Free download of HawkEye volume indicator for MT4 | Forex indicator download - MetaTrader 4 resources
The Eagle Eye Volume Indicator is one of the oscillators in MT4 designed to detect and display market volume in the Forex market . Unlike the classic volume tool, this indicator uses volume data and creates colored histograms based on the candlestick close (close price).
Bullish candlesticks with real bodies greater than 60% of the full candlestick are shown as yellow histograms, while bearish candlesticks are marked with red histograms.
Non-conforming candlesticks Two types mentioned are shown with a gray histogram .
HawkEye Volume Indicator Specification Sheet
The table below outlines the HawkEye Volume indicator’s specifications such as category, timeframe, trading style, and more.
| Indicator categories: | MT4 Oscillator Indicator Currency Strength MT4 Indicator Trading Aid MT4 Indicator |
| Platforms: | MetaTrader 4 Indicators |
| Trading Skills: | Elementary |
| Indicator Types: | Inverse MT4 Indicator |
| Time frame: | Multi Time Frame MT4 Indicators |
| Trading Style: | Intraday MT4 Indicators Scalper MT4 Indicators |
| Trading Tools: | Forward Markets MT4 Indicators Commodity Markets MT4 Indicators Stock Markets MT4 Indicators Cryptocurrency MT4 Indicators Forex MT4 Indicators |
Indicators at a glance
The yellow histogram indicates that the closing price of the bullish candlestick is higher than the previous one. The bar chart will be red if: The candlestick closes lower than the previous trading day. This oscillator uses an "EMA" line to analyze the height of the bars and volume to assess trend strength.
Bullish Trend
In the AUD/USD currency currency pair chart on the 1 hour time frame, a continuous yellow bar "EMA" line above it indicates the strength of the bullish trend. Gray histograms indicate weakness and indecisiveness in the candlestick.
Bearish Trend
According to analysis of the Bitcoin (BTC) chart on the 15-minute time frame, the large red histogram forms a strong bearish trend.
When the indicator bar crosses the "EMA" line , it indicates the strength of the continuation of the current trend .
HawkEye Volume Indicator Settings
The adjustable settings for the HawkEye volume oscillator are as follows:
- Length of Moving Average (MA Length) : Calculate the average length of the number of candlesticks
- Moving average type (MA type) : Specify the type of moving average
- Number of bars used for calculation (0 = all bars) : number of past candlesticks used for indicator calculation
Conclusion
The Eagle Eye Volume Indicator is a unique version of the Volume tool that displays histogram bars in different colors depending on the closing price of candlesticks.
This indicator utilizes bar height and an Moving Average line to represent trend strength, volume and continuity .
This indicator may be useful for identifying current trends and detecting potential trend reversals .
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