The Quantum Tick Volumes indicator has been designed to help you apply volume price analysis quickly and easily in all timeframes. The indicator takes the broker tick feed and paints the volume bar to match the price action. Where the price has closed higher, then the volume bar is painted blue, and where it has closed lower, then it is painted red. The indicator also displays a horizontal dotted line that marks half of the highest volume bar during each day. This helps to determine whether volume being displayed is very high, high, average or low, and to judge this against the price action accordingly.
- The Quantum Tick Volumes indicator works in all timeframes
- For clarity, we find it is best applied to the bottom of the chart with the Quantum Trend Monitor immediately above
Applying the Indicator
Open your MT5 platform and in the main menu, select View > Navigator to open the Navigator window which appears at the left hand side of your workspace.
In the Navigator window, expand the Indicators tree by clicking the “+” symbol. Find the Quantum tree and expand it by clicking the “+” once again to reveal the full list of Quantum Trading indicators.
To start using the indicator, you can click and drag QuantumTickVolumes from the Navigator to a chart or you can also double-click QuantumTickVolumes (which will then be applied to the currently selected chart). Doing either one of these will display the Custom Indicator window where you can configure all the various user settings for your Quantum Tick Volumes. These options are grouped and can be accessed by selecting the tabs which will be discussed further in the following sections. Once you are done customizing the indicator’s options, click OK to run the indicator.
You can find here basic information about the indicator like its name, description, and version number.
You can configure the indicator by changing its variables listed in this tab. We will discuss further each configurable input of the Quantum Tick Volumes below.
All the plots of the Quantum Tick Volumes can be configured in this tab. It contains 2 histogram plots and 1 line plot which you can all customize.
- VolumeUp – This is a histogram plot with a default color of DodgerBlue. This is the volume bar aligned to bullish candlesticks.
- VolumeDown – This is a histogram plot with a default color of Red. This is the volume bar aligned to bearish candlesticks.
- VolumeMidpoint – This is a line plot that marks the mid level of all the volume bars within the day. It is Gray by default and appears dotted.
To change the color, double-click the color box transforming the field to a drop down menu which you can click again to select a new color. You can also change the width the same way – double click the width field to transform it to a drop down menu which you can click again to select a new value for thickness. The same goes in changing the VolumeMidpoint’s style.
This indicator does not use any Levels so this tab is empty.
This tab contains options to change the scale of how the indicator is displayed in the chart. We do not recommend changing any of the values here and it is best to just leave it as it is.
The indicator’s visibility can be toggled on or off in different contexts with the options in this tab.
Please make sure that the “Allow DLL imports…” option is checked/ticked before running the indicator. This is required by all Quantum indicators to properly communicate with its accompanying DLL file. Alternatively, you can set this option globally by selecting in the main menu, Tools > Options > Expert Advisors tab and checking/ticking the “Allow DLL imports” option.
Configuring the Indicator
Let’s go back to the Inputs tab and explore the ways on how to customize the settings of your Quantum Tick Volumes.
When running the Quantum Tick Volumes for the first time in your trading account, you need to enter the email you used to register in the Quantum Trading Indicators Enablement System – http://enable.quantumtrading.com/ as part of its verification process. You only need to do this once as the email is stored in the terminal’s global variable cache after it is entered initially. Please make sure that you enter your email correctly and exactly without any extra spaces before and after it. If you made an error, simply fill this field again to update it.
In MT5, some symbols have two types of volume:
- Tick Volume – this is the number of price changes within each period of a selected timeframe (default setting)
- Real Volume – this is the number units actually traded
For Forex, you only ever work with tick volume as there is no way to quantify the real volume of currencies being traded but for other symbols like stocks, MT5 may provide data for real volume which you can tap by changing this setting of the indicator.
Removing the Indicator from the Chart
Open the chart’s Indicator List window by pressing Ctrl+I. You can also right-click the chart and select Indicator List from the context menu.
Select QuantumTickVolumes and click the Delete button then click the Close button.