In this video we go over the best forex volume indicator that you guys can incorporate into your no nonsense forex style algorithm’s. Volume is an essential piece of any good trading strategy.
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Trading volume is a measure of how much of a given financial asset has traded in a period of time. For instance in stocks, volume is measured in the number of shares traded and, for futures and options, it is based on how many contracts have been traded.
Every single price action strategy in some form or another revolves around volume. For instance a trader who trades using nothing but support and resistance is really just trading based on volume. For instance if you take a look at the Volume profile, which is a high level indicator used by many professionals. You will see these nodes of volume correspond directly to the support and resistance zones you might place on your chart.
The same goes for any other form of trading. Whether you trade price action, breakouts, reversals, trend following. It’s all based on volume. The only reason a stock or forex pair goes up is because enough people decided to show up on that day or on a specific moment and decided to buy.
If there’s no volume then you don’t know whether to buy or sell, you don’t have any clue what price is going to do. That’s why a ranging market is particularly difficult. If you’re a human making decisions you might be able to tell some of the time that you’re in a ranging market and if you have the mental fortitude you might avoid trading. Well if you trade NNFX and use indicators. Your indicators have no clue if the market is chopping or trending. That’s why you need a volume indicator to filter out those awful market conditions.
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