The Weis Wave Volume Indicator for MT4 is a forex technical analysis trading tool that leverages both momentum and volume to gauge buying and selling pressure in the market. By measuring the intensity of price changes alongside the volume of trades, this tool provides insight into market trends.
The wave structure of the Weis Wave Volume Indicator offers convenient entry and exit points for traders. A dip in the wave may indicate a good time to buy, while a rise in the indicator’s wave may signal a good time to sell.
Sounds good? Let’s take a closer look at it and bring some practical trading examples.
Introducing the Weis Wave Volume Indicator
MT4 Indicator Overview
The download link of the Weis Wave Volume MT4 indicator is placed at the bottom of this post. Once you’re done, your trading chart should look similar to the example below.
This is an oscillator that quantifies the volume of price changes in the market. By integrating both momentum and volume, this forex trading tool helps to identify buying and selling pressure.
It is specifically designed to detect a bull market when volume is on the rise and prices are increasing, and a bear market when volume is declining and prices are falling. By analyzing the wave and bars at the bottom of the chart, you can glean insights into the intensity and direction of the trend.
When it comes to settings, there are only two variables you can customize to fit your preferences or your trading strategy.
How To Trade With The Weis Wave Volume Indicator?
Generally speaking, the signals are based on the size and color of waves/bars. Let’s deep dive into how to exactly use that forex indicator in a few easy steps.
Weis Wave Volume: Buy Signal
- There is ongoing green wave
- A price dips and then forms an upward-trend continuation pattern
- Open long trade when the above conditions are met
- Set stop loss a few pips below the most recent market’s low point
- Take profit when wave bars turns red
Weis Wave Volume: Sell Signal
- There is ongoing red wave
- A price rises and then forms an downward-trend continuation pattern
- Open short trade when the above conditions are met
- Set stop loss a few pips above the most recent market’s high point
- Take profit when wave bars turns green
How to set up the Weis Wave Volume indicator in MetaTrader (MT4)?
Download the Weis Wave Volume.rar archive at the bottom of this post, unpack it, then copy and paste the weis-wave-volume.ex4 or weis-wave-volume.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Weis Wave Volume is a versatile forex volume indicator that can be applied to various currency pairs and time frames. This indicator can be used on its own as a trading tool or in combination with other technical analysis measures. However, keep in mind that market conditions and proper money management are also important factors that affect your success when using this indicator.
Download Free Forex Weis Wave Volume MT4 Indicator
To download the Weis Wave Volume Indicator for Metatrader 4 (MT4) for free just click the button below: