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Professionals and even some more advanced traders often point out that time charts can greatly affect certain trading tools and indicators during market gaps and low market activity.
And yes it is true! This is especially the case with trend lines, where a prolonged sideways move can cause the line to be hit and create a "false signal". Kings Volume is a new trading indicator that, although it cannot completely eliminate this negative effect, it significantly eliminates it and the signals provided here have a much better telling value, which is undoubtedly its biggest advantage.
- Balanced volume indicator
- User difficulty: moderately advanced
- Usage: Forex, Oil, Gold, Stock indices
- Compatibility: MetaTrader 4
- Free indicator updates
Trading with the indicator
Today's indicator is a bit more complicated, as it requires traders to have at least a basic understanding of trend lines and how to plot them correctly on the chart. However, unlike the standard line plotting, here the creation of the lines takes place directly in the indicator environment, which is located below the main chart. Since Kings Volume can react to significant market changes much faster than it normally does in the main chart environment (time candles tend to be cumbersome), the plotted trend lines thus provide traders with a great advantage not only in terms of inputs but also in terms of potential outputs (see chart below - the chart shows that the trend line created with Kings Volume alerted to a trend change much earlier than it would have done above on the main chart).
Tip: The basic Kings Volume settings may not be suitable for every currency pair and therefore it is possible to change the PriceType parameter (see settings on the chart above), which can be used to tailor the indicator considerably to a given pair.
Download Kings Volume from the button below
