Is there such a volume indicator available? | Forex Factory

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Is there such a volume indicator available?

  • #1
  • First Post: Feb 8, 2023 7:03am Feb 8, 2023 7:03am
Hi peeps, I am looking a volume alert that can send me an alert whenever there is a sudden drop in trade volumes or when it drops below or rise above a pre-determined value, only between London Open and London close.
It would be great if the indicator can also monitor all the FX pairs in the background so that I can open only 1 pairs and don't have to open all the different fx pairs in MT4 in order for the indicator to monitor them.

Is there something like this?

Thanks in advance.
  • #2
  • Feb 8, 2023 9:58am Feb 8, 2023 9:58am
Quoting Han2019
Hi peeps, I am looking a volume alert that can send me an alert whenever there is a sudden drop in trade volumes or when it drops below or rise above a pre-determined value, only between London Open and London close. It would be great if the indicator can also monitor all the FX pairs in the background so that I can open only 1 pairs and don't have to open all the different fx pairs in MT4 in order for the indicator to monitor them. Is there something like this? Thanks in advance.
what volume are you referring to? Tick volume provided by Metatrader platform?

May i ask why do you think it's useful?
  • #3
  • Feb 8, 2023 10:15am Feb 8, 2023 10:15am
Yes, just tick volume from MT4.

While I know there are lots of debate on whether tick volumes are useful or not since fx market is decentralized, there was a research that shows tick volume have a +/- 90% correlation to real volume (I can't remember the name of the paper, but I am sure google has it).

I am interested in the irregular volumes at areas of my interest, those volumes normally highlight irregular market activities and are telltale signs in my opinion. While high volume's accuracy can be debated, extreme low volume candles should really be 100% correct since that essentially represent extremely low market activities whether it is tick volume or real volume. And such low volume candles after a certain type of price movement will most likely mean market interest exhaustion, and that to me is quite a help way to filter out possible fake reversals.
  • #4
  • Feb 8, 2023 10:54am Feb 8, 2023 10:54am
Quoting Han2019
Yes, just tick volume from MT4. While I know there are lots of debate on whether tick volumes are useful or not since fx market is decentralized, there was a research that shows tick volume have a +/- 90% correlation to real volume (I can't remember the name of the paper, but I am sure google has it). I am interested in the irregular volumes at areas of my interest, those volumes normally highlight irregular market activities and are telltale signs in my opinion. While high volume's accuracy can be debated, extreme low volume candles should really...
Understood.

Well, i havent used metatrader for a long time but with tradingview you can set up alerts on predefined volume levels on your own. And alerts come to your tradingview app too, on your phone. See attachment. Dunno if it helps.
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  • #5
  • Last Post: Feb 13, 2023 12:38am Feb 13, 2023 12:38am
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