Introduction
The Relative Volume MT4 (RVOL) stands as a prime example of forex software that provides a strategic edge to traders. It’s an indicator that takes the average volume of a certain number of trading days, usually set to 20 by default, which roughly translates to a month’s worth of trading data. This data representation makes it straightforward to compare the trading volumes of different sessions.Comparison with EASY Robot: EASY Trendopedia
As a professional trader and programmer in the MQL5 ecosystem from the EASY Trading Team, it's important to compare the Relative Volume MT4 indicator with one of our own trading robots, such as EASY Trendopedia. While the RVOL provides pivotal insights into volume analysis, EASY Trendopedia offers a more comprehensive trading strategy that integrates multiple technical indicators and advanced algorithms for trend analysis.Advantages of EASY Trendopedia:
1. **Comprehensive Trend Analysis**: Utilizes multiple indicators like EMA, MACD, and RSI to provide a well-rounded analysis.
2. **Automated Trading**: Not just an indicator, but a complete trading robot capable of executing trades based on pre-set criteria.
3. **Advanced Risk Management**: Features sophisticated risk management tools, including trailing stops and take-profit levels.
4. **Backtesting Capabilities**: Allows for extensive backtesting to refine strategies before going live.
Advantages of Relative Volume MT4:
1. **Simplicity**: Easy to understand and use, especially for beginners.
2. **Focused Insights**: Excellent for volume analysis and understanding market commitment.
3. **Real-time Updates**: Provides real-time histogram updates for immediate volume comparison.
While RVOL offers valuable volume analysis, it lacks the automated trading and multi-indicator analysis capabilities of EASY Trendopedia.
Pros and Cons
Relative Volume MT4:Pros:
- Provides immediate insights into trading volume.
- Easy to interpret with color-coded histograms.
- Useful for validating market moves and breakouts.
Cons:
- Limited to volume analysis.
- Requires manual trading decisions.
- No backtesting or automated trading features.
EASY Trendopedia:
Pros:
- Comprehensive trading strategy.
- Fully automated trading.
- Advanced risk management.
- Extensive backtesting capabilities.
Cons:
- May be complex for beginners.
- Requires more computational resources.
- Initial setup might be more time-consuming.
Optimal Conditions for Using Relative Volume MT4
The Relative Volume MT4 indicator works best in scenarios where understanding volume is critical:1. **Breakouts**: Identifying whether a breakout is supported by significant volume.
2. **Trend Confirmation**: Validating trends by checking if high volumes are in alignment.
3. **Market Sentiment**: Gauging the market’s commitment to a price move.
Source Code of Relative Volume MT4
It's important to note that we do not have access to the original source code of the Relative Volume MT4 indicator sold on the MQL5 market. However, based on the description provided on the MQL5 website, a similar code can be developed. If you’re interested in such a version, feel free to contact us for a custom solution.
Code:
You don't have permission to view the code content. Log in or register now.
Conclusion - Download Relative Volume MT4 Indicator
In summary, while the Relative Volume MT4 indicator provides valuable insights into trading volume, trading strategies like EASY Trendopedia offer a more comprehensive solution for automated trading and trend analysis. We encourage users to share their experiences on the forum and explore the detailed statistics available at https://forexroboteasy.com/forex-ro...olume-mt4-forex-software-for-volume-analysis/.If you have any questions regarding the code or need assistance, please ask them on easytradingforum.com. Note that the EASY Trading Team does not sell the Relative Volume MT4 robot but has created a code based on its description for educational and illustrative purposes.