Volume Indicator
What is volume on the exchange? It is the total sum of all trades executed at ask and bid prices during a certain period of time (Volume = Ask + Bid). Of course, not all trades are conducted through the exchange, but the majority still are.It’s great if you trade on exchange markets and your broker provides volume data directly to your terminal. However, if you trade Forex — which is an over-the-counter market — volume data is not collected centrally nor transmitted to the terminal. Therefore, Forex traders often have to trade Forex but watch volumes from corresponding futures.
This brings us to the key question — where to get these futures volumes for your Forex terminal? You could install an exchange trading platform in demo mode to view volumes there while trading in MetaTrader. But, let's admit, this is inconvenient, and demos usually expire within 2 to 4 weeks.
There is another solution — use special volume indicators for MT4 and MT5 that stream live exchange data into your Forex terminal. This is definitely more convenient than the previous option since everything is in one place: charts with volume and the trading panel.
As of today, the only company offering live exchange volume streaming into MT4 (MT5) terminals is ClusterDelta.
Volumes for MT4, MT5 by ClusterDelta
Let’s take a closer look at the volume indicators for MT4 (MT5) offered by ClusterDelta. Before diving into the description of the indicators themselves, it’s important to clarify that all the data provided by ClusterDelta is real exchange data streamed live without delays.Traders are offered vertical volume data for a wide range of instruments: Forex currencies (EUR, JPY, CHF, GBP, CAD, AUD, NZD), metals (gold, silver, copper), oil, gas, indices (E-mini S&P 500, E-mini NASDAQ-100, E-mini Dow, DAX30), Dollar Index, and Bitcoin. We won’t list everything here, as the range is constantly expanding.
For ease of use, the volume indicators are available in several versions:
- Volume indicator;
- Volume Chart indicator;
- Volume Alert indicator;
- Volume CandleColor indicator.
Volume Indicator
The Volume indicator is displayed in a separate window below the chart. The volume bar beneath each candle shows the total volume of buy and sell trades for that specific candle (bar).
Volume Chart Indicator
The Volume Chart indicator displays vertical volumes directly in the chart window. It is typically used to save space on smaller monitors.
Volume Alert Indicator
The Volume Alert indicator displays volumes on the chart in a separate window. You can also set it to trigger a sound alert when the volume reaches a specified level.
Volume CandleColor Indicator
The Volume CandleColor indicator displays the volume for each candle. The volume bars on the chart can be colored differently according to the direction of the candle (up or down).
Settings
The indicator settings are quite simple — basically, you don’t need to adjust anything as everything works "by default". Make sure that DLL import is enabled. If the indicators don’t work, the first thing to check is whether DLL import is allowed.
Parameters: "Instrument" and "MetaTrader_GMT" are set to "AUTO" by default. If everything works fine, leave them as "AUTO". If the indicator does not display, you need to enter the futures symbol code in the "Instrument" field. If the volumes are displayed with a delay, adjust the "MetaTrader_GMT" parameter accordingly.
To Sum Up
The tools we have reviewed here are an important part of successful trading. We hope this overview of volume indicators will be useful to you and assist you in your trading.
- ✅ How to Install an Indicator in MT4, MT5
- ⚡ ClusterDelta – Real-Time Exchange Data for MetaTrader
- 📜 Market Profile Indicator
- 💱 Delta and Cumulative Delta Indicator
- 👍 Footprint Indicator
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