TVI or Tick Volume Indicator is using an Smoothing technique which creates only minimal lag. With TVI Color Indicator the additional visual Color lets you spot movement instantly!
William Blau was the creator of TVI (Tick Volume Indicator) which he introduced the Indicator in his book “Momentum, Direction and Divergence”. In his book he was focusing on minimal lag indicators. TVI Color Indicator for MT4 was created from his views on minimal lag and smoothing techniques. TVI is measuring relationship between incoming tick for a given volume. TVI rises if upticks outnumber downticks and TVI drops if downticks outnumber upticks.
This TVI Color Indicator is best used with 15, 30 and 1h timeframe on major cornices like EURUSD. But please note that this Indicator will repaint until candle close with preceding bar (which is totally normal and unavoidable). This indicator is best combined with Moving Average and RSI.
If you want an minimal lag indicator which is fast… then this one is for you. Make sure you try it out first and get used to it so that you can see how it handles.
This are the available settings for TVI Color Indicator:
- r: select MA1 period
- s: select MA2 period
- u: select u settings
How to install TVI Color Indicator in MetaTrader 4 / MT4:
- Download/Copy/Save the MQ4/EX4 file into your C:\Program Files\MetaTrader 4\experts\indicators folder (or change the folder to your installation sometimes forex broker name)
- Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application
- On the left hand side, look for the “Navigator” window and under the “Common” tab, look into the “Custom Indicators” section
- Locate the indicator which you have just downloaded into the folder stated in Step 1
- Drag (Click and drag) the indicator onto the chart
- Choose your settings and click OK.
- TADA and your done!