HawkEye Volume Indicator for MT5 – Free Download | Forex Indicators Download – MetaTrader 5 Resource

The Hawk Eye Volume Indicator is one of the currency strength indicators in MT5 and analyzes trading volumes in an advanced way. This indicator generates color-coded histograms based on candlestick closing prices.

It is marked with a bullish candlestick body larger than 60% of the total candlestick height of the yellow bar and a red bar for the bearish candlestick.

Candlesticks that do not meet these conditions are displayed using gray histograms .

HawkEye Volume Indicator Specification Sheet

The table below outlines the specifications and details related to the HawkEye Volume Oscillator.

Indicators at a glance

In this indicator, the yellow histogram occurs when the closing price of the bullish candlestick is higher than the previous candlestick. Suppose a candle closes lower than the previous candle; a red histogram shows this. This tool evaluates trend strength using moving average (EMA) lines and histogram bar heights.

Bullish Trend

On the 30 minute NZD/USD currency pair chart timeframe, the consecutive yellow bars above the EMA line indicate that the bullish trend is strengthening.

On the other hand, gray histograms represent weak and directionless candlesticks.

Bearish Trend

According to Cardano (ADA) one-hour timeframe analysis, the presence of the big red histogram clearly indicates a strong bearish trend.

The indicator bar crosses the EMA line further confirming the continuation and strength of the ongoing trend.

HawkEye Volume Indicator Settings

The HawkEye Volume Oscillator includes the following adjustable settings:

• Type of Volume: Defines the volume data used by the indicator
• Length of the Moving Average (MA Length): The number of candlesticks considered when calculating the moving average
• Moving Average Type (MA Type): Specifies the type of moving average applied
• Number of bars used for calculation: number of past candlesticks used for indicator calculation

Conclusion

The Eagle Eye Volume Indicator is an enhanced version of traditional volume tools . It displays the histogram in different colors based on the candlestick closing price.

This oscillator by combining histogram height with the Exponential Moving Average (EMA) , provides insights into trend strength, trading volume , and momentum continuity in the Forex market . Additionally, the tool can be used to identify ongoing trends and detecting potential trend reversals .