I am currently using MT5 for futures and I was wondering if there would be any updated version where I can use charts based on volume or tick and not time.
Ninjatrader, or TradeStation, Sierra all have this capability, but not Metatrader 5.
Any help would be appreciated!
They don't have plans for this. They do not consider charts with variable time step (which will in effect be, if you form bars by volumes or ticks) as an option.
You should use products from the Market or the codebase.
I'd like to have bars formed by volumes / ticks. Is there a product in the market that allows that?
You can easily code an ea or indicator for that.
Have you searched codebase ?
No, I don't see how this would work.
For example, ninjatrader has Time: Ticks or Volume or Minutes when you backtest. MT5 only has time frame.
i'm sorry i dont see any tick chart there.
im not sure what you are looking for because i sure have seen MANY volume charts and i have no clue what you are looking for.
Maybe stick to ninja ?
In meta you can select volumes by a right click on the chart then it will display volumes below that is the most basic one.
Thanks for your help!
I just started using ninja and I like it only because of the volume charting. I like MT5 a lot more because of the cloud computing, a huge market with EAs and indicators, a freelance section where I can get an EA coded for people like myself (I am not a programmer BTW), and also I am used to MT5.
What I like in ninja is the volume charting where and I can draw support / resistance based on volume and not time. The problem with futures is low trading volumes and a chart based on time frame could be misleading (broker data, low trading volume etc.).
Here's another screen shot showing a chart based on volume (you can see in the bottom that the scale of time is not consistent, which is based on min trading volume, in this case - it's 5000)
The second chart is scaled to the same bottom time frame as the volume one. You can see how different they look.
Well it does not speak to me i have no idea what that is used for and i also have other idea's to the term volumes.
Got you, thanks for your help anyway!
Most straighforward and free way of creating equivolume charts could probably be starting from this article for MT4, and then updating it to new MT5 feature of creating custom symbols.
I don't know a ready made solution, sorry.
When you search code base then you will see that there are 53 PAGES with volume related softwares, it would blow my mind if there was not something comparable in that pool:
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