Normalized Volume Oscillator
This professional-grade solution for MetaTrader 5 helps traders achieve greater efficiency in their daily workflow. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Normalized Volume Oscillator
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.
Description & Settings
Vadim Shumiloff
The indicator is the development of the idea of using the .
First, the normalized volume values are now expressed as a percentage of the average value for the period. Consequently, the data on the chart can now take negative values, which means a lull in the market.
Another useful addition is coloring of the histogram columns depending on the value of the normalized volume.
Gray color means that the current volume is less than the average for the period;
Blue color means a small excess of the volume compared to the average for the period;
Brown color means that the increase in volume has exceeded the 38,2% Fibo level compared to the average for the period;
Red color means that the increase in volume has exceeded the 61,8% Fibo level compared to the average for the period;
Yellow color (red in the figure below, so as not to blend with the background) means that the increase in volume has exceeded the 100% level compared to the average for the period.
Originally this indicator has been written in MQL4 and was first published in the on 19.06.2008.
Fig.1. The Normalized_Volume_Oscillator indicator
