The forex industry is a highly violate and dynamic market, where traders are always on the hunt for the next trading opportunity to take profit. While one way to quickly take profit as a forex trader is to use technical indicators to determine market trends and directions. The Volume Indicator MT4 is one of such indicators. Though there are many indicators you can leverage to take profit, the scope of this article is limited to the Volume Indicator. The indicator will not only help you to improve your earnings, but it will also help you enhance your trading strategies. So we will see if a volume indicator makes our best metatrader indicators page.
As a newbie trader with the right trading strategies, using this indicator will help to jump-start your trading career. First, you will be able to predict market direction and know the accurate time to enter or exit a trade position without incurring any loss. Secondly, you will trade with confidence, knowing that the indicator will help you to take profit.
What Is The Volume Indicator MT4?
The Volume Indicator MT4 is a custom technical indicator designed to help all categories of forex traders to forecast price movements and market trends in real-time. It is compatible with the popular MT4 trading terminal and supports a wide range of currency pairs across different timeframes.
Trading with the Volume Indicator comes with numerous benefits and a few drawbacks. What are the benefits and drawbacks of trading with this indicator?
Benefits And Drawbacks Of Using The Indicator
One big advantage of using this indicator is that it helps traders to easily spot prices where there are reversal opportunities for you to take profit. What this means is that, if you understand how the indicator works and you correctly install it on your trading chart, you can predict the possibilities of a price reversal in any trade position. Predicting price reversal is usually very profitable, as it comes with low risk and high-profit margin. This is what the Volume Indicator can help you achieve.
While using the Volume Indicator also benefits in easily spotting a new trend that is about to form in the market. Trading in the direction of a trend is equally profitable and promising. The Volume Indicator generates accurate trade signals that notify when a new trend is about to be formed. With been used for identifying the trade opportunities as well, whether in the shape of entry or quick exit on a trading position. Besides, with this indicator, you will trade confidently without second-guessing.
The major drawback of using this indicator is that it is not 100% accurate at every point of usage. Plus, it may experience technical glitches if you don’t install it properly. So, to enjoy the indicator, combine it with other technical indicators and follow the installation process in this article to add it to your trading chart.
Installing The Indicator
The process of installing the Volume Indicator is very simple and straightforward. Here is what you should do:
1. Download the Volume Indicator file from a reputable Marketplace
2. The file should be saved in a location on your system where you will easily remember
3. Move the file to the Indicator Directory folder
4. Launch or restart your MT4 trading terminal
5. Select the trading chart you wish to install the indicator
6. Look out for the Volume Indicator in the indicator directory folder
7. Upon finding the indicator, right-click on it and click on “Install the indicator.”
8. Adjust the default settings according to your trading preferences
9. The Volume Indicator should appear on your trading chart.
Removing The Indicator
If you no longer need the indicator, you can uninstall it from your trading chart. Here is how to go about it:
1. Launch your MT4 trading terminal
2. Head straight to the indicator directory folder
3. Look out for the Volume Indicator
4. Right-click on the indicator and select “remove.”
5. The indicator should disappear from the list of custom indicators in the folder.
Combining The Volume Indicator with Other Indicators
You can combine the Volume Indicator MT4 with other indicators to increase its effectiveness. For instance, you can combine it with the Keltner Channel indicator to suggest or predict possible breakout levels. The Keltner channel is a good indicator that serves as a volatility envelope. It works by becoming wider the moment there is an increase in prices, and narrow when the prices declined.
You can also combine the Volume Indicator with the Support and Resistance indicator, Gap Indicator, as well as a breakout indicator. This combination will help you to trade with confidence without second-guessing. It will also help you trade without emotions. What’s more? It will also improve your trading strategies and help you double your profit margin in less time.
Whether you prefer swing trading, scalping, or are an intraday trader, combining the Volume Indicator with other indicators will help you predict market movement and determine trend directions for you to take profit.
Conclusion On Volume Indicator MT4
Now you can see that the Volume Indicator MT4 is an amazing tool to include in your trading arsenal. The indicator works perfectly well on the MT4 trading terminal and supports different currency pairs. It also works across different timeframes. Whether you are a scalper, swing, or intraday trader, you will benefit so much from this indicator.
The Forex Volume Indicator helps traders to spot profitable trade entries, trend changes, and reversal opportunities in the timeframe that the trader is trading from. However, to make the most out of this indicator, we encourage you to combine it with other technical indicators like Keltner Channel indicator, Support and Resistance indicator, as well as Gap or Breakout Indicators.
We have all these indicators here on our website, therefore just skim through our website via this link, and you will see a list of these indicators. We hope combining any of these indicators with the Volume Indicator will help to improve your trading experience.