Relative Volume Indicator by Hour
Info
The Relative Volume Indicator by Hour is a Indicator for MetaTrader 5 that indicator of volumes. It displays a color histogram of relative volumes by day hours.
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 Relative Volume Indicator by Hour
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
Indicator of volumes.
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: Compression Breakout Channels with Buy and Sell Volume Analysis - another powerful indicator for MetaTrader 5 traders.
Indicator of volumes. It displays a color histogram of relative volumes by day hours.Also recommended: Simple Anchored VWAP - Institutional Volume Benchmark - similar indicator with strong performance on MetaTrader 5.
Hour from 08 to 13 - color Red
Hour from 14 to 17 - color Bright Green
Hour from 18 to 21 - color Red
Hour from 22 to 23 - color Green
Hour from 00 to 07 - color Blue
The volume of each hour is calculated as a ratio between the current volume and the mean volume value within the predefined range.
The indicator has one input parameter:
Period
- Calculation period
Calculations:
Where:
You may also like: Impulse Candle Indicator: Identify Momentum Bars with ATR and Volume - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ 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.