Technical Indicators for MetaTrader 5
Shopping cart
The cart is empty
MetaTrader 5
Top Rated Products MT5
Overview
? Overview
Better Volume Z-Score is an enhanced volume analysis indicator inspired by the classic Better Volume concept.
This tool goes far beyond the basics by incorporating:
-
✔ Z-Score-based volume spike detection
-
✔ Flexible Churn zone recognition (volume + low range)
-
✔ Dynamic volume classification with color-coded histograms
-
✔ Built-in countdown timer to next bar close
-
✔ Optimized for high-speed testing in Strategy Tester (MQL5 Market-compliant)
Perfect for scalping, intraday, and swing trading strategies, this indicator reveals the "quality of volume" and helps identify meaningful turning points and accumulation/distribution zones.
? Core Features
✅ Color-coded Volume Bars (Histogram)
| Color | Meaning |
|---|---|
| ? Red | High volume on rising bar (buy pressure) |
| ? Blue | High volume on falling bar (sell pressure) |
| ? Purple | Z-Score spike (statistically abnormal volume) |
| ⚫ Gray | Churn zone – low range but high volume (congestion) |
| ? Orange | Normal volume |
| ⚪ Silver | Very low volume (quiet market) |
✅ Z-Score Spike Detection
Calculates the standard deviation of volume over a rolling window ( maPeriod ).
Bars that exceed the zScoreThreshold are flagged as statistical spikes, helping to identify sudden market interest or large orders.
✅ Churn Detection
Flags bars with small price range and above-average volume, indicating potential accumulation or distribution zones before breakouts.
Condition:
-
Range < previous bar's range × churnRangeFactor
-
and Volume >= MA
✅ Countdown Timer
A live countdown ("Remaining: mm:ss") is shown in the lower right corner of the chart to indicate the time remaining until the next bar – useful for precision timing in active trading.
→ Automatically disabled in Strategy Tester to avoid GUI overhead.
⚙ Input Parameters
| Parameter | Description | Default |
|---|---|---|
| maPeriod | Period for volume moving average | 20 |
| highVolumeMultiplier | High-volume threshold (volume > MA × N) | 1.5 |
| zScoreThreshold | Z-Score spike threshold | 2.5 |
| useZScore | Enable/disable Z-Score logic | true |
| churnRangeFactor | Churn detection range sensitivity | 0.8 |
| countdownTextColor | Timer text color | White |
? Supported Symbols & Timeframes
-
All timeframes supported (from M1 to MN)
-
All symbol types supported (forex, stocks, indices, crypto, etc.)
Note: On tick-heavy charts (e.g., M1), consider disabling Z-Score ( useZScore = false ) to maximize performance.
⚠ Notes
-
This is not a buy/sell signal generator. It’s an advanced volume analysis tool to complement your trading strategy.
-
Designed for MetaTrader 5. Not compatible with MT4.
-
This is a custom indicator, not an Expert Advisor.
? Suggested Use Cases
-
Spot volume spikes before volatility expansion
-
Detect Churn zones for breakout or mean-reversion setups
-
Confirm price/volume divergence
-
Add a "volume structure" layer to classic price action analysis
? Tested Environment
-
MetaTrader 5 build 4150 or later
-
Passes Strategy Tester validation (MQL5 Market-ready)
