Hawkeye Volume Indicator
Trading is a lot easier, fun, and rewarding if you have the right approach to it. Especially with operating through the best tools and top 10 mt4 indicators available in the market. Amongst those is the Hawkeye Volume Indicator. As the name implies, the indicator can be used to determine the volume of a market.
The trading tool comprises of the following components:
Volume is the indicator’s primary and most crucial component. It is used by the suite of tools for information such as the time of market accumulation, how the market is distributed, and whether there is demand in the market or not. Thus, a trader furnished with these pieces of information can make informed decisions that will boost their trading skills.
The volume doesn’t only provide information about selling or buying volume in the market; it also helps traders to know whether a volume is professional selling or professional buying. To make it easier for traders to get this information effortlessly, it indicates professional selling with red dots and professional buying with green. White indicates no demand.
Thus, you have a tool that can give you an accurate volume prediction for a better trading experience. It helps you to navigate the market and trade with confidence.
2. Volume Radar
This component of the Hawkeye Volume Indicator allows traders to take a look at the price bar and make some deductions. Through the bar, they can determine any of the following:
1. A volume selling bias: The information provided by the volume radar encourages traders to sell their assets if they can.
2. A volume buying bias: Traders are provided with information that can influence their decision to invest in more assets, thanks to the condition of the market value at that moment.
3. A volume neutral bias: Hawkeye Indicator offers pieces of information that neither encourages trader to buy more asset no discourage them from making more investment decisions. Hence, they can use their discretion to decide whether to sell off their asset or acquire more assets.
With this piece of information, you can make trading decisions that will earn you some profits.
It is noteworthy that the market isn’t stable but can have some periods of low or high volume. These unusual changes can affect the market and your trading and thus, deserve your attention. This tool enables you to monitor the changes and make necessary adjustments to your trading strategy since the changes have a direct impact on your trading activities.
Through the Volume Radar, the indicator can calculate extremes in the market. Then, it places a dot on the screen to give traders a clear signal. The colors and their meanings are indicated below:
1. Yellow dot: high volume.
2. Light blue dot: ultra-low volume.
3. Red dot: ultra: high volume.
Volume Radar provides a reliable source of trading information that can assist you in making reasonable trading decisions via its daily, weekly, and monthly charts. Thus, if you are contemplating long-term trading, this is a must-have tool that will assist you to detect the critical lows and highs in the market and help you to trade accordingly.
Aside from its usability for different timeframes, the tool can also be used by traders with different trading knowledge and skills. You can use the waddah attar explosion indicator also for extra confirmation.
3. Volume PaintBar
The bar also contains some colors that can help you to determine the market trend. For instance, green bars show that the markets are rising as the trend continues while a red bar is indicative of a falling market, showing that the trend is going downward. There is also a white bar. If you see this color, it is an indication that there may be a potential change in the market direction triggered by changes in volume from selling to buying or buying to selling.
With the aid of the Volume PaintBar, you can stay longer in the trading business by putting your emotions under check and gradually build your trading business without hassles.
The volume displayed by the Hawkeye Volume Indicator can be seen in the chart window. Traders can use the tool and provided information as an additional tool for confirming trading exits or entries on any Forex Trading System.
If you receive a buy signal from your strategy, you shouldn’t be in a hurry to trade, especially if the price is below a given zone. Exercise patience and see the price’s reaction to the resistance or supply zone before acting. TIP: you can combine this indicator with a premium gold indicator MT4.
4. Hawkeye Pivots
The Hawkeye Indicator intimates traders with temporary changes in the price direction, such as a reversal or pullback. The Pivots represent such points with a yellow dot.
With this information, you have a better clue into some key areas such as resistance, price support, and consolidation.
5. Hawkeye Widebar
Occasionally, there may be a swift movement in a specific direction in the market. The tool provides some charts known as wide bars and has a wide price spread in magenta color on a chart on your trading timeframe. Did you read our latest proven best forex indicators article? There you can find some very interesting information to boost your trading.
How to Install a Hawkeye Indicator
1. Download the tool from a reputable site.
2. Extract the downloaded tool.
3. From your MT4 trading platform, go to the “File” menu.
4. Click “Open data folder.”
5. Open the mql4 folder.
6. Open the “Indicators” folder.
7. Paste both the Hawkeye Volume Indicator.mq4 and Hawkeye Volume Indicator.ex4 into the “Indicators” folder.
8. Restart the MetaTrader platform when you are done.
The financial market is driven by volume. However, volume bar analysis done conventionally can be tricky. Hence, this raises the need for the Hawkeye Volume tool to boost traders’ trading confidence.
The tool will assist you with analysing and comparing Open-High-Low-Close relationship to assist you in determining whether the volume is bearish or bullish as indicated by red bars and green bars, respectively. It can also determine a neutral market.
Conclusion Of Hawkeye Volume Indicator
Volume is undoubtedly one of the essential elements of trading. It is the leading indicator that provides traders with an insight into a potential price move in advance before the move actually happens. It puts you at an advantage as a trader, helping you to plan for the price move and leverage it to improve your trading knowledge.
The Hawkeye Indicator and other trading tools available on the trading platform are resources you can leverage to become a professional trader in no time. If you include them in your toolbox, trading won’t only become easier; you will become a better trader too. BTW next time we will write a detailled best non repainting indicator for day trading article!
You can also find several other tools and indicators on this platform to benefit from, so check them through this link and allow yourself to make more significant profits.
And of course, do leave us with your views in the comment section below or read more indicator reviews on our best mt4 indicators website.