Volume Levels is a very important indicator for exchange trading. Most of the trades were performed on those levels. This indicator displays the price level that had the most trade volumes over a certain period of time. Often, the price bounces from those levels in the future, and it can be successfully used in trading. It works on any currency pair.
Parameters
- HistoryBars - the number of bars to determine the near volume levels;
- Range - the maximum distance above and below the current price to determine the levels;
- HistoryBarsLevels2 - the number of bars to determine the distant volume levels;
- MinDistanceLevels2 - the minimum distance from the near level to the distant one;
- RedrawTime - the levels redrawing time;
- Step - the step to determine the levels (the smaller the step, the higher the accuracy, but the calculation of levels may take longer);
- ColorLow - color of the lower levels;
- ColorHigh - color of the upper levels.
Recommendations
The smaller the timeframe and at the same time the greater the HistoryBars parameter, the stronger are the levels. When using on a 5-digit account, it is better to increase the Range and MinDistanceLevels2 parameters 5-10 times. The indicator is best used on the smaller timeframes (М1, M5, M15, M30), but it can also be used on the higher ones.
