What is the Trading Volume Indicator for MT4
The Trading Volume Indicator for MT4 is a technical indicator that shows the volume of trades made in a given period on a MetaTrader 4 chart. It is plotted as a histogram below the price chart and is used to identify trends and confirm market movements.
The Trading Volume Indicator for MT4 is typically displayed as a bar chart, with the height of each bar representing the volume of trades made during a specific period. The indicator can be customized to display the volume of trades made during different periods, such as 1 minute, 5 minutes, 15 minutes, or 1 hour.
Download the free Trading Volume Indicator
Some traders use the Trading Volume Indicator for MT4 to confirm trends and identify potential reversal points. For example, if the volume of trades increases significantly during an uptrend, it could be a sign that the trend is solid and likely to continue. On the other hand, if the volume of trades decreases during an uptrend, it could be a sign that the trend is losing momentum and may be about to reverse.
Overall, the Trading Volume Indicator for MT4 is a valuable tool for traders who want tto understand the market’s activity betterand identify potential trading opportunities.
How to use Trading Volume Indicator for MT4
To use the Trading Volume Indicator for MT4, follow these steps:
- Open a MetaTrader 4 chart and select the time frame you want to use.
- Go to the “Insert” menu and select “Indicators” and then “Volume.” This will add the Trading Volume Indicator to the chart.
- Customize the indicator by adjusting the settings in the “Inputs” tab. You can choose the period for which the volume data is displayed and the type of volume data to dshow(tick volume or accurate volume).
- Once the indicator is added to the chart, it will display the volume of trades made during the selected time frame as a bar chart below the price chart.
To interpret the Trading Volume Indicator, look for patterns and trends in the volume data. For example, if the volume of trades increases significantly during an uptrend, it could be a sign that the trend is solid and likely to continue. On the other hand, if the volume of trades decreases during an uptrend, it could be a sign that the trend is losing momentum and may be about to reverse.
So that you know, the Trading Volume Indicator should be used with other technical indicators and fundamental analysis to get a complete market picture. It is not a standalone indicator and should not be used to make trading decisions.
Trading Volume Indicator MT4 trading settings
The Trading Volume Indicator for MT4 has several customizable settings that you can use to tailor the indicator to your specific trading needs. These settings can be found in the “Inputs” tab of the indicator’s properties window. Here are the main settings you can adjust:
- Period: This setting determines the time frame for which the volume data is displayed. You can choose from various time frames, such as 1 minute, 5 minutes, 15 minutes, 1 hour, etc.
- Volume Type: This setting determines the volume data type displayed. You can choose between tick volume and actual volume. Tick volume measures the number of trades made during a specific period, while accurate book measures the exact number of contracts or units traded.
- Colors: You can customize the color of the bars in the volume chart to suit your preferences.
- Width: This setting determines the width of the bars in the volume chart. You can increase or decrease the width to make the chart easier to read.
- Style: This setting determines the style of the bars in the volume chart. You can choose from various types, such as solid, dotted, or dashed.
Experimenting with the different settings is essential to find the ones that work best for your trading style and strategy. Remember that the Trading Volume Indicator should be used with other technical indicators and fundamental analysis to get a complete market picture. It is not a standalone indicator and should not be used to make trading decisions.
Trading Volume Indicator Advantages
There are several advantages to using the Trading Volume Indicator in your trading:
- Confirms trends: The volume of trades can be a good indicator of the strength of a trend. If the volume of transactions increases significantly during an uptrend, it could signify that the trend is solid and likely to continue. On the other hand, if the volume of trades decreases during an uptrend, it could be a sign that the trend is losing momentum and may be about to reverse.
- Identifies reversal points: The volume of trades can also be used to identify potential reversal points. If the volume of transactions increases significantly during a downtrend, it could signify that the trend is about to reverse.
- Identifies market activity: The volume of trades can give you a sense of the overall level of market activity. If the volume of transactions is high, it could be a sign that there is a lot of interest in the market and that prices are likely to be more volatile.
- Can be used with other indicators: The Trading Volume Indicator can be used with other technical indicators and fundamental analysis to get a complete market picture.
- Easy to interpret: The Trading Volume Indicator is easy to interpret and can be a valuable tool for traders new to technical analysis.
The Trading Volume Indicator is a valuable tool to help traders identify trends, confirm market movements, and make more informed trading decisions.
Trading Volume Indicator Disadvantages
There are a few disadvantages to using the Trading Volume Indicator in your trading:
- It May not be accurate: The volume of trades can be affected by various factors, such as market conditions and the behavior of traders. As a result, the volume data may not always be accurate and should be used cautiously.
- May not be relevant in all markets: The volume of trades may only be appropriate in some markets, such as markets with low liquidity or thin trading volumes. In these cases, the volume data may not be representative of the market as a whole.
- Should not be used as a standalone indicator: The Trading Volume Indicator should not be used as a standalone indicator to make trading decisions. It should be used with other technical indicators and fundamental analysis to get a complete market picture.
- May be subject to manipulation: The volume of trades can be manipulated by market participants, which could affect the accuracy of the volume data.
Despite these disadvantages, the Trading Volume Indicator can still be useful for traders who use it appropriately and in conjunction with other indicators and analyses. It is essential to understand the limitations of the hand and use it appropriately to get the most out of it.
TV Indicator installation on MT4
To install the Trading Volume Indicator on MetaTrader 4 (MT4), follow these steps:
- Download the Trading Volume Indicator file. The indicator is typically available in the form of a .ex4 file.
- Open the MT4 platform and go to the “File” menu. Select “Open Data Folder” to open the MT4 data folder on your computer.
- In the data folder, navigate to the “MQL4” folder, then the “Indicators” folder.
- Copy the .ex4 file for the Trading Volume Indicator into the “Indicators” folder.
- Close and reopen the MT4 platform. The Trading Volume Indicator should now be available in the “Custom Indicators” section of the “Navigator” window.
- To add the indicator to a chart, go to the “Insert” menu and select “Indicators” then “Custom.” Select the Trading Volume Indicator from the list of available indicators and click “OK.”
- The indicator will be added to the chart, and you can customize the settings in the “Inputs” tab of the indicator’s properties window.
Remember that the Trading Volume Indicator should be used with other technical indicators and fundamental analysis to get a complete market picture. It is not a standalone indicator and should not be used to make trading decisions.
Trading Volume Indicator mt4 free download
Conclusion
In conclusion, the Trading Volume Indicator is a technical indicator showing the volume of trades made in a given period on a MetaTrader 4 chart. It is plotted as a histogram below the price chart and is used to identify trends and confirm market movements. The indicator can be customized to display the volume of trades made during different periods and help identify trends, reversal points, and overall market activity. However, it is essential to understand that the volume of transactions can be affected by various factors and may not always be accurate. The Trading Volume Indicator should not be used as a standalone indicator. It should be used with other technical indicators and fundamental analysis to get a complete market picture.