What is hawkeye-volume-indicator?
hawkeye-volume-indicator is an MT4 indicator that combines volume changes and an EMA to color candles and mark them with arrows. Candle colors and arrow direction change with the calculation, and alerts are available.
How to use hawkeye-volume-indicator
Candles turn green with an upward arrow, or red with a downward arrow, when volume changes and the relationship with a moving average move the calculation into the upward or downward state. Compare the candle colors and the arrows with the price action on the same chart.
Where it helps
MT4 Indicator Parameters
The table below lists the available MT4 indicator parameters. You can customize these options in the MetaTrader Inputs dialog to match your trading preferences.
| Parameter | Description |
|---|---|
| TimeFrame | Sets the timeframe to which the indicator is applied. Default: Current time frame. |
| Ma length | Sets the moving average period. Default: 50. |
| Ma type | Sets the moving average type. Default: Exponential moving average. |
| Candles visible? | Toggles the display of colored candles. Default: true. |
| Auto adjust candles | Sets whether candle width is adjusted automatically. Default: true. |
| wick width | Sets the width of candle wicks. Default: 1. |
| If false then use this for candle width | Sets the candle width when automatic adjustment is disabled. Default: 2. |
| Bullish candle color | Sets the bullish candle color. Default: MediumSpringGreen. |
| Bearish candle color | Sets the bearish candle color. Default: Crimson. |
| Neutral candle color | Sets the neutral candle color. Default: 212,213,212. |
| Number of bars (0=all bars) | Sets the number of bars used for calculation. Default: 500. |
| Alerts on true/false? | Sets whether alerts are enabled. Default: true. |
| Alerts on current bar true/false? | Sets whether alerts are enabled on the current bar. Default: false. |
| Alerts pop-up message true/false? | Sets whether pop-up messages are displayed. Default: true. |
| Alerts sound true/false? | Sets whether sound alerts are enabled. Default: false. |
| Alerts push notification true/false? | Sets whether push notifications are enabled. Default: false. |
| Alerts email true/false? | Sets whether email notifications are enabled. Default: false. |
| Alerts sound file | Sets the sound file used for alerts. Default: alert2.wav. |
| Arrows visible? | Toggles the display of arrows. Default: true. |
| Arrows on every signal true/false? | Sets whether arrows are displayed on every signal. Default: true. |
| Arrow on first bars true/false | Sets whether arrows are displayed on the first bars. Default: true. |
| Up Arrow size | Sets the size of upward arrows. Default: 1. |
| Down Arrow size | Sets the size of downward arrows. Default: 1. |
| Up Arrow code | Sets the display code for upward arrows. Default: 236. |
| Down arrow code | Sets the display code for downward arrows. Default: 238. |
| Up Arrow gap | Sets the gap between upward arrows and candles. Default: 0.5. |
| Dn Arrow gap | Sets the gap between downward arrows and candles. Default: 0.5. |
The screenshot above shows the default input parameters in the MT4 settings window.
How to Install .ex4 Indicator in MetaTrader 4
- Download the ZIP file and extract it.
- In MT4, select File → Open Data Folder.
- Open MQL4 → Indicators and copy the EX4 or MQ4 file into it.
- If the package includes library files, copy them to MQL4 → Libraries. Copy TPL files to the top-level templates folder.
- Restart MT4, find the indicator in the Navigator, and drag it onto a chart.
Test the tool on a demo account first. File contents and required folders can vary between packages.
