicator.
Description
The PZ Market Profile Indicator for MetaTrader is a custom trading tool that displays the critical zones of price actions and price levels. It uses algorithms that track the tick data of the market to evaluate the zones that have intense traders’ activities in a trading session.
The evaluated zone with significant trading activities (price action) is represented as a histogram chart. This price data would come in handy to refine your technical analysis and also helps you to plan your trades around such market levels.
The PZ Market Profile indicator would be beneficial to novice, intermediate, and advanced traders. It is also recommended for scalpers and day/intraday traders.
How to trade With the PZ Market Profile Indicator
The above screenshot depicts how the PZ Profile indicator would look on your MT4 chart. The indicator is recommended to be used in synergy with price action/and or other indicators for better trade efficiency.
Note that the indicator isn’t a trading tool that generates BUY/SELL signals. The trading principle behind this indicator is that the price of an asset may most likely return to the area of value/point of control from the area of low activities.
BUY and SELL Signals: Firstly, wait for the price to react in the area of low activities, which signals a potential reversal. You may then open a BUY/LONG position after price action also signals a bullish move (e.g. bullish order block, bullish engulfing, etc.).
The above BUY signal is also applicable to generate a SELL setup.
Conclusion
The PZ Market Profile indicator for MT4 is a dynamic trading tool that essentially measures and displays the movement of prices in a trading session. Finally, it is available for free.