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VSA Text

The VSA Text indicator for MT5 displays volume analysis in the market. With this indicator, traders can easily identify trends and make informed decisions when trading the Forex market.

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Description

The Volume Spread Analysis (VSA) Text indicator for MT5 is a tool that analyzes and displays market volume and potential direction of price movement in text format. It helps traders identify market trend direction and potential reversal zones of financial instruments.

The indicator can come in handy during technical analysis, which helps in making informed trading decisions. Besides, it can be a valuable asset for beginner traders to understand the underlying market conditions of an instrument.

Features of the VSA Text Indicator for MT5

The indicator displays text on candlesticks based on price action and the trading volume. It displays vertical text on candlesticks, indicating upthrust, reverse upthrust, effort to move up/down, and stopping volume candlesticks. Each vertical text displayed on the candlestick depicts declining trading volume, the potential direction of the price, and trend reversal.

So, the candlesticks bar with the caption ‘effort to move up’ depicts bullish momentum, while those with the ‘effort to move down’ signal bearish momentum. Also, a bar that shows ‘upthrust’ indicates a potential bullish movement, while the ‘upthrust reversal’ bar suggests a potential bearish movement.  Conversely, the bar that shows ‘stopping volume’ indicates a decline in the trading volume.

The Benefits of Using the Indicator

  • Beginner-friendly: The indicator helps traders visualize the underlying market data, making it beneficial to traders, especially beginners in understanding price movement and trend direction.
  • Enhances Trend Analysis: The indicator gives traders a clear picture of the market condition, which enhances objective trend analysis.

Indicator Settings Description

The indicator comes with the following customizable settings:

Spread period: Determines the period to calculate the average spread.

Volume period: Determines the period to calculate the average volume.

Font type: Determines the font type.

Font size: Determines the size of the font.

Text color: Determines the text color.

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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:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. 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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