Best way to see 'volume' in MT4 for forex pairs?

[hybrid]

i know one cannot see volume in forex, but i heard somewhere the Money Flow Index can do a job (ammont of trades?). There are 3 other indicators in the Volume in MT4 - are these all useless for forex?

Also what is the Tick Chart (time between trades) useful for? To see when there is alot of action or not?

apologies for such n00bian questions.

 

[REBELL]

i know one cannot see volume in forex, but i heard somewhere the Money Flow Index can do a job (ammont of trades?). There are 3 other indicators in the Volume in MT4 - are these all useless for forex?

Also what is the Tick Chart (time between trades) useful for? To see when there is alot of action or not?

apologies for such n00bian questions.

You are never see Volume in MT4 it is technically impossible.

 

[Rex79]

If your open to other platforms I'm currently toying with FXCM spreadbet (Marketscope2) nice for charting, as long as you don't want to make custom indicators or advisors

 

[Jason Rogers]

i know one cannot see volume in forex, but i heard somewhere the Money Flow Index can do a job (ammont of trades?). There are 3 other indicators in the Volume in MT4 - are these all useless for forex?

Also what is the Tick Chart (time between trades) useful for? To see when there is alot of action or not?

apologies for such n00bian questions.

Hi Hybrid,

Your questions are actually related. Since periodic volume information is not readily available for the forex market, the volume indicators on MT4 use tick volume as an approximation. Tick volume is a count of how frequently the price changes (from one price to the next) in a given time period. The idea behind this is that prices tend to update more frequently when more people are trading.

(Note that this is a not a perfect approximation of actual volume, because theoretically a huge amount of volume could be executed at a single price tick, or small volumes could be executed across many price ticks. Also, the tick volume only counts the price ticks from one source.)

Tick charts show every time the price changes from one price level to another. This can be useful in two ways. First, it's useful in getting a detailed picture of how prices changed over a very short time frame such as less than a minute. This information can be particularly helpful to scalpers or news traders. The second use of tick charts is for people who want to filter out time as a factor in looking at prices. Some traders believe that time is a misleading indicator and try to focus on what prices traded without concern for when.

Jason

 

[Jason Rogers]

If your open to other platforms I'm currently toying with FXCM spreadbet (Marketscope2) nice for charting, as long as you don't want to make custom indicators or advisors

Hi Rex,

If you like the Marketscope charting on Trading Station, you might be interested to know it's possible to create customizations for it using a programming language called Lua. Several indicators and automated strategies for Trading Station are already available for download at FXCMapps.com, but if you don't find what you want there, here's a link to the documentation for you to code your own indicators.

Jason

 

[Rex79]

Thanks will check it out