The On-Balance Volume Forex indicator for Metatrader 5 is a beginner friendly buy/sell tool based on volume and the Donchian trading channel.
The indicator gets loaded in a separate chart as a signal line and a green/orange colored Donchian channel.
Spotting a bullish and bearish Forex trend is an easy task:
- The green signal line marks a bullish trend.
- The orange signal line marks a bearish trend.
- The gray signal line is neutral.
The following indicator inputs can be adjusted: volumes, Donchian channel period.
Feel free to experiment with the indicator’s channel period.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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OBV (extended).mq5 Indicator (MT5)
Chart Example
The following chart shows how the On-Balance Volume indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The On-Balance Volume Forex Indicator?
Find a simple trading example below:
Buy Signal
- A green signal line that appears in the upper green Donchian band is a bullish trading signal.
- Open a buy order and place a logical stop loss in the support area.
- Close the buy trade for a fixed take profit target of your preference.
Sell Signal
- An orange signal line that appears in the lower orange Donchian band is a bearish trading signal.
- Open a sell order and place a logical stop loss in the resistance area.
- Close the sell trade for a fixed take profit target of your preference.
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OBV (extended).mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the OBV (extended).mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration
