Myfxpaddy Volume Indicator

Myfxpaddy Volume Indicator

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 myfxpaddy Volume Indicator is a versatile indicator based on Momentum, Bollinger Bands, and Keltner Channel. It appears as a Momentum histogram and a range of dots in a separate chart window, indicating the relationship between current Bollinger Bands and Keltner Channel values. This indicator is compatible with both MT4 and MT5 versions of the trading platform.




Input Parameters


• MaxBars (default = 300): Maximum number of bars on the chart to apply the indicator.

• BB_Period (default = 20): Period for the Bollinger Bands indicator.

• BB_Deviation (default = 2.0): Bollinger Bands deviation parameter.

• Keltner_Period (default = 20): Period for the Keltner Channel indicator.

• Keltner_Factor (default = 1.5): Keltner Channel multiplication factor.

• Momentum_Period (default = 12): Period for the Momentum indicator.

• EnableNativeAlerts (default = false): Enables MetaTrader’s native pop-up alerts on BB/Keltner arrows’ color change.

• EnableEmailAlerts (default = false): Enables MetaTrader’s email alerts on BB/Keltner arrows’ color change. Email should be properly configured in MetaTrader via Tools -> Options -> Email.

• EnablePushAlerts (default = false): Enables MetaTrader’s push notification alerts on BB/Keltner arrows’ color change. Notifications should be properly configured in MetaTrader via Tools -> Options -> Notifications.

• TriggerCandle (default = Previous): Candle to issue alerts on: Previous (most recently closed candle) or Current (unfinished candle).


Example and Strategy






The myfxpaddy Volume Indicator utilizes momentum to gauge trend strength and direction:


• Rising momentum above the zero line (uptrend) is represented by darker green bars.

• Falling momentum above the zero line (also uptrend) is represented by lighter green bars.

• Rising momentum below the zero line (downtrend) is represented by darker red bars.

• Falling momentum below the zero line (also downtrend) is represented by lighter red bars.


Additionally, the indicator provides a volatility measure within the main histogram. The range of blue and red squares on the zero line indicates the current relationship between Bollinger Bands and the Keltner Channel:


• Red squares indicate Bollinger Bands outside the Keltner Channel, suggesting a strong trending market.

• Blue squares indicate Bollinger Bands inside the Keltner Channel, suggesting a flat sideways market.


The primary strategy involves identifying trading ranges during non-trending phases (blue squares) and entering on breakout to red squares (trending phase). The histogram strength indicates the trend’s intensity and signals when to exit trades as the trend weakens.


This indicator enhances market analysis and helps identify potential trading opportunities based on volatility and momentum signals.


Original build credits to: earnforex, indicator revamped and improved by myfxxpaddy.

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