The Volume Candlesticks indicator for Metatrader 5 displays both high and low volume candles on the price chart, offering valuable insights for traders to identify optimal entry points into the market.
Interpreting the candles correctly is crucial:
- A red-colored high volume candle may signal a robust continuation or reversal in the prevailing trend.
- A blue-colored low volume candle typically indicates price movements within a range-bound market.
Traders have the flexibility to customize the following indicator’s inputs and parameters: the number of bars, colors for high volume candles, low volume candles, and shadow candles.
This indicator is versatile and effective across all trading instruments supported by the Metatrader 5 charting platform.
For optimal results, it is advisable to gain familiarity with this technical indicator and extensively test it on a demo account.
To maximize profit potential, scalpers and day traders can capitalize on the Volume Candlesticks indicator during periods of high market volatility.
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VolumeCandlesticks.mq5 Indicator (MT5)
Chart Example
The picture below illustrates how the Volume Candlesticks indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Volume Candlesticks Indicator?
Find a simple trading strategy below:
Buy Signal
- Buy market condition: The overall trend must be clearly positive.
- To enter a buy order, look for a red high volume bullish candle on the chart.
- Exit the buy trade for a risk/reward ratio of at least 1.5.
- Optionally: await a valid sell signal to close the buy position.
Sell Signal
- Sell market condition: The overall trend must be clearly negative.
- To enter a sell order, look for a red high volume bearish candle on the chart.
- Exit the sell trade for a risk/reward ratio of at least 1.5.
- Optionally: await a valid buy signal to close the sell position.
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VolumeCandlesticks.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 VolumeCandlesticks.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