The Volume Accumulation Forex indicator for Metatrader 5 measures market volume and shows it as simple to read candles in a separate chart window.
The indicator gets loaded in a separate chart as green and red colored volume candles that appear above and below 0.
How to read the indicator?
- A large green volume candle indicates bullish pressure.
- A large red volume candle indicates bearish pressure.
- The market trend is positive when the candles are positioned above 0.
- The market trend is negative when the candles are positioned below 0.
The following indicator inputs and parameters can be adjusted: colors.
Make yourself familiar with this technical indicator and test it first on a demo account before using it on a live account.
This volume based indicator is very reliable, lightweight and could help you to make informed buy and sell trade decisions.
It supports all time frames and Forex pairs.
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The following chart shows how the Volume Accumulation indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Volume Accumulation Indicator?
Find a simple trading example below:
- A buy signal occurs when a large green candle appears above the 0 level.
- Open a buy trade and place a logical stop loss below support.
- Exit the buy trade for a fixed take profit target of your preference.
- A sell signal occurs when a large red candle appears below the 0 level.
- Open a sell trade and place a logical stop loss above resistance.
- Exit the sell trade for a fixed take profit target of your preference.
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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 Volume_Accumulation.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