Average Volume per Hour
Info
The Average Volume per Hour is a Script for MetaTrader 4 that this script scans through the bars within a 1 hour chart and calculates the average volume per hour. It is prevented from working on any chart other than 1 hour and the average calculation uses to ensure the absolute volume is calculated.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Scripts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Average Volume per Hour
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
This script scans through the bars within a 1 Hour chart and calculates the average volume per hour.
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Script works on MetaTrader 4. Place the file in the MQL4/Scripts folder and restart the terminal.
Description & Settings
Related: Average Volatility Indicator - another powerful script for MetaTrader 4 traders.
This script scans through the bars within a 1 Hour chart and calculates the average volume per hour. It is prevented from working on any chart other than 1 hour and the average calculation uses to ensure the absolute volume is calculated.
Also recommended: Equivolume and range-bars in the strategy tester - similar script with strong performance on MetaTrader 4.
Just drag the script onto a 1 Hour chart and it should display a message box with the results. I thought this might be useful if you are thinking of limiting trading to times when the volume is high and you wanted to double check which times were most liquid.You may also like: Prev Day Lines. mq4 - Draw Previous Day's High, Low, and Average Price Lines - excellent alternative for script users on MetaTrader 4.
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.