Hi guys and gals,
What do you suggest/use to have a general idea of volume traded in forex at any moment?
Feeds? Indicators? Other?
Thanks.
Blessings.
Trasimaco
I use myfxbook’s outlook and MT4/MT5 has indicators dedicated to Volume such as Accumulation/Distribution, Money Flow etc. Perhaps [b]MQL5[/b] will have more indicators on volume
@Trasimaco, I use the CCI momentum indicator and set the signal lines at plus and minus 100 & 200. I will also check the slope of the PA even with a protractor but mostly eyeballing it.
I will also draw time and price cycle blocks to get an understanding of the price action location.
I would recommend not using it. It’s unreliable. Don’t over complicate your trading with volume. I’m assuming you have a small to medium account so volume shouldn’t matter.
Dailyfx (just type it into search engine) - will give you some idea of retail volumes up to 4 hr charts - bigger timescales no it doesn’t
@Rickster99, a rather vague post, not addressed to anyone in particular so we don’t know whom you’re replying to and the use of “it” in this could be most anything.
Sentiment + momentum (volume) = trend, it is very important and the CCI displays the momentum quite accurately as it is an unbounded oscillator.
There are other signs of volume such as the size of the candles, the wicks the slope of the trend etc.
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It was a reply to the question of what do we suggest about volume feeds in the first post. I said you don’t need volume feeds, following volume is unreliable, clutters up the chart with more indicators e.g. cci. Don’t over complicate.