Volume Color Indicator for MT4/MT5/cTrader

Volume Color is a simple but useful MetaTrader/cTrader indicator that displays the volume of every bar as a vertical histogram bar anchored to the bottom of the main chart window. Unlike, the standard Volume indicator available MetaTrader, the histogram is colored according to the price bars, not based on the rising or falling volume. Each bar is colored based on whether the price closed above or below its open: bullish bars get one color, bearish bars another. This lets you read volume in the same eye-line as price, instead of switching focus between the price chart and a separate volume pane. The indicator is available for MetaTrader 4, MetaTrader 5, and cTrader.

Input parameters

• Volume type: in MetaTrader 5 you can choose between tick volume and real volume. Only available for certain instruments. MetaTrader 4 and cTrader use tick volume only, since real exchange volume is not available on those platforms for most instruments.
• Bar height (% of visible price range): sets how much of the visible chart height the volume bars are allowed to occupy. The largest volume currently in view fills this height, and other bars are scaled proportionally. Smaller values keep the bars out of the way of price action; larger values make low-volume bars more readable.

The volume bars rescale automatically when the chart is scrolled, zoomed, or its vertical scale is changed, so they always sit at the bottom of whatever portion of price action is currently visible.

Example charts

The example charts below show volume bars anchored at the bottom with bullish bars in green and bearish bars in red. Because the bars share the chart with price, swings in volume are immediately visible alongside the candles that produced them.

MetaTrader 4

MetaTrader 5

cTrader

Strategy

The main use case is reading volume in context. Comparing volume on bullish versus bearish bars at key support/resistance levels, range edges, or trend turns can hint at where conviction is and isn't without forcing you to split your attention between two panes. Bursts of one-sided volume into a level often precede continuation; bursts followed by the opposite color frequently mark exhaustion. Volume reading is particularly important in Volume Spread Analysis.

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