better volume
Info
The better volume is a Indicator for MetaTrader 5 that every person who studied technical analysis knows that one of the drivers of price change is volume. several training courses show the monitoring of volume changes using a moving average within the volume indicator in order to let the trader identify changes in its behavior.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use better volume
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
every person who studied technical analysis knows that one of the drivers of price change is volume.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Footprint X Ray: Advanced Order Flow and Volume Delta Analysis - another powerful indicator for MetaTrader 5 traders.
Also recommended: Volume Strength Compass by Bhanu Code Lab - similar indicator with strong performance on MetaTrader 5.
every person who studied technical analysis knows that one of the drivers of price change is volume. several training courses show the monitoring of volume changes using a moving average within the volume indicator in order to let the trader identify changes in its behavior. since the trader have to visually follow every aspect of his/her trade, it is very easy for him/her to miss a breakout of the volume average at that moment.the proposal of this indicator is to present the volume data below the average set by the trader in very pale colors. when a breakout of this average is happening, the bar in the histogram becomes all color, presenting a green color for an uptrend, and a red color for a downtrend...
please note that this behavior is not necessarily always true, because we can have situations - e.g.: following the information in tape reading - where the volume is theoretically in an uptrend but is being absorbed by the sell side, ending in a downtrend...
that said, and along with your trading system, i hope that this indicator be helpful for those trading manually...
live long and prosper...
You may also like: institutional harmonic volumetric gravity center indicator - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.0"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property indicator_separate_window
#property indicator_buffers 2
#property indicator_plots 1
#property indicator_label1 "better volume".......
⚠ 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.