What is the Better Volume 1.5 Indicator for MT4?
The better volume 1.5 indicator can be used to help predict future moves in currencies. It looks at how much activity (buy or sell orders) takes place over a specific period and uses this information to predict future price movements. This indicator and other vital data points can help improve your overall trading strategy.
How to use the Better Volume 1.5 Indicator for MT4?
To use this indicator on your MT4 platform, first set up a channel with at least three bars (for trend analysis) and five bars (for volume analysis). Then open the Better Volume 1.5 Indicator by clicking on “Indicators” in your Charts menu and setting it to “On.” You will then need to input your ticker symbol(s) and the currencies you want to analyze. Once everything is set up, click on the chart icon next to “Better Volume 1.5” to view the results!
Better Volume 1.5 Indicator MT4 trading settings
Trader Michael Novogratz created the Better Volume1.5 Indicator as an improved version of the popular Relative Strength Index (RSI). The RSI measures overbought/oversold conditions in stock markets by analyzing volume data from recent trades. By comparing current market action to historical data, traders can identify indicators that may signal an impending trend reversal or Sell-off.
However, unlike other popular indicators such as MACD or Bollinger Bands, which are static values that seldom change over time, the BetterVolume 1.5 Indicator dynamically calculates its thresholds for overbought/oversold conditions based on market action feedback received from users’ real-time alerts. This allows it to more accurately anticipates changing trends while providing a more detailed analysis than any other scalping strategy available today!
Better Volume 1.5 Indicator Advantages
-It allows you to see which markets are volatile, making it easier to avoid those territories when trading;
-Helps you understand how volatilities are changing over time (for example, during intra-day or intraday swings), so you’re better able to anticipate future movements;
-It alerts you when there is likely going to be a change in trend direction (a “kink” in prices), so you’re prepared for potential market crashes;
Overall, the Better Volume 1.5 Indicator is one of the best tools available for Forex traders who want to improve their performance and accuracy.
Better Volume 1.5 Indicator Disadvantages
Several disadvantages are associated with using the Better Volume 1.5 Indicator, including its reliance on technical indicators, low liquidity, and lack of precision.
1. Its use of technical indicators can be problematic because these indicators often have a high lag time (the time it takes for their signals to become effective). This means that you may be unable to react quickly enough to changes in the market.
2. The liquidity of Forex markets is low by definition, which limits your ability to trade successfully. If you attempt to deal with positions too large or risky, you risk losing your entire investment – even if the market goes in your favor for a short period.
3. The indicator’s precision also suffers from limitations; it cannot account for influential factors such as trend continuation and reversals (which can make it challenging to identify trends).
Indicator installation on MT4
To install the Better Volume 1.5 Indicator on the MetaTrader 4 (MT4) platform, you will need to follow these steps:
- Download the Better Volume 1.5 Indicator file in the “.ex4” format.
- Open the MT4 platform and click “File” in the top menu, then select “Open Data Folder.”
- Navigate to the “MQL4” folder and then to the “Indicators” folder.
- Copy the Better Volume 1.5 Indicator file into the “Indicators” folder.
- Close the MT4 platform and then reopen it.
- Click on “Navigator” in the bottom left corner of the MT4 platform and then select “Custom Indicators.”
- Locate the Better Volume 1.5 Indicator in the list, and then drag it onto a chart.
Once you’ve completed these steps, the Better Volume 1.5 Indicator will be installed and ready to use on your MT4 platform. This indicator enhances the standard volume histogram by adding color coding based on volume spikes, alerting you to potential breakouts.
You can customize the settings and input parameters per your requirement, such as the number of bars to display, the minimum volume level, and the color scheme.
It’s important to note that this indicator can only be used on a tick chart, not a time-based graph.
In this article, we have discussed the Better Volume 1.5 Indicator and given you step-by-step instructions on installing it onto your MT4 platform. This indicator is designed to provide enhanced volume analysis and help you identify potential breakout points in the market.