The Positive Volume Index (PVI) is a popular and free Forex indicator for MT5 that is useful in determining the strength of a trend. It is based on the premise that the volume of a security should increase when the price is rising and decrease when the price is falling. The PVI indicator measures the volume of a security relative to the volume on the previous day. If the volume is higher than the previous day, the indicator will rise and vice versa. The Positive Volume Index indicator is easy to use and understand. All you need to do is plot the indicator on your chart and look for divergences. When the price is rising but the indicator is falling, it could indicate that the trend is weakening and that a possible reversal could be in the works. Similarly, when the price is falling but the indicator is rising, it could signal that the trend is gaining strength and that a possible reversal could be in the works. By combining the PVI indicator with other technical indicators, traders can gain a better understanding of the market and make more informed trading decisions.
MT5
Positive Volume Index
The Positive Volume Index (PVI) is a popular and free Forex indicator for MT5 that is useful for traders looking to analyze the market. The PVI indicator measures the changes in the volume and compares it to the changes in the price to determine if the volume is increasing or decreasing. It can help traders identify potential entry and exit points, as well as potential long-term trends.
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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.
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