Real-time chart weighted indicator MetaTrader 5 - Free download [TradingFinder] - MT4/MT5 resources

The Live Chart Weighted Indicator on the MetaTrader 5 platform plots candlesticks based on the number of trades, unlike time-based charts, which do not have a unified timeline as the volume and speed of trades vary from period to period.

Additionally, during the beginning of trading sessions , increased trading volume creates rapid fluctuations and sets the stage for 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 connects them with the indicator shown at the bottom of the chart. In the oscillator window, three main lines are displayed:

• Blue Line (Buy/Sell Weighted Line) : Displays price movements with high sensitivity
• Red Line (Bid Line) : Reflects changes in market sellers
• 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 moves above the weighted line, creating a positive gap between them; this reflects growing demand and dominant buying pressure. When this gap widens in price bottom territory, it signals the beginning of an uptick.

Indicators are in a downward trend

During the bearish phase, the separation of the bid line from the weighted line and its downward movement indicates the dominance of supply over demand.

Bearish momentum builds when new lower highs are formed compared to the previous high and the indicator lines continue to move along a path consistent with selling pressure.

Bearish signals are most effective when the weighted lines act as resistance.

Scale chart weighted indicator settings

The image below shows the settings panel of the real-time chart weighted indicator in the MetaTrader 5 platform:

• Period : calculation period

Conclusion

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

This trading tool gives more weight to price changes accompanied by high volume, thus providing more accurate signals for identifying entry and exit points.