Better Volume New Alerts Indicator MT5 Download – Free – [TFlab]

The Better Volume New Alerts Indicator is considered one of the most powerful volume based analytical tools in markets such as Forex and other financial instruments.

This trading tool primary goal is to identify potential price reversal zones and help find optimal entry and exit positions.

Unlike the basic volume indicator, which only displays raw volume data, Better Volume uses an advanced color coding system and distinguishes different market conditions for more accurate analysis.

Better Volume Indicator Specifications

The specifications of the Better Volume Display Indicator are as follows:

Better Volume Oscillator with Alerts at a Glance

The Better Volume Oscillator with Alerts visually displays trading volume data using colored histograms.

These histograms appear in six different colors, each representing a specific market condition:

• Sky Blue: Indicates extremely high volume near price tops
• Silver: Reflects normal volume with no clear bullish or bearish bias
• Red: Represents weak volume during periods of market indecision
• Light Blue: High volume within a narrow price range, possibly preceding a major move
• Yellow: Low volume at bottom levels, signaling potential trend reversal
• Purple: Very high volume accompanied by sharp volatility

Bullish Trend Conditions

According to Binance Coin's (BNB) 30-minute chart, the Better Volume Indicator displays light blue histograms.

These bars signal a significant volume increase in bullish candles, lending strength to the upward trend.

Bearish Trend Conditions

Based on the 30-minute Silver to US Dollar (XAG/USD) chart, the appearance of silver and yellow histogram bars alongside price decline confirms a bearish trend.

Silver bars below green candles also indicate weak buying pressure and low trade volume in those areas.

Better Volume Oscillator Settings

The image below explains the settings of the Better Volume Indicator:

• Moving Average period: The period for the volume moving average
• The lookback period for the calculation: Number of candles used for calculating the index
• Line width for the first plot: Defines the thickness of histogram bars
• Line width for the second plot: Defines the moving average line thickness
• Enable or disable visual alerts: Activate on-screen alerts
• Enable or disable sound alerts: Activate sound alerts
• Enable or disable email alerts: Activate email-based alerts

Conclusion

The Better Volume New Alerts Indicator enables precise detection of potential trend reversal points through its histogram visualization and tick volume analysis.

This tool entry and exit signals are clearly presented throughhistogram color changes. Moreover, the indicator can be effectively combined with various trading strategies, especially volume-based strategies.