The Forex volume indicator is an indicator used to detect the volume of the trend, buy, and sell signals in the market trend. Forex volume indicator plots a histogram chart on indicator screen representing numbers and volumes of the trade-in Forex market. Trading with a perfect volume indicator, take a lot of advantages in the trade.
Volume is related to the big secrets of the market trend so traders focus on these volumes to find out the market secrets to gain a profitable trade. The volume indicators are also used to plot price movements and price trends on the indicator chart.
What is the volume in the Forex trading system?
The forex trading system is related to buy and sell signals, without these signals, no one can make any transaction with the help of this market.
Chaikin Volume Indicator MT4
Whenever the buy or sell signals are placed on the indicator chart, it means that it must have some volume that is bought or sold. In forex trading system, it detects the price changings in the market trend. It also identifies the market activities that happen during the trading period of this indicator.
The volume indicator is specially designed for forex trading system and Meta trader platforms like mt4 and mt5. It is further divided into four other categories. Four categories are mentioned here.
- Bill Williams.
- Height adjustable Volume bars: it helps the indicator to change the height of the volume bars. If the volume is increasing hen the height of the volume bars also increases and if the volume is decreasing then the volume bars height also decreases.
- Width adjustable Volume bars: this feature helps the indicator to adjust the width of the volume bars.
- Custom Volume coloured bars: it is used to change the colour of the volume bars. Most used colours are green and red. Green colour indicates the rise and red colour indicates the fall in the volume price.
- Adjustable on chart Volume readings: this feature helps the trade to plot accurate and adjustable readings on the histogram chart.
Tick & Candle volume indicator MT4/MT5
This indicator uses a specific pip for detecting up and downs in the market trend. It uses a different hue of colours for easy understanding.
It provides stop loss and takes profit parameters for any risky situation of the trade in the market trend. It also uses volume bars and candlestick patterns for determining the up and down in the price movements.
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USES OF VOLUME INDICATOR
There are many uses of volume indicator but we had shortlisted the some most important uses of this indicator.
First of all, this indicator is used to detect the volume changings in the market trend. It helps the traders to know about market secrets because the volume is concerned with the volume and traders to use this indicator for this reason. It detects the reversal changings, oscillations and scalping in the forex market. It uses different strategies for its easy and precise measurement.