Creating a “Volume Meter” to use with Boomerang Currency Trader

Posted on 22. Oct, 2011 by Mohan in Boomerang Currency Trader

Greetings Traders,

For those of you who have purchased Boomerang Currency Trader I wanted to show you how to make a simple (what I call) “Volume Meter” as described in the BCT manual.

When the EuroFX (6E) market is running during our recommended trading times it is important to keep your eye on the volume of the contract. You want to generally try and avoid periods where the volume drops down to extreme low levels under 200 or so on the 8 period Volume Moving Average (VOLMA) and the regular volume down under 50 contracts.

Trades that set up on BCT will still pan out usually at lower levels but risk increases as the trade takes longer to come to fruition and often Whip Saw can occur.

To make the free volume meter to be shrunk down to a smaller4X6 inch type size is quite easy. Then you can keep it tucked in the corner of one of your screens and keep an eye on it.

To Build the “Volume Meter” do the following:

1) Open up a 6E chart on Ninja with a 1 minute setting

2) Add the VOLMA indicator set to an 8 period setting

3) Add the Volume UpDown indicator

Then push the 1 minute chart bars up as far as they can go as we do not need to see the bars but just the two volume meters.

Here is a snap of what it should look like at the approximate size needed

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Tags: ninja trader indicator, ninja trader indicators, ninjatrader, ninjatrader forex, NinjaTrader indicator, ninjatrader strategy, Trader free indicators for ninjatrader

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