This tool is designed as a visual dashboard for the MetaTrader 4 platform, providing traders with a real-time "Trading Volume" sentiment gauge. Instead of displaying raw tick data, it interprets price action to estimate the relative strength between buyers (Bulls) and sellers (Bears).
Core Functionality
The script calculates market sentiment based on three distinct logic models, allowing you to choose which perspective best suits your trading style:
- Bid Ratio (Close-based): This measures where the price ends relative to its high and low for a specific period. It focuses on where the "final" agreement was reached.
- Open Ratio (Opening-based): This looks at where the price started relative to its high and low. It helps identify the initial direction or pressure when a candle first began forming.
- Body Ratio (Sentiment): This is a more complex calculation that analyzes the "body" of the candle (the distance between open and close) against its total range (high to low). It attempts to distinguish between actual movement and mere volatility, providing a nuanced view of active pressure.
Key Features
- Smoothing Options: You can set a "Period" variable to average the sentiment over multiple candles. This helps filter out "noise" from erratic price spikes, providing a smoother, more reliable trend visualization.
- Dynamic Visual Dashboard: The script creates a professional on-screen display (a rectangle with labels and progress bars) that shows the percentage split between Bulls and Bears.
- Customizable Placement: You can easily move the dashboard to any of the four corners of your chart (Upper Left, Upper Right, Lower Left, or Lower Right) and adjust its spacing via the settings menu.
- Real-time Updates: The tool automatically updates with every price movement, ensuring that the percentage bars accurately reflect current market conditions.
How it helps the trader
By providing a clear visual representation of buyer vs. seller dominance, this script allows you to see market "momentum" at a glance. It transforms raw price data into a readable percentage gauge, helping you identify whether the market is leaning heavily toward one side or if there is an equilibrium between buyers and sellers.
Price Data Components
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trading_volume_v1
//+------------------------------------------------------------------+
//| Trading_Vol.mq4 |
//| Copyright 2016, MetaQuotes Software Corp. |
//| https://M2P_Design@hotmail.com |
//+------------------------------------------------------------------+
#property copyright "Copyright 2016, MetaQuotes Software Corp."
#property link "https://M2P_Design@hotmail.com"
#property version "1.00"
#property strict
#property indicator_chart_window
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
enum Pos
{
UpperLeft,
UpperRight,
LowerLeft,
LowerRight
};
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
enum way
{
BidRatio,
OpenRatio,
BodyRatio,
};
input way CalculationBy =BodyRatio;
input int InpPeriod =1;
input Pos Position =UpperLeft;
input int X_Offset =5;
input int Y_Offset =20;
double BullO[],BearO[],BullC[],BearC[],BullS[],BearS[],Bulli[],Beari[];
double Bull,Bear;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int OnInit()
{
//--- indicator buffers mapping
Object();
//---
return(INIT_SUCCEEDED);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//---
ObjectDelete("VolBG1");
ObjectDelete("Text1");
ObjectDelete("Bulls1");
ObjectDelete("Bullish1");
ObjectDelete("UpPer1");
ObjectDelete("Bears1");
ObjectDelete("Bearish1");
ObjectDelete("DnPer1");
//---
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int OnCalculate(const int rates_total,
const int prev_calculated,
const datetime &time[],
const double &open[],
const double &high[],
const double &low[],
const double &close[],
const long &tick_volume[],
const long &volume[],
const int &spread[])
{
//---
ArrayResize(BullO,Bars+InpPeriod);
ArrayResize(BearO,Bars+InpPeriod);
ArrayResize(BullC,Bars+InpPeriod);
ArrayResize(BearC,Bars+InpPeriod);
ArrayResize(BullS,Bars+InpPeriod);
ArrayResize(BearS,Bars+InpPeriod);
ArrayResize(Bulli,Bars+1);
ArrayResize(Beari,Bars+1);
for(int i=0; i<rates_total; i++)
{
//===================================PowerClose
if(CalculationBy==BidRatio)
{
PowerClose(i);
if(InpPeriod==0)
{
Bulli[i]=BullC[i];
Beari[i]=BearC[i];
}
if(InpPeriod>0)
{
double Bull1=0,Bear1=0;
for(int cnt=i; cnt<(i+InpPeriod); cnt++)
{
Bull1=Bull1+BullC[cnt];
Bear1=Bear1+BearC[cnt];
}
Bulli[i]=Bull1/InpPeriod;
Beari[i]=Bear1/InpPeriod;
}
}
//===================================PowerOpen
if(CalculationBy==OpenRatio)
{
PowerOpen(i);
if(InpPeriod==0)
{
Bulli[i]=BullO[i];
Beari[i]=BearO[i];
}
if(InpPeriod>0)
{
double Bull1=0,Bear1=0;
for(int cnt=i; cnt<(i+InpPeriod); cnt++)
{
Bull1=Bull1+BullO[cnt];
Bear1=Bear1+BearO[cnt];
}
Bulli[i]=Bull1/InpPeriod;
Beari[i]=Bear1/InpPeriod;
}
}
//===================================Sentiment
if(CalculationBy==BodyRatio)
{
Sentiment(i);
if(InpPeriod==0)
{
Bulli[i]=BullS[i];
Beari[i]=BearS[i];
}
if(InpPeriod>0)
{
double Bull1=0,Bear1=0;
for(int cnt=i; cnt<(i+InpPeriod); cnt++)
{
Bull1=Bull1+BullS[cnt];
Bear1=Bear1+BearS[cnt];
}
Bulli[i]=Bull1/InpPeriod;
Beari[i]=Bear1/InpPeriod;
}
}
}
Bull=Bulli[0];
Bear=Beari[0];
ObjectS(Bull,Bear);
//---
return(rates_total);
}
//+------------------------------------------------------------------+
//| PowerOpen Calculations function |
//+------------------------------------------------------------------+
void PowerOpen(int i)
{
double BidRatio=0;
double Bulls=0,Bears=0;
double PairH=iHigh(Symbol(),0,i);
double PairL=iLow(Symbol(),0,i);
double PairB=iOpen(Symbol(),0,i);
double PRange=(PairH-PairL)*Point;
if(PRange>0)
BidRatio=(PairH-PairB)/(PairH-PairL);
Bulls=BidRatio;
Bears=1-Bulls;
BullO[i] = MathRound(Bulls*100);
BearO[i] = MathRound(Bears*100);
}
//+------------------------------------------------------------------+
//| PowerClose Calculations function |
//+------------------------------------------------------------------+
void PowerClose(int i)
{
double BidRatio=0;
double Bulls=0,Bears=0;
double PairH=iHigh(Symbol(),0,i);
double PairL=iLow(Symbol(),0,i);
double PairB=iClose(Symbol(),0,i);
double PRange=(PairH-PairL)*Point;
if(PRange>0)
BidRatio=(PairB-PairL)/(PairH-PairL);
Bulls=BidRatio;
Bears=1-Bulls;
BullC[i] = MathRound(Bulls*100);
BearC[i] = MathRound(Bears*100);
}
//+------------------------------------------------------------------+
//| Sentiment Calculations function |
//+------------------------------------------------------------------+
void Sentiment(int i)
{
double Percent=0;
double Bulls=0,Bears=0;
double Length0=(iHigh(Symbol(),0,i)-iLow(Symbol(),0,i));
double Body0=MathAbs(iOpen(Symbol(),0,i)-iClose(Symbol(),0,i));
if(Length0>0)
Percent=Body0/Length0;
double Remain=1-Percent;
//DownCandle
if(iOpen(Symbol(),0,i)>iClose(Symbol(),0,i))
{
Bulls = Remain/2;
Bears = Percent + Bulls;
}
//UpCandle
else if(iOpen(Symbol(),0,i)<=iClose(Symbol(),0,i))
{
Bears = Remain/2;
Bulls = Percent + Bears;
}
BullS[i] = MathRound(Bulls*100);
BearS[i] = MathRound(Bears*100);
}
//+------------------------------------------------------------------+
//| Object Modify function |
//+------------------------------------------------------------------+
void ObjectS(double Bulls,double Bears)
{
ObjectSet("Bullish1",OBJPROP_XSIZE,Bulls);
ObjectSetString(0,"UpPer1",OBJPROP_TEXT,(DoubleToString(Bulls,0)+" %"));
ObjectSet("Bearish1",OBJPROP_XSIZE,Bears);
ObjectSetString(0,"DnPer1",OBJPROP_TEXT,(DoubleToString(Bears,0)+" %"));
}
//+------------------------------------------------------------------+
//| Object Creation function |
//+------------------------------------------------------------------+
void Object()
{
int X=0,Y=0;
if(Position==UpperLeft)
{
X=X_Offset;
Y=Y_Offset;
}
if(Position==UpperRight)
{
X=555+X_Offset;
Y=Y_Offset;
}
if(Position==LowerLeft)
{
X=X_Offset;
Y=320+Y_Offset;
}
if(Position==LowerRight)
{
X=555+X_Offset;
Y=320+Y_Offset;
}
//===============BackGround====================
ObjectCreate("VolBG1",OBJ_RECTANGLE_LABEL,0,0,0);
ObjectSet("VolBG1",OBJPROP_XDISTANCE,X);
ObjectSet("VolBG1",OBJPROP_YDISTANCE,Y);
ObjectSet("VolBG1",OBJPROP_XSIZE,225);
ObjectSet("VolBG1",OBJPROP_YSIZE,100);
ObjectSet("VolBG1",OBJPROP_BGCOLOR,clrBlack);
//==================Label======================
ObjectCreate("Text1",OBJ_LABEL,0,0,0);
ObjectSet("Text1",OBJPROP_COLOR,clrGold);
ObjectSetString(0,"Text1",OBJPROP_TEXT,"-- Trading Volume --");
ObjectSetString(0,"Text1",OBJPROP_FONT,"Arial");
ObjectSet("Text1",OBJPROP_FONTSIZE,14);
ObjectSet("Text1",OBJPROP_STYLE,STYLE_SOLID);
ObjectSet("Text1",OBJPROP_XDISTANCE,(X+30));
ObjectSet("Text1",OBJPROP_YDISTANCE,(Y+5));
//==================Bullish====================
ObjectCreate("Bulls1",OBJ_LABEL,0,0,0);
ObjectSet("Bulls1",OBJPROP_COLOR,clrGreen);
ObjectSetString(0,"Bulls1",OBJPROP_TEXT,"Bulls");
ObjectSetString(0,"Bulls1",OBJPROP_FONT,"Arial");
ObjectSet("Bulls1",OBJPROP_FONTSIZE,14);
ObjectSet("Bulls1",OBJPROP_XDISTANCE,(X+5));
ObjectSet("Bulls1",OBJPROP_YDISTANCE,(Y+40));
ObjectCreate("Bullish1",OBJ_RECTANGLE_LABEL,0,0,0);
ObjectSet("Bullish1",OBJPROP_XDISTANCE,(X+60));
ObjectSet("Bullish1",OBJPROP_YDISTANCE,(Y+40));
ObjectSet("Bullish1",OBJPROP_YSIZE,20);
ObjectSet("Bullish1",OBJPROP_BGCOLOR,clrLimeGreen);
ObjectCreate("UpPer1",OBJ_LABEL,0,0,0);
ObjectSet("UpPer1",OBJPROP_COLOR,clrGreen);
ObjectSetString(0,"UpPer1",OBJPROP_FONT,"Arial");
ObjectSet("UpPer1",OBJPROP_FONTSIZE,14);
ObjectSet("UpPer1",OBJPROP_XDISTANCE,(X+165));
ObjectSet("UpPer1",OBJPROP_YDISTANCE,(Y+40));
//==================Bearish====================
ObjectCreate("Bears1",OBJ_LABEL,0,0,0);
ObjectSet("Bears1",OBJPROP_COLOR,clrFireBrick);
ObjectSetString(0,"Bears1",OBJPROP_TEXT,"Bears");
ObjectSetString(0,"Bears1",OBJPROP_FONT,"Arial");
ObjectSet("Bears1",OBJPROP_FONTSIZE,14);
ObjectSet("Bears1",OBJPROP_XDISTANCE,(X+5));
ObjectSet("Bears1",OBJPROP_YDISTANCE,(Y+70));
ObjectCreate("Bearish1",OBJ_RECTANGLE_LABEL,0,0,0);
ObjectSet("Bearish1",OBJPROP_XDISTANCE,(X+60));
ObjectSet("Bearish1",OBJPROP_YDISTANCE,(Y+70));
ObjectSet("Bearish1",OBJPROP_YSIZE,20);
ObjectSet("Bearish1",OBJPROP_BGCOLOR,clrRed);
ObjectCreate("DnPer1",OBJ_LABEL,0,0,0);
ObjectSet("DnPer1",OBJPROP_COLOR,clrFireBrick);
ObjectSetString(0,"DnPer1",OBJPROP_FONT,"Arial");
ObjectSet("DnPer1",OBJPROP_FONTSIZE,14);
ObjectSet("DnPer1",OBJPROP_XDISTANCE,(X+165));
ObjectSet("DnPer1",OBJPROP_YDISTANCE,(Y+70));
}
//+------------------------------------------------------------------+
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