Volume Above Average

Volume Above Average

Volume Above Average Indicator - MQL5

Introduction

The Volume Above Average Indicator is a custom indicator for the MetaTrader 5 (MQL5) platform that helps traders identify the current trading volume compared to the historical average. The indicator uses three different sensitivity levels to classify volume into weak, medium, and strong, providing a clear visualization of market momentum.

Key Features

• Displays trading volume in a separate window.
• Compares the current volume with the historical average.
• Adjustable sensitivity with three levels: Weak, Medium, and Strong.
• Color-coded volume intensity:
  • Light Blue (Weak): Slightly above average volume.
  • Blue (Medium): Significantly increased volume.
  • Dark Blue (Strong): A sharp volume spike.
  • Gray: Volume below average.

How to Use

1. Installation on MetaTrader 5

   • Open MetaTrader 5.
   • Go to File > Open Data Folder.
   • Navigate to MQL5 > Indicators.
   • Copy the VolumeAboveAverage.mq5 file into this folder.
   • Restart MetaTrader 5.
   • Open a chart and add the indicator from Navigator > Indicators > Custom.

2. Input Parameters

   • Period (Default: 20) - Number of periods for calculating average volume.
   • SensitivityWeak (Default: 1.2) - Multiplier for the weak level.
   • SensitivityMedium (Default: 1.5) - Multiplier for the medium level.
   • SensitivityStrong (Default: 2.0) - Multiplier for the strong level.

3. How to Read the Indicator

   • When the histogram turns dark blue, the market is experiencing high volatility.
   • If the histogram is light blue or blue, volume is increasing moderately.
   • If the histogram is gray, market activity is low.

Benefits

• Helps identify high-volatility zones for better trade entries.
• Useful for volume-based trading strategies.
• Easily customizable to fit your trading style.

Download & Purchase

The indicator is available on MQL5 Market. Download now to enhance your volume-based trading strategy!