Real-time chart weighted indicator MetaTrader 4 - Free download [TradingFinder] - MT4/MT5 resources

The Live Chart Weighted Indicator is an advanced tool designed for short-term analysts on the MetaTrader 4 platform.

This indicator plots candlesticks based on the number of trades, and unlike time-based charts, it does not have a unified timeline because the volume and speed of trades vary from period to period.

At moments like the beginning of trading sessions , spikes in trading volume cause the chart to move rapidly, creating multiple trading opportunities.

Scale chart weighted indicator table

The general specifications of the quote chart weighted indicator are shown in the table below.

Scale chart weighted indicators at a glance

The Live Chart Weighted indicator draws candlesticks based on time and links them to the indicator shown below.

In the oscillator window, three main lines appear:

• Blue line (buy/sell weighted line): shows price movement with high sensitivity;
• Red Line (Bid Line): Shows the sideways trend of market sellers;
• Gray or black line (weighted price line) : the main calculation line of the indicator, derived from the following formula:

Indicators are in an upward trend

In the middle part of the chart, the blue line is moving positively above the weighted line. This indicates rising demand and buying pressure. F

Furthermore, the growing gap between the blue line and the weighted line in the price bottom area marks the beginning of the uptick.

Following this signal, the candlestick also begins to rise, creating favorable conditions for entering buy trades in the short term.

Indicators are in a downward trend

In a downtrend, when the bid line separates from the weighted line and moves downward, the indicator shows weak demand and strong supply.

This is reinforced when a lower high is formed compared to the previous high and the indicator lines are aligned with selling pressure.

Bearish signals are more effective when the weighted line acts as resistance, and repeated reactions of the red and blue lines stabilize below it.

Scale chart weighted indicator settings

The image below shows the settings panel of the real-time chart weighted indicator in the MetaTrader 4 platform:

• Period : calculation period

Conclusion

The Tick Chart Weighted Indicator is a useful tool for technical analysis to more accurately display market fluctuations by analyzing trading volume based on the number of ticks per period.

This indicator gives more weight to price changes that accompany increased trading volume, thus providing a reliable signal for identifying entry and exit points.