As you prepare to storm the forex market, there are several technical indicators you need to be aware to be able to make any headway in your trading career. And amongst those is Hawkeye Volume Indicator. No doubt, you need discipline, self-control, and the right knowledge to succeed as a trader, but you can’t possibly trade the market on auto-pilot without technical indicators.
The dream of every trader is to trade on auto-pilot to have enough to face other ventures. After all, who doesn’t like to diversify his/her income sources? One way to trade confidently is by using volume indicators.
Volume is understandably the centre most important aspect of trading with the leading indicator providing traders with an insight into a possible price move in advanced. Volume helps traders to plan for the price move and leverage it to improve their trading knowledge.
At its very core, volume indicators were designed to help traders reduce market noise and also to empower traders to see market psychology both in price and in time. The truth remains that there are several volume indicators available for traders to choose from. Except you are an expert, you may not know the right volume indicator to choose that will suit your trading style.
Today, this article will cover one of the most potent volume indicators – the Hawkeye Volume Indicator. Plus, you will learn the nitty-gritty of using the indicator. So let’s see if this one make our Best Metatrader Indicators page or not.
What Is The Hawkeye Indicator?
The Hawkeye Volume Indicator is a custom technical indicator that was designed to enable traders to know when the market is being distributed, accumulated, or when there is no demand at all. The indicator comprises of 3 sub-indicators, namely – Volume, Volume Radar, and Volume PaintBar.
The Volume sub-indicator is the most essential tool in the Hawkeye suite, as it enables traders to gain an edge over other traders not using the tool. The volume indicator can signal a price movement before the occurrence of such an event. It also provides the fuel and power that drives the market.
In order to analyze the associated volume and price action, the Hawkeye indicator is equipped with a complex algorithm that can execute more than 300 calculations in a given bar. It works on all markets and timeframes. Whether you are a day trader, intraday trader, or even a scalper, this tool is an excellent addition to your trading arsenal.
How The Indicator Works
The Hawkeye indicator works by displaying when buying volume or selling volume is in control of the market. As with other volume indicators, the Hawkeye indicator goes ahead to tell you whether or not the buying or selling volume is professional.
The result is displayed in a visual and simple way. Green shows professional buying and red show professional selling. What’s more? White shows there is no demand at all.
Benefits Of Using The Indicator
The major benefit of using the Hawkeye Volume Indicator is that you can navigate the financial market with confidence. The Volume Price Bar indicator allows you to look at the price bar and determine whether or not the bar has a volume-selling bias, a volume buying bias, and a volume neutral bias. This arrangement will help you to build your profits.
1. The red bar shows that the market is decreasing.
2. The green bar shows the market is rising.
3. The white bar is a warning sign that a change in direction is imminent as the buying volume changes to selling volume and vice versa.
The indicator can also help to manage your emotions and build better, profitable positions.
You will agree with us that often the market usually has moments of low or high volume periods. The Volume Radar helps to highlight unusual changes so that you can exit a trade position to avoid losing your hard-earned money.
The indicator gives 3 clear signals as follow:
1. A red dot for an ultra-high volume (especially when there is a major announcement by the central bank or economic releases)
2. A yellow dot showing a high volume
3. A blue dot showing an ultra-low volume
Installing The Indicator
1. Download the Hawkeye Indicator from the MQL5 marketplace
2. Save the downloaded indicator file in a location you will easily remember
3. Copy-paste the indicator file to your MT4 indicator directory folder
4. Start or restart the MT4 trading platform
5. Select the preferred chart you want to install the new
6. When you are on the chart, navigate to the indicator directory folder
7. Look out for the indicator
8. Right-click on the indicator and select install on the dropdown
9. You should then see the indicator on your chart
How To Remove The Indicator
Removing or uninstalling the Hawkeye Indicator is pretty simple. Just follow the process below:
1. Start your MT4 trading platform
2. Navigate to the indicator directory folder
3. Look out for the indicator
4. Right-click on the indicator and select delete/remove
5. You won’t see the indicator again on your chart
Conclusion on Hawkeye Volume Indicator
The Hawkeye Volume Indicator is a great custom technical indicator to behold. With the indicator, you will know when the market is being distributed, accumulated, and when there is no demand.
We encourage you to combine this indicator with other technical indicators to make the most of it. Thankfully, we have a variety of technical indicators listed on our website for you to consider, so check it out via this link.