Better Volume New Alert Indicator for MT5 Download – Free – [TFlab] | Forex Indicators Download – MetaTrader 5 Resource

The Better Volume New Alert Indicator is considered one of the most powerful volume-based analysis tools on the market such as Forex and other financial instruments .

The main goal of this trading tool is to identify potential price reversal areas and help find the best entry and exit positions .

Unlike basic volume indicators that only display raw volume data, Better Volume uses an advanced color coding system and differentiates between different market conditions for more accurate analysis.

Better volume indicator specifications

The specifications of the Better Volume Display indicator are as follows:

Better volume oscillator with clear alerts at a glance

The Better Volume Oscillator with Alerts visually displays volume data using colored histograms .

These histograms are displayed in six different colors, each representing a specific market condition:

• Sky Blue : Indicates extremely high volume near the price top
• Silver : Reflects normal trading volume with no obvious bullish or bearish bias
• Red : Represents weak trading volume during a period of market indecision
• Light Blue : Heavy volume in a narrow price range, before potentially major moves
• Yellow : Low volume at the bottom, signaling a potential trend reversal
• Purple : The trading volume is very large and the fluctuations are violent.

bullish trend conditions

The Better Volume indicator is showing a light blue histogram according to the 30-minute chart of Binance Coin (BNB) .

These bars indicate a significant increase in volume in bullish candles , providing strength for an uptrend.

Bearish trend conditions

Based on the 30-minute Silver/USD (XAG/USD) chart, the appearance of silver and yellow histogram bars confirms the bearish trend as price falls.

The bars below the Silver green candle also indicate weaker buying pressure and lower trade volumes in these areas.

Better volume oscillator settings

The image below explains better settings for the volume indicator:

• Moving average period : the period of the volume moving average
• Calculate lookback period : number of candles used to calculate the index
• Line width of the first plot : defines the thickness of the histogram bars
• Line width of the second chart : defines the moving average thickness
• Enable or disable visual alerts : Activate screen alerts
• Enable or disable audible alerts : Activate audible alerts
• Enable or disable email alerts : Activate email-based alerts

Conclusion

The Better Volume New Alert Indicator accurately detects potential trend reversal points with histogram visualization and quote volume analysis .

This tool entry and exit signals are clearly presented through histogram color changes . Furthermore, the indicator can be effectively combined with a variety of trading strategies , especially volume-based strategies .