 |
By adding accent colors to candles based on volume, this Candle Volume Indicator for MT4 or MT5 improves your trading charts. It is essential to comprehend market volume in order to make wise trading judgments. This piece explores the attributes and advantages of this potent tool, which aids traders in seeing volume in a clear and attractive manner.
Key Features
- Preset Palettes: Candle Volume Indicator comes with three preset color palettes, each tailored for optimal visual distinction:
- Blue with Red accent
- Sea-green with Pink accent
- Green with Orange accent
To choose a preset, navigate to the indicator settings, find the “Presets” parameter, and select one of the three available options.
- Adaptive Color Scheme: The indicator automatically detects your chart’s background—whether dark or light—and adjusts the candle colors accordingly. This ensures that the volume candles are always displayed clearly, regardless of your chart settings.
- Custom Colors: The Candle Volume MT5 Indicator allows custom color settings for those who prefer a personalized touch. Selecting “Presets: Custom” in the settings allows you to adjust the gradient to suit your preferences, creating a unique visual experience.
- Calculation Period: Traders can set a specific calculation period (Bars to count) to analyze a particular timeframe on the chart. This flexibility enables focused analysis on desired trading periods.
| |
The Volume Candle Indicator is not a trading indicator system used on its own. Even so, it can be a great tool for your trading as an extra chart analysis, for determining the take-profit and stop-loss points of a trade, among other things. Although this technique is accessible to traders of all skill levels, it can be helpful to practice on an MT4 demo account until you have the consistency and self-assurance necessary to move on to actual trading. With most Forex firms, you can open a genuine or demo trading account.
To reflect the volume, it emphasizes candles in different colors, providing a more vivid visual representation. The intensity of the candle color increases with volume, making it easier for traders to see noteworthy market action in real time.
| |
 | No Minimum Deposit ECN Acount No Commission | |
 | Min Deposit of 20$ |
Why Use
Improved Visualization: Traders can see volume right on the price chart with the Candle Volume MT5 Indicator, eliminating the need for an additional volume histogram. This produces a three-dimensional (or “stopping volume”) effect that is similar to a heat map, which facilitates the identification of high-volume regions, low-volume directional movements, and candles that indicate possible reversals.
Simplified Decision-Making: The Candle Volume MT4 Indicator makes it easier to visualize volume data, even though it doesn’t completely replace a conventional volume histogram. As a result, traders may make judgments faster by evaluating market conditions more quickly and responding appropriately.
Find Important Market Areas: Traders may quickly spot times of directional movement with low volume and extremely volatile areas with higher volume by using the volume-based color coding. This understanding is essential for executing calculated entrances and exits.
| |
| |
