Description
The Uni volume delta indicator presents an overview of market volume by drawing bars.
The Uni Volume Delta indicator is an easy-to-follow mt4 indicator that draws bars on the chart to illustrate the market volume.
The indicator comprises three bars: up, down, and neutral. When there is a bullish trend, the indicator plots a green bar, while a bearish trend draws a red bar. The neutral bar pops up when there is little to no volume.
The structure of the bar resembles the candlesticks. Therefore, applying the indicator looks identical to the candlestick you see on the chart.
When looking for trading signals, it’s better to apply the indicator along with other technical analyses.
How to trade the Uni Volume Delta indicator?
This indicator shows market volume by drawing up and down bars. These bars represent the bullish and bearish trend. The indicator resembles the candlesticks.
Therefore, if you are familiar with the candlestick patterns, you can easily familiarize yourself with the indicator.
Although the indicator works on all timeframes, it’s better to use it for short-term strategies because it is prone to false signals. You can combine the indicator with other indicators like the RSI or Stochastics for more accurate signals.
Let’s find out the buy and sell strategy for the indicator:
Buy strategy Uni Volume Delta
- Locate the green bar on the chart.
- Wait for the price to change its path.
- Enter the trade at the green bar.
- Put a stop-loss near the low of a buying point.
- Exit the trade when the red arrow surfaces.
- Locate the red bar on the chart.
- Wait for the price to change its path.
- Enter the trade at the red bar.
- Put a stop-loss near the low of a selling point.
- Exit the trade when the green arrow surfaces.
Conclusion
Indicator draws bars to give you an idea of where the market is heading. Although you can use the indicator on larger timeframes, it’s best to use a Uni volume delta indicator for short-term strategies like scalping or day trading.
Timeframe: The default value is 0. It is the timeframe of the indicator.
Length: The default value is 1. It mentions the length of bars.
Signal: The default value is 0. It suggests the signals of bars.
Pole: The default value is 1. It is the value of the bars pole.
Order: The default value is 1. It mentions the market order.
WeightFactor: The default value is 2.0. It suggests the weight of the market order.
DampingFactor: The default value is 0.5.
CumulativeMode: The default value is 2.
CountBars: The default value is 200. It is the total bars of the indicator.
colorBarDn: It represents the down bar.
colorBarUp: It signifies the up bar.
colorBarNeutral: It mentions the neutral bar.
width Wick: The default value is 1. It is the width of the bars wick.
width Body: The default value is 5. It represents the width of bars bodies.
UniqueName: It is the name of the indicator.
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