About the Hawkeye Volume Forex Indicator
The Hawkeye Volume indicator for MT4 shows colored volume bars to help traders understand current and past market volatility.
Green bars indicate bullish pressure, while red bars indicate bearish pressure. Large bars signal higher volatility and stronger market moves.
Traders can use it alone or alongside trend and momentum indicators to improve trade timing and risk management.
Free Download
Download the “hawkeye-volume-indicator.mq4” indicator for MT4
Key Features
- Displays colored volume bars on the main MT4 chart
- Green bars indicate bullish volume
- Red bars indicate bearish volume
- Large bars signal high market volatility
- Works on any currency pair and timeframe
- Helps identify strong moves and potential reversals
- Can be combined with other indicators for better accuracy
Indicator Chart
The chart shows the Hawkeye Volume indicator with green and red bars.
Green bars represent buying pressure, while red bars show selling pressure.
Large bars indicate stronger volatility, helping traders time entries and exits more effectively.
Guide to Trade with the Hawkeye Volume Indicator
Buy Rules
- Open a buy trade when green bars increase in height
- Confirm trend direction using other indicators or price action
- Close or reverse when red bars appear strongly
Sell Rules
- Open a sell trade when red bars increase in height
- Confirm downtrend using other indicators or price action
- Close or reverse when green bars appear strongly
Stop Loss
- Buy: just below the last green bar’s swing low
- Sell: just above the last red bar’s swing high
- Widen stops during high volatility, tighten in calm markets
Take Profit
- Close trades when volume bars weaken or opposite color appears
- Take partial profits at nearby support/resistance levels
- Use trailing stops during strong trends
Practical Tips
- Watch for large bars to identify high-probability moves
- Avoid trading when bars are small and choppy
- Use higher timeframe volume to validate lower timeframe trades
Scalping Strategy: Hawkeye Volume + Precision Trend Histogram for MT4
This scalping strategy combines the Hawkeye Volume Forex Indicator and the Precision Trend Buy Sell Histogram to identify rapid, high-probability trades.
The Hawkeye Volume indicator uses colored volume bars to indicate market strength, while the Precision Trend Histogram provides trend direction and strength.
This strategy is ideal for 1-minute to 5-minute charts, suitable for traders who prefer quick, intraday trades.
Buy Entry Rules
- Wait for a green volume bar from the Hawkeye Volume indicator, indicating buying pressure.
- Ensure the Precision Trend Histogram is green, confirming a bullish trend.
- Enter a buy trade at the close of the candle that confirms both conditions.
- Set the stop loss just below the most recent swing low or a significant support level.
- Set the take profit at a 1:1.5 reward-to-risk ratio, or exit when the Precision Trend Histogram turns red.
Sell Entry Rules
- Wait for a red volume bar from the Hawkeye Volume indicator, indicating selling pressure.
- Ensure the Precision Trend Histogram is red, confirming a bearish trend.
- Enter a sell trade at the close of the candle that confirms both conditions.
- Set the stop loss just above the most recent swing high or a significant resistance level.
- Set the take profit at a 1:1.5 reward-to-risk ratio, or exit when the Precision Trend Histogram turns green.
Advantages
- Combines volume analysis with trend confirmation for accurate entries.
- Suitable for quick, intraday trades on short timeframes.
- Clear entry and exit signals reduce decision-making time.
- Adaptable to various currency pairs and market conditions.
- Enhances trading discipline by providing structured rules.
Drawbacks
- May produce false signals during sideways or low-volatility markets.
- Requires constant monitoring and quick execution of trades.
- Risk of overtrading if signals are not filtered with additional analysis.
- Performance can vary across different currency pairs and timeframes.
Case Study 1
On the EUR/USD 1-minute chart, a green volume bar from the Hawkeye Volume indicator appeared, indicating buying pressure.
The Precision Trend Histogram was green, confirming a bullish trend.
A buy trade was executed at 1.1850, with a stop loss at 1.1840 and a take profit at 1.1865.
The trade reached the take profit level within 10 minutes, yielding a 15-pip gain.
Case Study 2
On the GBP/JPY 5-minute chart, a red volume bar from the Hawkeye Volume indicator signaled selling pressure.
The Precision Trend Histogram was red, confirming a bearish trend.
A sell trade was entered at 150.30, with a stop loss at 150.50 and a take profit at 149.80.
The trade hit the take profit level within 15 minutes, resulting in a 50-pip profit.
Strategy Tips
- Focus on major currency pairs with tight spreads to reduce trading costs during scalping.
- Trade during high liquidity sessions, such as London and New York overlaps, to increase signal reliability.
- Combine the strategy with support and resistance levels to confirm entries and avoid false breakouts.
- Consider the trend on higher timeframes (e.g., 15-minute or 1-hour charts) to filter trades in the direction of the main trend.
- Keep your trading sessions short; scalping works best with focused, disciplined trading bursts.
- Maintain emotional discipline and avoid overtrading during periods of low volatility or choppy market conditions.
Download Now
Download the “hawkeye-volume-indicator.mq4” indicator for Metatrader 4
FAQ
Can I trade any currency pair with it?
Yes. It works on all MT4 pairs and instruments.
Do the bars repaint?
No. Once formed, the bars remain fixed and reflect actual market activity.
Which timeframe is ideal?
It works on all timeframes. Lower charts suit scalping; higher charts suit day and swing trades.
Is it beginner-friendly?
Yes. The red and green bars make it easy to read market pressure and volatility.
Summary
The Hawkeye Volume indicator for MT4 provides a visual representation of market activity using green and red volume bars.
It helps traders spot bullish and bearish pressure, as well as periods of high volatility.
Using it alongside trend or momentum indicators allows traders to enter and exit trades with more confidence.
Its versatility across all pairs and timeframes makes it a valuable tool for scalping, day trading, or swing strategies.
