There are a few factors that are crucial to know in trading Markets. You might struggle to make a profit if you ignore other information related to these factors.
Volume is one of those factors.
The forex indicator used to show the volume of the forex trading markets on the MT4 platform, along with other information, is called the better volume forex indicator.
Now you might wonder if a volume forex indicator is already built into the mt4 platform. Should we bother using the Better volume forex indicator 1.5?
Well, even though they sound very similar but both forex indicators vary from each other in terms of the information they convey.
Working on Better Volume Forex Indicator
When you apply the forex indicator to the chart, the forex indicator will start to make a histogram. The forex histogram of the built-in volume indicator only shows the volume profile of the chart in only two colors depending on the color of the candlestick. However, the Better volume forex indicator gives more insights into the nature of the forex volume profile. It also plots the moving average indicator as well. The colors of bars in the histogram cover different types of information.
The colors in better volume indicators represent different market conditions, and you should pay close attention to the color when taking the trade.
Settings Of the Forex Indicator:
In the image below, you can see the settings of the Better Volume indicator. Inside the settings, you can change the factors related to the colors and set up alerts. Like you can set up an alert for the color change, and the indicator will notify you whenever there is a change in the volume profile of the indicator.
A better volume indicator is an excellent tool that provides valuable information regarding market conditions. Also, it would help if you combined the better volume indicator with other indicators to work out a profitable trading strategy.