Please help me with a Volume indicator
E
The limitation in the Forex SPOT market in general is that with no central exchange there is no single source of true market volumes, either for numbers of players or their position size
High level ECN brokers may have more idea of this and some even share the data, but not through MT4
MT4 can only show us the brokers 'volume' which is merely the number of ticks in a period
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Having said that the following indicators may be of some help:-
...
On Balance Volume
Momentum
Bulls Power
Bears Power
...
I use this a lot https://www.mql5.com/en/code/7599
with the standard MT Volume indicator dragged on top of it
Add some levels for max & min for the pair/timeframe of interest and you should be away
Particularly good on USDJPY M5 and GBPJPY H1
And..
As always, watch your time of day in relation to pair...
Good Luck
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Somebody should please help me with a nice indicator that can show volume or buying and selling pressure.
My email address is edwinyoungedo@yahoo.com