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How do I see volume?

  • #21
  • Dec 3, 2012 6:20am Dec 3, 2012 6:20am
Quoting pt49
You cannot get Volume for Forex.

Some brokers will show "volume" on a chart, but it only local volume that they can measure, and probably has little relevance to actual Interbank volume, which is worldwide, 24/5 and completely decentalized (can't be tracked).
...... and, even worse (at least with MT4) it's only a tick count, as opposed to the total of the actual number of lots traded.

Hence initially, I was very skeptical when I read the VSA threads on forums like this, at least with its possible usefulness in spot forex. But, to my surprise, I've found that, despite these limitations, the volume offered by MT4 (my br0ker is Pepperstone) is a useful addition to my analysis toolbox. See my comments in post #15. That's assuming that, as with all technical tools, we're talking in terms of a small 'edge' as opposed to anything approaching 'holy grail' certainty. As WideEyed describes it, they all have "the potential to deceive".

@WideEyed: MT5 (which I haven't bothered to look at, yet) supposedly offers L2, but (as pt49 points out) this is going to be local at best. I don't know what data is provided by Oanda or IGM. I've read that some traders use volume data from forex futures as a proxy.
  • #22
  • Dec 9, 2012 11:27am Dec 9, 2012 11:27am
Quoting hanover
...... and, even worse (at least with MT4) it's only a tick count, as opposed to the total of the actual number of lots traded.

Hence initially, I was very skeptical when I read the VSA threads on forums like this, at least with its possible usefulness in spot forex. But, to my surprise, I've found that, despite these limitations, the volume offered by MT4 (my br0ker is Pepperstone) is a useful addition to my analysis toolbox. See my comments in post #15. That's assuming that, as with all technical tools, we're talking in terms of a small...
yep...I saw a dude trade spot fx using futures volume ...he talked about luxvol and being able to see hidden volume ...he used 300 lot volume to alert him to possible breakout in the direction of the big trade.he scalped on 1min frame and his account grew to over 2000% right here in FF trade explorer!
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #23
  • Dec 9, 2012 2:36pm Dec 9, 2012 2:36pm
Quoting pt49
You cannot get Volume for Forex.

Some brokers will show "volume" on a chart, but it only local volume that they can measure, and probably has little relevance to actual Interbank volume, which is worldwide, 24/5 and completely decentalized (can't be tracked).
Will people ever learn?

Inserted Video
Without VSA, you're playing checkers while the Smart Money plays chess.
  • #24
  • Dec 10, 2012 9:40am Dec 10, 2012 9:40am
Hi HiddenGap and thanks for the video.

However, he seems to use the volume in MT4 (example at 0:21:00) which, I understand, is supplied by the broker and limited to data local to that broker.

Do you rely on your broker's volume data or do you use some other feed? What about Hanover's suggestion of using volumes from futures as a proxy. Do you find they move in tandem to your broker's volume? Who is your broker?
  • #25
  • Dec 10, 2012 1:09pm Dec 10, 2012 1:09pm
Quoting WideEyed
... he seems to use the volume in MT4 (example at 0:21:00) which, I understand, is supplied by the broker and limited to data local to that broker.

Do you rely on your broker's volume data or do you use some other feed? What about Hanover's suggestion of using volumes from futures as a proxy. Do you find they move in tandem to your broker's volume? Who is your broker?
Yes, that is really the point. The study shows that tick (activity) volume and actual volume are highly correlated.

In fact, Tom Williams , the father of VSA, has expressed that he prefers tick (activity) volume to actual volume.

To be sure, some spot brokers have better tick volume than others. However, that does not change the fact that tick volume works as a substitute for the real thing. I would add, that VSA in particular uses relative volume so the actual numbers do not matter.

As far as using futures data to trade spot, I don't know. I am moving into the camp that says you should be trading futures in the first place. And this has nothing to do with volume but the myriad of other issues dealing with a spot broker brings to bare.
Without VSA, you're playing checkers while the Smart Money plays chess.
  • #26
  • Dec 10, 2012 1:59pm Dec 10, 2012 1:59pm
Thanks for your reply.

I have read Tom Williams' book, Master The Markets, and I see how volume can be a valuable input. However, the emphasis throughout his work seems to be on volume being indicative of what "professional traders" are doing - the logic being that these traders are the "market makers". Fair enough.

But wouldn't the tick volume from a single broker be less than representative (volume-wise) of overall market activity? The professional traders/market makers could be routing their volume though some other location and your broker's own volume figures may not be indicative of the real action happening elsewhere.

OK, you argue that VSA uses relative volume. The reliability of relative volume would seem to vary depending on a) the size of the broker's customer base and b) how representative the broker's volume is to volume in the rest of the market. I know, I know, we're working on relative volume. Except that if your broker happens to have the only two big traders bearish on a particular currency pair while the rest of the market is bullish ... that relative volume would give me completely the wrong picture.
  • #27
  • Sep 7, 2014 5:16am Sep 7, 2014 5:16am
we aint got volume in forex men.
  • #28
  • Last Post: Jul 13, 2015 10:51pm Jul 13, 2015 10:51pm
Quoting WideEyed
I have an account with IGIndex and I can't see volume on my charts. Am I doing something stupid? Or do these platforms not provide that information? How do I go about getting it?
sorry but that is the trick in FX, retail traders cant see volume or order books (just broker volume = useless)

big players can see it, so they profit more
Perfecting your entry will increase your profits
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