Volumes are one of the most important factors of trading, as it is the high volumes that move the market in either direction. But there are very few standard indicators for volumes in MetaTrader 4. The Volume Candles analyses the volumes of the trades and displays candles depending on these volumes. The candle appears once the required number of volumes has passed during trading (the VolumeCandle parameter). If the candles close frequently and are thin, then the volumes on the market are currently high.
The indicator displays the candlesticks in a separate window at the bottom of the chart, which does not interfere with trading and analysis of the price chart.
The indicator parameters
- History bars - the number of bars to look back to plot the candles;
- VolumeCandle - the volume required for forming the candle;
- PeriodMA - Moving Average indicator period;
- PeriodBollinger - period of the Bollinger Bands indicator;
- ShadeWidth - width of the wicks of the volume candles.
If it necessary to disable the display of the Moving Average or Bollinger Bands, the line color can be removed in the settings.