Discussing the article: "Building an EquiVolume Indicator in MQL5"
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Check out the new article: Building an EquiVolume Indicator in MQL5.
We implement an EquiVolume indicator in MQL5 that converts standard candlesticks into volume-weighted boxes. The workflow includes selecting volume type, detecting the maximum volume within a lookback range, normalizing all values against it, and mapping them into proportional box widths. The result is a chart-based structure that visualizes trading activity intensity alongside price movement in MetaTrader 5.
EquiVolume is a charting method that represents both price movement and trading volume in a single visual structure. In this approach, each candle carries two types of information: the height represents price movement between high and low, while the width represents trading volume. This allows traders to instantly see not just how price moved, but how much participation supported that movement, similar to how a crowded market stall is physically larger because more people are gathered around it.
Unlike a normal candlestick chart, where every candle has the same width regardless of volume, EquiVolume changes the horizontal size of each candle based on trading activity. In a standard chart, a candle with very high volume and another with very low volume can look identical in width, even though their significance in the market is entirely different. EquiVolume solves this by visually scaling candles so that volume becomes part of the structure of the chart itself.
In this project, we will build a custom MQL5 indicator that displays EquiVolume in a separate indicator window using rectangle objects. First, within a defined lookback period, we will identify the candle with the highest volume. This candle becomes our reference point for scaling. Next, we will normalize all other candle volumes against this maximum value. We will also define a fixed maximum width for the highest-volume candle. Every other candle’s width will then be calculated relative to this reference, meaning that if a candle has half the volume of the maximum, its EquiVolume box will automatically be drawn at half the maximum width, creating a proportional visual representation of market activity.
Author: ALGOYIN LTD