Tick charts allow traders to gather information about market price action more accurately. You can see when the market is most active, and you can see when the market is barely moving. Tick chart keeps constant number of ticks per bar. and with the indicator Energy Tick Volume provide an easy way of determine market volatility and its price action. Increased price movement and sudden slowdown with high energy tick volume can indicate turning points. Movement with low energy can indicate trend continuation. Very low energy - keep away from the market.
Energy Tick Volume – the indicator was created to assess price action on volume tick charts created with the MT4 indicator Tick Chart. Energy volume indicator works only with volume tick charts(offline). In separate chart window the indicator shows amount of tick in time per candle as volume bars. The faster price action, the bigger volume bars. On the indicator start, the indicator creates volume bars from history bars (previous closed bars). In main chart window the indicator shows tick counter (remaining bar ticks) and above it current price spread pip value. Below tick counter the indicator shows ATR value. As price spread background the indicator shows color, which is color of current volume bar. The color is corresponding with current volume energy. Also, when tick energy is very high, the indicator play short tick sounds according to price action. Sound can be switched on/off in 4X Lab or in the indicator settings.
By comparison of tick energy with current candles you can assess candle momentum, breakout (low-medium energy), continuation (low to medium energy), stop (big energy) or change in direction of price movement (big energy). Indicator creates first history volume bars from one minute history files .hst, which contains only amount of ticks, so it can be inaccurate. In fact, collected past volume bars are not important and can be used only for comparison to current bars indicates market volatility. For trading important is about last 20 candles that allows you asses current price action. Color of background of spread in Candle Tick Counter allows you to not look into a separate indicator window to see current action.
For proper trade assessment, colors of bars you need compare with price movement and your technical analysis (S/R, SD zones and so on). To gain skill, analyzing chart history can be very helpful.
The video shows successful updating of the three tick charts with the Energy Tick Volume.
Last updated: March 09, 2020