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Volume Indicators
Forex market is well-known for its lack of reliable volume information due to the over-the-counter nature of the trades. Nevertheless, traders can use tick volume as a substitute for real volume. In MetaTrader 5, there is also a built-in support for exchange-traded instruments and real volume information for such instruments. This means that volume indicators can still be employed by traders in technical analysis.
Volume indicators provide either a more convenient representation of the available volume data or calculate new values based on both price and volume information.
Why use volume indicators?
- Volume indicators help to determine how important this or that price movement was. Without volume as context, price spikes may seem illogical.
- Price/volume confluence indicators can provide important levels: pivot or support and resistance.
- You can use volume as an extra piece of information when analyzing charts with more traditional price-based indicators.
- When backtesting and finding similar chart patterns in the past, comparing their volume contexts may reveal some unexpected correlations.
