The VolumeCandlesticks indicator for MT4 and MT5 platforms is designed to enhance the visualization of trading volume on your charts. It marks candles with extended volume using accent colors, where larger volumes result in richer candle colors.
Key Features
The indicator offers three preset color palettes, allowing users to choose from options such as blue with red accents, sea-green with pink accents, and green with orange accents. It automatically adjusts colors based on the chart's dark or light background, and users can also create their own custom color gradients.
The number of bars used for volume-based color calculations can be adjusted through the "Bars to Count" setting, enabling traders to focus on specific time frames in their analysis.
Purpose and Benefits
The VolumeCandlesticks indicator helps traders perceive volume data without needing a separate volume histogram. By creating a heat map effect on the candles, it allows for quick identification of high-volatility areas, low-volume directional movements, and "stopping volume" candles.
While it is not a complete replacement for a dedicated volume histogram, the indicator simplifies the visual perception of volume information, potentially enabling faster and more informed trading decisions.
Overall, the VolumeCandlesticks indicator provides MT4 and MT5 users with a customizable tool to enhance their market analysis and trading strategies through improved volume visualization.
Indicator Settings
Bars to Count: This setting determines the number of bars used for the volume-based color gradient calculations.
Preset Colors: Users can choose from preset color palettes or enable a "Custom Colors" mode.
Custom Colors: In this section, users can specify their custom colors.
Indicator installation
Download Link
1. Download and unzip the archive to the MQL4/5 folder of the terminal;
2. Restart the terminal and run the indicator;
3. Allow import of DLLs.
Key Features
The indicator offers three preset color palettes, allowing users to choose from options such as blue with red accents, sea-green with pink accents, and green with orange accents. It automatically adjusts colors based on the chart's dark or light background, and users can also create their own custom color gradients.
The number of bars used for volume-based color calculations can be adjusted through the "Bars to Count" setting, enabling traders to focus on specific time frames in their analysis.
Purpose and Benefits
The VolumeCandlesticks indicator helps traders perceive volume data without needing a separate volume histogram. By creating a heat map effect on the candles, it allows for quick identification of high-volatility areas, low-volume directional movements, and "stopping volume" candles.
While it is not a complete replacement for a dedicated volume histogram, the indicator simplifies the visual perception of volume information, potentially enabling faster and more informed trading decisions.
Overall, the VolumeCandlesticks indicator provides MT4 and MT5 users with a customizable tool to enhance their market analysis and trading strategies through improved volume visualization.
Indicator Settings
Bars to Count: This setting determines the number of bars used for the volume-based color gradient calculations.
Preset Colors: Users can choose from preset color palettes or enable a "Custom Colors" mode.
Custom Colors: In this section, users can specify their custom colors.
Indicator installation
Download Link
1. Download and unzip the archive to the MQL4/5 folder of the terminal;
2. Restart the terminal and run the indicator;
3. Allow import of DLLs.