Without volume, forex trading decisions are impossible as it moves prices and produces trends. Day traders, trend traders, and swing traders need volume to see price movement. We can’t profit without volume and lose money. So, don’t overlook volume analysis on Forex.
Most forex traders mistake neglecting volume and know that it is a dumb trading move! Understanding volume can help you make money on the currency market. And that’s where Better Volume Indicator MT4 may help.
Market volume indicators can help you spot market turning points, trend changes, and pullbacks. In addition to volume, you can see whether experienced traders are buying or selling.
How To Use Volume To Your Advantage In The Forex Market?
You can use any of the market’s volume indicators to study market volume and forecast market trends. Choosing an indication is usually a headache for traders.
The Better Volume Indicator MT4 is one exceptional volume indicator. This indicator improves the classic volume histogram by coloring the bars according to the following criteria:
- Low Volume – It shows a yellow low volume bar.
- Low or High Volume Churn — These are painted blue or green.
- Volume Climax + High Volume Churn – Magenta.
- Volume Climax Up – These are the red high volume up bars.
- Volume Climax Down – These are the high white volume down bars.
- No Volume Signal – The histogram bar is cyan. The Better Volume Indicator changes the hue of the histogram.
Due to the indicator’s importance, we will now look at its features and benefits and how to install and uninstall it.
Which Volume Indicator Is Best?
One of the most famous custom indicators for MT4 is the Better Volume Indicator. In addition, it incorporates SMA data and the volume indicator method. This indicator is excellent for manual traders since it reflects the price trend accurately.
If the value of the currency pair you want to trade goes up, the indicator bars in the indicator frame will turn green. In the indicator frame, if the price is falling, the indicator bars will become green. So, position your orders at the resistance level.
If the Better Volume Indicator detects climax churn or high volume churn, it will notify traders through pop-up, notification, push, or email. You can disable the notification in the indicator settings.
Don’t overcomplicate your trading chart by using too many volume indicators. Keep it basic and relate the bars in D1. Before using the indicator on an existing account, you can practice on a demo account.
Better Volume Indicator Features
The Better Volume Indicator considers a variety of volume ratios and candles. Each signal is color-coded for convenience:
- Purple: A unusual signal expressed as a candle row. It also has a high chart volume.
- Blue: No signal.
- White: In a decline, white appears at the end of a bullish trend.
- Yellow: Used to identify low-volume candles.
- Red: A bullish candle with strong volume and spread.
- Green: Before a trend’s termination. It also combines a high volume with a bit of candle.
Some Additional Features
The Better Volume Indicator MT4 claims to support most exchange rates and timeframes.
It is suited for intraday, swing, and scalping traders.
The Better Volume Indicator’s Pros and Cons
- The indicator helps traders reduce losses at the onset of a trend.
- The indicator generates trade indications for entry and exit.
- It can be paired with other efficiency indicators.
- The indicator can alert you when a trade opportunity arises.
- It removes trading emotions and fear.
- It supports MT4 trading.
- It may not provide buy/sell indications.
- It can send confusing signals.
Installing The Indicator
The Better Volume Indicator is easy to download and install. What you should do is:
- Install Better Volume Indicator from a trusted Marketplace.
- Save the file somewhere you’ll remember it.
- Indicator Directory, move the file.
- Restart your MT4 trading platform.
- Pick the chart where you want to install the indicator.
- In the indicator directory folder, find the Better Volume Indicator
- Right-click the indicator and select “Install the indicator.”
- Customize the default settings to your trading style
- An indicator should appear on your trading chart.
Removing The Indicator
Delete the indicator from your trading chart if you no longer require it. How to do it:
- Open MT4 trading terminal.
- Open the indicator directory folder.
- Keep an eye out for the BVI
- Then pick “remove” from the popup menu.
- The indication should vanish from the folder’s custom indicators list.
The Better Volume Indicator MT4 is a superb trading tool for professionals. With this indication, you will not do forex trading merely on guesses.