Classified Volume Bars
A plain volume histogram tells you a bar's volume was high or low, but not what that volume actually did to price - which is the part a discretionary reader cares about. This indicator adds that second dimension by comparing each bar's tick volume against its own trailing average and, on a volume spike, checking how far the close moved from the open relative to the bar's own high-low range. A spike where the close pushed a long way from the open is classed CLIMAX - heavy participation that produced a real move. A spike where the close stayed close to the open despite the same heavy participation is classed CHURN - effort without result, the textbook sign of two-sided absorption at a level. A bar with volume well below its own average is classed LOW - a quiet test that may lack the participation to hold if pressed. Everything else stays a neutral colour. Every threshold is relative to the instrument's own recent history rather than a fixed number: the volume-spike and volume-low multipliers compare against a trailing simple average, and the narrow-close check compares against that bar's own range. No pip, point or tick-count constant is hardcoded anywhere, so the same defaults behave sensibly on a five-digit forex pair or a very differently scaled instrument. Notes and limitations - Non-repainting: every classification uses only that bar's own completed data and a backward-looking average, so a closed bar's colour never changes once the next bar opens. - "Volume" is tick volume (the count of price changes per bar) - forex has no exchange volume on either MetaTrader platform, and this is the standard MT4 proxy for participation. It is not traded contract volume. - The classification is a heuristic reading aid, not a signal generator - it does not draw arrows or send alerts. - Very early bars, before InpLookback bars of history exist, are left uncoloured until a full baseline is available.
Indicator · MT4 · v1.0 · Free
About Classified Volume Bars
Classified Volume Bars is an indicator for MetaTrader 4. It has 4 settings, such as Lookback, Volume spike x and Volume low x. MQL source code included.
Files in the download: ClassifiedVolumeBars.ex4, ClassifiedVolumeBars.mq4, ClassifiedVolumeBars.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Lookback | 20 | Bars used for the average-volume baseline |
| Volume spike x | 1.5 | Volume must be this many times the average to count as a spike |
| Volume low x | 0.5 | Volume below this many times the average counts as low |
| Narrow close frac | 0.35 | Close within this fraction of the bar's range from its open counts as narrow (churn) |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: Volume · Trailing Stop & Break-even · MT4 Indicator · MQL4 Source Code