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The HawkEye Volume Indicator is one of the oscillators in MT4 designed to detect and display market volume. Unlike the classic volume tool, this indicator uses volume data and creates colored histograms based on the candlesticks' closing price (Close).
Bullish candlesticks with a body larger than 60% of the full candlestick are displayed with a yellow histogram, while bearish candlesticks are marked with a red histogram.
Candlesticks that do not meet the criteria for the two types mentioned are shown with a gray histogram.
HawkEye Volume Indicator Specifications Table
The table below outlines specifications such as category, timeframes, trading style, and more for the "HawkEye Volume" indicator:
Category | Oscillator - Currency Strength - Trading Tool |
Platform | MetaTrader 4 |
Skill Level | Intermediate |
Type of indicator | Reversal - Continuation |
Timeframe | Multi timeframe |
Trading Style | Scalping - Intraday |
Market | Cryptocurrency - Forex - Stocks – Commodities |
Bullish Trend
In the AUD/USD currency pair chart on the 1-hour timeframe, consecutive yellow bars above the "EMA" line indicate the strength of the bullish trend. Gray histograms signify weak, indecisive candlesticks.
Bearish Trend
According to the analysis of the Bitcoin (BTC) chart on the 15-minute timeframe, large red histograms form a strong bearish trend.
When the indicator bars cross the "EMA" line, it shows the continuation of the current trend's strength.
HawkEye Volume Indicator Settings
The adjustable settings for the HawkEye Volume Oscillator are as follows:
- Length of the moving average (MA length): The number of candlesticks to calculate the average length
- Type of moving average (MA type): Specifies the type of moving average
- Number of bars for calculation (0 = all bars): Number of past candlesticks used for indicator calculations
Conclusion
The HawkEye Volume Indicator is a distinct version of the Volume tool that displays histogram bars in different colors based on the closing price of candlesticks.
This MT4 currency strength indicator utilizes bar height and an Exponential Moving Average (EMA) line to represent trend strength, volume, and continuity.
The HawkEye Volume Oscillator can be beneficial for identifying the current trend and detecting potential trend reversals.
Can the type of moving average be changed?
Users can set the type of moving average through the settings panel under the "Type of moving average" option.
What do the gray histograms mean?
Gray histograms indicate candlesticks with long shadows and no clear direction. These candlesticks fail to close higher or lower than the previous one.