The Percentage Volume Oscillator (PVO) is a useful and popular free Forex indicator available for the MT4 trading platform. The PVO is a momentum indicator that measures the rate of change of the volume of a security over two different periods. It is calculated by subtracting the 26-period exponential moving average (EMA) of the volume from the 12-period EMA of the volume and then dividing the result by the 12-period EMA of the volume. This calculation produces a ratio which is then plotted as a line on a chart. The PVO is used to identify potential buy and sell signals. When the PVO line is above 0, it is generally seen as a bullish signal, indicating that the volume is increasing. Conversely, when the PVO line is below 0, it is generally seen as a bearish signal, indicating that the volume is decreasing. By combining the PVO with other indicators, traders can gain a better understanding of the market and make more informed trading decisions.
Percentage Volume Oscillator
The Percentage Volume Oscillator (PVO) is a popular and free forex indicator for the MetaTrader 4 (MT4) trading platform. It is useful in measuring the strength of a trend by comparing the volume of a particular period to the volume of the previous period. It is calculated by subtracting the 26-period exponential moving average (EMA) of volume from the 12-period EMA of volume. The PVO can be used to identify potential reversal points in the market, as well as possible breakouts and trend continuation signals.
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How to Install
How install MT4/5 indicator in the terminal?
To install an MT4/5 indicator in the terminal, follow these steps:
Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.
Open the MT4/5 terminal and click on “File” in the top left corner.
Select “Open Data Folder” from the dropdown menu.
In the window that opens, double-click on the “MQL4/5” folder.
Double-click on the “Indicators” folder.
Drag and drop the indicator file from your computer into the “Indicators” folder.
Close the data folder window and restart the MT4/5 terminal.
The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.
Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.
And if asks to confirm DLL?
If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.
DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.
If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.
It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.