Weis trading volume dynamic indicator download for MetaTrader 5 | Foreign exchange indicator download - MT4/MT5 resources

The Weis Volume Dynamic Indicator is an advanced Technical analysis tool on the MetaTrader 5 (MT5) platform that divides price movements into distinct waves and calculates the volume associated with each wave.

This MT5 oscillator uses histograms to identify the strengths and weaknesses of bullish and bearish trends.

Weis volumetric dynamic specification table

General specifications for Weis Volume Dynamics oscillators are shown in the table below.

Uptrend Conditions

In the 5-minute XAU/USD (Gold) chart, the histogram changes from yellow to pink confirming the trend reversal from bearish to bullish .

A bullish trend begins with an increase in the length of the pink histogram bars, indicating trend strength and market oversold conditions . In this case, Buy signal is generated.

downtrend conditions

The 15-minute chart of CHF/JPY shows increasing selling pressure . The change in histogram bar color from pink to yellow indicates the trend reversal from bullish to bearish .

Furthermore, the increase in the length of the yellow histogram bar confirms the strength of the bearish trend and generates a sell signal .

Indicator Settings

The complete indicator settings are shown in the figure below:

• Minimum spread to confirm wave change : Price deviation threshold to verify wave reversal
• Movement of Volume Label Position (Pipette): Offset adjustment for volume label placement (in points)
• Toggle visibility of volume labels on charts: Enable or disable the display of volume labels on price charts
• Divider factor for displayed volumes (Volume Scaling): A multiplier scales the displayed volume data for clarity
• Wave trendline color: Set the color of the trendline that represents the direction of the wave.
• Wave Trendline Width: Adjust the thickness of the wave trendline for better visualization
• Peak label color: Defines the color of the label for displayed volume peaks
• Trough label color: Set the color of the label indicating volume troughs

Conclusion

The Weis Volume Dynamic Indicator for MetaTrader 5 provides traders with suitable entry and exit points in markets such as Forex using histogram bars.

The tool visually displays market trend changes and identifies trend strength by examining increasing or decreasing histogram bar lengths .