Better Volume New Alert Indicator MT4 Download – Free – [TFlab] | Forex Indicators Download – MetaTrader 4 Resource

The Better Volume New Alert Indicator is considered one of the most practical volume based indicators in forex market and other markets. This trading tool is designed to detect price reversal areas and the best points to open or close a position.

Unlike the simple volume indicator, which only displays trading volume, this tool facilitates analysis of market conditions through smart color coding and various categorizations .

Better volumetric oscillator specs

The characteristics of a better volume display indicator are shown in the table below:

Better trading volume new alert indicator at a glance

The Better Volume Oscillator with Alerts feature uses histogram bar data. The bars typically appear in six different colors, including:

• Sky Blue : Indicates that trading volume is very large near the price peak
• Silver : Normal volume has no specific directional bias
• Red : low volume market indecision
• Light Blue : High volume in a narrow price range
• Yellow : Low volume at bottom points
• Purple : Peak volume has high volatility

bullish trend conditions

According to the Bitcoin (BTC) 4-hour chart timeframe, the oscillator has formed two light blue histograms , indicating high volume. These histograms reflect high volume in bullish candles, increasing the likelihood of a trend reversal .

Bearish trend conditions

Based on the GBP/USD 1 hour chart analysis time frame, there are red, silver and yellow histograms alongside a price drop confirms a bearish trend. Additionally, silver bars forming beneath green candles signals low buy volume.

Better volume oscillator settings

The following image depicts the settings for a better volume display indicator:

• Moving average period : the period of the volume moving average
• Calculate lookback period : number of candles used for index calculation
• Line width of the first plot : defines the histogram bar thickness
• Line width of the second chart : defines the moving average thickness
• Enable or disable visual alerts : Activate visual notifications
• Enable or disable sound alerts : Activate sound notifications
• Enable or disable email alerts : Enable email alert delivery

Conclusion

Better Volume New Alert Indicator generates histograms and takes tick volume into account to help identify potential trend reversal areas .

Trading signals in this oscillator are displayed by color changes in the histogram. A better volume display indicator can also be integrated with various trading strategies , including volume-based strategies.