If you’re into forex trading, you may have heard of the Better Volume 1.5 Indicator MT5. This technical analysis tool is designed to help traders analyze market volume to make better trading decisions. In this article, we’ll take a closer look at what the Better Volume 1.5 Indicator MT5 is, how it works, and how it can benefit forex traders.
What is the Better Volume 1.5 Indicator MT5?
The Better Volume 1.5 Indicator MT5 is a technical analysis tool designed to analyze market volume. The indicator was developed by Barry Taylor, a renowned forex trader with over 20 years of experience. The Better Volume 1.5 Indicator is an improved version of the Better Volume Indicator, which was originally developed for the NinjaTrader platform.
The Better Volume 1.5 Indicator is available as a plug-in for the MetaTrader 5 (MT5) platform. It provides traders with a comprehensive view of market volume, allowing them to make better trading decisions based on volume analysis.
How does the Better Volume 1.5 Indicator work?
The Better Volume 1.5 Indicator works by analyzing the volume of each candlestick on a chart. It uses a color-coded bar chart to display the volume data, with green bars indicating bullish volume and red bars indicating bearish volume. The size of each bar indicates the relative strength of the buying or selling pressure.
The Better Volume 1.5 Indicator also includes a number of other features to help traders analyze volume. These include:
Volume Delta: This feature calculates the difference between the buying and selling volume for each candlestick. A positive volume delta indicates bullish volume, while a negative volume delta indicates bearish volume.
Cumulative Volume: This feature calculates the total volume for a given period, allowing traders to identify areas of high or low volume.
Volume Spread Analysis: This feature uses a proprietary algorithm to identify changes in volume and price, helping traders to identify potential trends and reversals.
What are the benefits of using the Better Volume 1.5 Indicator?
The Better Volume 1.5 Indicator MT5 offers several benefits for forex traders, including:
Better volume analysis: The Better Volume 1.5 Indicator provides traders with a comprehensive view of market volume, allowing them to make better trading decisions based on volume analysis.
Improved accuracy: The Better Volume 1.5 Indicator uses a proprietary algorithm to analyze the volume, which improves the accuracy of the analysis.
Easy to use: The Better Volume 1.5 Indicator is easy to use, even for novice traders. The color-coded bar chart and other features make it easy to understand the volume data.
Customizable: The Better Volume 1.5 Indicator is highly customizable, allowing traders to adjust the settings to suit their individual trading strategies.
Works with multiple markets: The Better Volume 1.5 Indicator MT5 can be used to analyze volume in multiple markets, including forex, stocks, and commodities.
Better Volume 1.5 Indicator Settings
- Period MA: 14
- Loock Back: 20
- Histogram Width 1: 4
- Histogram Width 2: 4
Better Volume 1.5 Indicator MT5 Free Download
Conclusion
In conclusion, the Better Volume 1.5 Indicator MT5 is a valuable technical analysis tool that can help forex traders make better trading decisions. With its advanced volume analysis features and customizable settings, the indicator can provide traders with a comprehensive view of market volume, helping them to identify trends, reversals, and potential trading opportunities.
While the Better Volume 1.5 Indicator is just one tool in a trader’s arsenal, it can play a vital role in developing a successful trading strategy. By incorporating volume analysis into their trading approach, traders can gain a deeper understanding of market dynamics and make more informed decisions about when to enter or exit trades.
Overall, the Better Volume 1.5 Indicator is a powerful tool that should be considered by any forex trader looking to improve their technical analysis skills. Its accuracy, ease of use, and ability to analyze volume across multiple markets make it a valuable addition to any trader’s toolkit.
