The indicator is the development of the idea of the normalized volumes (Normalized Volume).
At first, volume normalized values are expressed now as a percentage of the average value for the period. Accordingly, the data in the chart can now take negative values which indicates of the silence in the market.
Another useful innovation is the histogram bar coloring depending on the normalized volume value.
- The blue color indicates that the current volume is less than the average one for the period;
- The dark green color indicates a little increase of volume compared to the average one for the period;
- The light green color indicates that increase of volume overcame Fibo level of 38.2% compared to the average one for the period;
- The orange color indicates that increase of volume overcame Fibo level of 61,8% compared to the average one for the period;
- The yellow color indicates that increase of volume overcame Fibo level of 100% compared to the average one for the period;
This indicator was first implemented in MQL4 and published in Code Base at mql4.com on 19.06.2008.
MT5 Indicator – Download Instructions
Normalized Volume Oscillator is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
Normalized Volume Oscillator provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install Normalized Volume Oscillator.mq5?
- Download Normalized Volume Oscillator.mq5
- Copy Normalized Volume Oscillator.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on Normalized Volume Oscillator.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator Normalized Volume Oscillator.mq5 is available on your Chart
How to remove Normalized Volume Oscillator.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator: