Volume By Color RSJ is a free indicator for MetaTrader 5 that shows the volume as a histogram in a separate window and paints the bar in a darker blue when the volume is above its own moving average, so the candles with unusual activity stand out. The moving average is drawn as an orange line over the bars.
What it shows
- One bar per candle with the volume of that candle (real or tick, as chosen in the inputs).
- An orange line with the moving average of the volume.
- Bar colors in two or four shades of blue, depending on the color mode (see Colors).
- The window name shows the settings in use, e.g. "Volume RSJ REAL (SMA 20 Periods):". In the Data Window (Ctrl+D) you can read the lines VOLUME and MOVING AVERAGE of any candle.
- It is an indicator only: it never opens, closes or changes orders.
How to add it to the chart
- Open the Navigator (Ctrl+N) and find Volume By Color RSJ under Indicators > Market.
- Drag it to the chart (or double-click it), set the Inputs tab if needed and click OK.
- The histogram opens in a new window below the price chart. To change the settings later, open the indicator list (Ctrl+I) and click Properties.
Inputs
VOLUME CONFIGURATION
- VolColorType (default TWO_COLORS): TWO_COLORS paints only above or below the average; FOUR_COLORS also shows whether the volume is higher or lower than in the previous candle.
- Volume Type (default Real volume): Real volume is the traded volume, where the broker provides it (futures and stocks of any exchange, e.g. B3, CME and others). Tick volume is the number of price changes: use it on forex, CFDs and metals.
MOVING AVERAGE CONFIGURATION
- Moving Average Type (default Simple): Simple, Exponential, Smoothed or Linear weighted.
- Moving Average Period (default 20): number of candles in the average. A smaller period makes the line follow the volume more closely; a larger period makes it smoother.
Colors
| Color | TWO_COLORS | FOUR_COLORS |
|---|---|---|
| Royal blue (darkest) | volume above the average | above the average and higher than the previous candle |
| Steel blue | - | above the average, not higher than the previous candle |
| Dodger blue | volume at or below the average | at or below the average and lower than the previous candle |
| Cornflower blue (lightest) | - | at or below the average, not lower than the previous candle |
The bar colors are set by the indicator for each mode. In the Colors tab you can change the color, style and width of the MOVING AVERAGE line (default orange, width 5).
Tips
- If the histogram stays at zero on forex, CFDs or metals, the broker does not provide real volume for that symbol: set Volume Type to Tick volume.
- A dark bar after a sequence of light bars marks a candle with more activity than usual: look at it on the price chart, for example at breakouts, rejections and climax candles.
- Works on any symbol and timeframe.
Download
Volume By Color RSJ (free).
Questions and suggestions: send me a private message through my MQL5 profile.
Trading involves risk of loss. The indicator shows market information; it does not forecast prices and offers no guarantee of results.
