There are a few factors that are very crucial to know in trading Markets. You might struggle to profit if you ignore any information related to these factors.
Volume is one of those factors.
The indicator used to show the volume of the trading markets on MT4, along with additional information, is called the better volume indicator.
Now you might wonder if a volume indicator is already built into the mt4 platform. Then shy, should I bother using the Better volume indicator 1.5?
Well, even though they sound similar but both indicators vary from each other in terms of the information they convey.
Working on Better Volume Indicator
When you apply the indicator to the chart, the indicator will start to make a histogram. The histogram of the built-in volume indicator only displays the volume profile of the chart in only two colours depending on the colour of the candlestick. However, the Better volume indicator gives more insights into the nature of the volume profile. Also it plots the moving average as well. The colours of bars in the histogram cover different types of information.
The colours in better volume indicators represent different market conditions, and you should pay close attention to the colour when taking the trade.
Settings Of the Indicator:
In the image below you can see the settings of the Better Volume indicator. Inside the settings, you can change the factors related to the colours and set up alerts. Like you can set up an alert for the colour change, and the indicator will notify you whenever there is a change in the volume profile of the indicator.
Conclusion
A better volume indicator is an excellent tool that provides valuable information regarding market conditions. Also, you should combine the better volume indicator with other indicators to work out a profitable trading strategy.
Download indicator