Guys, I doubt that volume indicator makes clear anything that can contribute to trading analysis. However I would like to know your opinion: How important is volume as a piece of analytic data in trading platform?
Volume indicator gives only overall view on quantity of orders which is currently under execution. It has the same benefit for trader as for example knowing how much gamblers is playing in casino at the moment. It doesn’t fit my trading strategy at all.
I use volume data time to time in my trading, particularly for gauging strength of movements over 40 pips. I found a pattern where volume changes and immediate consequence of price retracement can be noted after this. Not sure if it true pattern, but it happens more than in 60% of cases, I checked it on EUR/USD 1H charts. Maybe there are similar observations done by other members??
Volume indicator is useless. I would advice to use Accumulation/Distribution indicator instead it shows relevant data concerning bullish and bearish sentiments
I don’t use volume indicator but I use accum/distribution feature available by default in MT4. It shows more valuable information about current trades and clutch of powers between bulls and bears.