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The HawkEye Volume Indicator is one of the currency strength indicators in MT5, and it analyzes trading volume in an advanced manner. This oscillator generates color-coded histograms based on candlestick closing prices.
It marks bullish candlesticks with a body larger than 60% of the total candlestick height in yellow histograms and bearish candlesticks in red.
Candlesticks that do not meet these conditions are displayed using gray histograms.
HawkEye Volume Indicator Specifications Table
The table below outlines the specifications and details related to the HawkEye Volume Oscillator:
Category | Oscillator - Currency Strength - Trading Tool |
Platform | MetaTrader 5 |
Skill Level | Intermediate |
Type of indicator | Reversal - Continuation |
Timeframe | Multi timeframe |
Trading Style | Scalping - Intraday |
Market | Cryptocurrency - Forex - Stocks – Commodities |
Bullish Trend
On the 30-minute NZD/USD currency pair chart timeframe, consecutive yellow bars above the EMA line indicate a strengthening bullish trend.
On the other hand, gray histograms represent weak and directionless candlesticks.
Bearish Trend
According to Cardano's (ADA) one-hour timeframe analysis, the presence of large red histograms clearly indicates a strong bearish trend.
The indicator bars crossing the EMA line further confirm the continuation and strength of the ongoing trend.
HawkEye Volume Indicator Settings
The HawkEye Volume Oscillator includes the following adjustable settings:
- Type of Volume: Defines the volume data the indicator uses
- Length of the Moving Average (MA Length): The number of candlesticks considered for calculating the moving average
- Type of Moving Average (MA Type): Specifies the type of moving average applied
- Number of Bars for Calculation: The number of past candlesticks used for indicator calculations
Conclusion
The HawkEye Volume Indicator is an enhanced version of traditional volume tools. It displays histogram bars in different colors based on candlestick closing prices.
This MetaTrader 5 oscillator combines histogram height analysis with an Exponential Moving Average (EMA) to provide insights into trend strength, trading volume, and market continuity.
Additionally, this tool is useful for identifying ongoing trends and detecting potential trend reversals.
Is this indicator suitable for cryptocurrency trading?
Yes, this indicator is applicable in all financial markets without any limitations.
Does this indicator generate buy and sell signals?
No, this indicator does not directly provide entry and exit signals. However, traders can identify suitable trade opportunities by analyzing volume levels.