Tick Volume Indicator MT4 MetaTrader for scalp in Forex Free Download
Introduction to the Tick Volume Indicator for MT4 in Forex 📊
The Tick Volume Indicator is a technical tool used in the Forex market and is specifically designed for the MetaTrader 4 (MT4) platform. This indicator resembles waves and consists of a smooth oscillating line and several colored bars. The main function of this indicator is to identify trends, volume, trend direction, and potential trend reversal points.
The ends of the histogram bars are connected to the oscillating line, which gives the indicator the appearance of an oscillating wave. This indicator is especially useful for identifying potential trend reversal points in a downtrend. The Tick Volume works across different timeframes and can be used for scalping on price charts, but it’s important to adjust the settings according to the technical variables. It’s also worth noting that it performs better on lower timeframes. In the following sections, we’ll dive deeper into how this indicator works.
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Click here to download and install The Tick Volume Indicator.
How the Tick Volume Indicator Works in Forex 💹
The Tick Volume Indicator is classified as an oscillator and is made up of a smooth oscillating line and colored bars. In the center of the oscillator window is the zero level, which plays a crucial role. Generally, this indicator can be used for several types of scalping, one of the methods being a crossover of the histogram bars and the oscillating line at the zero level.
When the histogram bars are below the zero level and colored orange or red, and the oscillating line crosses the zero level upward, blue and green bars appear. This indicates a trend reversal to the upside. Conversely, when the oscillating line crosses the zero level downward, the bars turn red and yellow, signaling a potential trend reversal to the downside.
Another way to trade with this indicator is by observing the color crossover of the histogram bars. For example, if the histogram bars are above the zero level and are green but their height is decreasing, and then a blue bar forms, this indicates a potential upward trend after a small downtrend or a range-bound zone.
Important Reminder ⚠️
“Make sure to confirm any signals provided by the indicator with your own analysis or by using other technical tools and indicators before making any trade decisions. Don’t rely solely on the signals from this indicator. You can combine this indicator with other technical indicators to form a strategy and maximize its effectiveness.”
How to Install the Tick Volume Indicator on MT4 🖥️
Click here to download and install The Tick Volume Indicator.
At the end of this post, in the download box, you can find a video guide on how to install the indicator in MetaTrader 4. Simply follow the steps shown in the video tutorial to install the indicator.
When you apply the indicator to the chart, the first page that opens on the chart will have an option to enable Allow DLL, which you need to activate, and then click OK.
Tick Volume Indicator Settings for MT4 ⚙️
Click here to download and install The Tick Volume Indicator.
In the Inputs tab, you’ll find the important technical features of this indicator, which you can adjust and customize according to your preferences.
In the Color tab, you can also modify the technical characteristics of this indicator to suit your needs.
Buy Signal Using the Tick Volume Indicator (MQL4 Code-78) 📈
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When to Enter a Buy Position? 💡
Method 1:
- The histogram bars and the yellow oscillating line are below the zero level.
- The yellow oscillating line crosses the zero level upwards, and blue bars appear above the zero level.
- The crossover of the zero level by the oscillating line and the formation of blue histogram bars is considered a buy signal.
- Confirm the buy signal using other indicators and tools. After confirmation, enter a buy position once you see a bullish candle close.
- Set your stop loss according to your trading strategy.
When to Exit the Buy Position? 🚪
The best time to exit is when you see a trend reversal, such as when green histogram bars form, indicating a possible change in direction.
Click here to download and install The Tick Volume Indicator.
Method 2:
- The green histogram bars are above the zero level, and the yellow oscillating line is also above the zero level.
- A blue histogram bar forms.
- The appearance of the blue histogram bar is a buy signal, which is followed by a strong upward trend on the chart.
Sell Signal Using the Tick Volume Indicator (MQL4 Code-78) 📉
Click here to download and install The Tick Volume Indicator.
When to Enter a Sell Position? 💡
- The histogram bars and the yellow oscillating line are above the zero level.
- The yellow oscillating line crosses the zero level downwards, and yellow histogram bars form below the zero level.
- The crossover of the zero level by the oscillating line and the formation of yellow histogram bars is considered a sell signal.
- Confirm the sell signal using other indicators and tools. After confirmation, enter a sell position once you see a bearish candle close.
- Set your stop loss according to your trading strategy.
Click here to download and install The Tick Volume Indicator.
When to Exit the Sell Position? 🚪
The best time to exit is when you see a trend reversal, such as when green or red histogram bars appear.
The Tick Volume Indicator is a technical tool classified as an oscillator. It consists of colored histogram bars and a yellow oscillating line that clearly shows trends. By observing the crossovers of the oscillating line at the zero level and the color changes in the histogram bars, potential buy and sell points are identified on the price chart. You can combine this indicator with others, such as RSI and MACD, to filter out better entry points on the price chart.
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