Quotation Volume Indicator 1.1 - MetaTrader 4 Script | Forex Indicator Download - MT4/MT5 Resources

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In futures markets, volume data is reported with a one-day delay. To compensate for this, many analysts use a tick volume indicator (Tick Volume™): it allows you to track volume changes during the trading day.

Tick ​​volume indicates the number of transactions executed within a certain period of time, but does not show the number of contracts per transaction. For example, it can conduct 50 transactions per hour. But it’s not clear from this figure how many contracts were signed for each deal. For example, there may be 50 orders for one lot or 50 orders for 100 lots. From this perspective, the quoted volume does not reflect the true trading volume. However, it is still a valuable indicator because it is the only one that allows you to measure volume with less latency, albeit at the expense of accuracy.

This is the main infographic index indicator for this campaign and I have modified it a lot and figured out how to use it. Therefore, alerts and plot arrows were added to the chart to signal possible entries to the user.

It can be used for major currencies like this: open the М5 chart, then the indicator levels are Upgrade = 4 and Downgrade = -4, buy or sell according to them. It is recommended not to be too contrarian, but in fact many signals end up going against the trend - so-called corrections, and the indicators also determine reversals. This can be seen from historical backtesting.

For example, to use Gold - XAUUSD - then on its M5 chart: Upgrade = 40 and Level Down = -40 (usually *10).

Levels are separate for different time frames. Using MM and averaging makes this a good system. Be cautious when entering against the trend.

Attachment download

📎 ticks_volume_indicator_1.1.mq4 (7.45 KB)

Source: MQL5 #13999