The big trades indicator is a tick-volume spike detector in its own pane under the candles. Every bar’s volume prints as a blue histogram column. Any column above InpMult times the rolling InpAvgPeriod average turns orange. A gold Threshold line shows the trigger level at all times. A corner panel reports the last closed bar’s volume, average, ratio and status.
This build ships as big-trades-indicator-mt5-indicator-forexmt4systems.ex4 for MT4 and big-trades-indicator-mt5-indicator-forexmt4systems.ex5 for MT5; the screenshots below come from EURUSD H1.
| Platforms | MT4 (.ex4) + MT5 (.ex5) |
|---|---|
| Chart window | Separate window |
| Plots | 3: Volume, Big Trade, Threshold |
| Alerts | popup, push notification, email, sound |
| Inputs | 11 |
What the Big Trades Indicator draws on the chart
Volume is the base plot. It draws each bar’s tick volume as a dodger-blue histogram in a separate window. Big Trade is a thicker orange histogram that only fills on bars whose volume beats the threshold. On those bars the code leaves the blue column empty. Threshold is a one-pixel gold line riding over the histogram at InpMult times the current average. You can see how close each column came to triggering.
With ShowPanel on, a black-backed text block (PanelBg, PanelCorner) sits in the chart corner. It lists Volume, Avg with its SMA length, Trigger and Vol/Avg. A Status line reads BIG TRADE in orange, or normal in lime.
- Volume: histogram, dodger blue, width 2
- Big Trade: histogram, orange, width 3
- Threshold: line, gold, width 1
How the Big Trades Indicator calculates its values
Rolling average of tick volume
The baseline is a simple average. The code sums the tick volume of the last InpAvgPeriod bars, that bar included, then divides by InpAvgPeriod. That average includes the bar under test, so one huge bar lifts it a little. The sum runs over a private copy of the volume series with no gaps.
Threshold and the spike test
The threshold is InpMult times that average. With InpMult (default 2.0) and InpAvgPeriod (default 20), a bar must beat double the twenty-bar average. Volume above the threshold goes into the Big Trade buffer and draws orange. Anything else goes into the Volume buffer and draws blue. The first InpAvgPeriod plus two bars are warm-up and show only as blue volume.
Panel and alert on the last closed bar
The panel and the alert skip the forming bar. They read bar index one, the last closed bar, instead. The code recomputes that bar’s average and divides volume by average to get the ratio. A value in the Big Trade buffer there counts as a spike. It then checks the stored bar time. If no message went out for that bar, it sends the volume and the ratio.
How to read the signals
An orange Big Trade column marks a bar with participation behind it. The bar printed more than InpMult times the normal number of ticks. An orange column at the end of a long run reads differently. On a wide-range candle that closes off its high, it looks more like a climax than a continuation.
Blue columns hugging the gold Threshold line without crossing it show building interest. A lone orange bar inside a tight range with no follow-through is the absorption case. Size stepped in, price did not move, and the next bars tell you which side absorbed.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
When EnableAlerts is on, the spike message can go out four ways. The channels are a popup, a push notification, an email and a sound. EnablePopup, EnablePushNotify, EnableEmail and EnableSound switch each one. The alert fires once per closed bar, and only on a Big Trade bar.
Every Big Trades Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
InpAvgPeriod |
Average-volume period (bars). InpAvgPeriod (default 20) is the number of bars in the volume average. Shorter windows flag more spikes in quiet markets. Longer windows hold a steadier baseline and mark only the outliers. | 20 |
InpMult |
Spike multiple (volume > Mult x avg). InpMult (default 2.0) is the multiple of the average a bar must exceed to turn orange. A lower multiple catches softer surges. A higher one keeps only the extreme bars. | 2.0 |
Display settings
| Setting | What it does | Default |
|---|---|---|
ShowPanel |
Show status panel. ShowPanel (default true) toggles the corner status block. Turn it off on small screens or when you stack several panes. | on |
PanelCorner |
Corner (0=UL,1=UR,2=LL,3=LR). | 0 |
PanelBg |
(see inputs panel) | black |
Alert settings
| Setting | What it does | Default |
|---|---|---|
EnableAlerts |
(see inputs panel) | on |
EnablePopup |
(see inputs panel) | on |
EnablePushNotify |
(see inputs panel) | off |
EnableEmail |
(see inputs panel) | off |
EnableSound |
(see inputs panel) | off |
SoundFile |
(see inputs panel) | alert.wav |
Settings that fit your chart
Tick volume exists on every MetaTrader symbol. The detector therefore runs on forex, metals, indices and crypto CFDs alike. Its numbers are broker-specific and only comparable within one chart. The screenshots use EURUSD H1, where a 20-bar average spans most of a trading day. Session opens produce most of the orange bars there. On M1 and M5 the spikes cluster around news and the open, so a longer InpAvgPeriod tames them.
When the Big Trades Indicator fails
Tick volume counts price changes, not contracts or lots. A bar with many small ticks during a thin session can outscore a bar where real size traded. The orange column tells you activity jumped, not who traded or how much.
Spikes cluster at predictable times. Session opens, news releases and rollover create tick bursts every day. Many orange bars are calendar effects rather than big players stepping in. Check the clock before you read a spike as information.
The threshold moves with the spikes. A big bar raises the average for the next InpAvgPeriod bars. That lifts the Threshold line and can hide a second, slightly smaller surge right after the first. The gauge also says nothing about direction: an orange column marks a bar, not a side.
Copy big-trades-indicator-mt5-indicator-forexmt4systems.ex4 into MQL4/Indicators and big-trades-indicator-mt5-indicator-forexmt4systems.ex5 into MQL5/Indicators, then restart the terminal and drag the Big Trades Indicator onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.
Background reading on the method behind the Big Trades Indicator: Big boy letter on Wikipedia, Positiontrader at Investopedia.
Download the Big Trades Indicator for MT4 and MT5
The zip big-trades-indicator-mt5-indicator-forexmt4systems.zip holds big-trades-indicator-mt5-indicator-forexmt4systems.ex4, big-trades-indicator-mt5-indicator-forexmt4systems.ex5 and a short README, compiled files only. Enter your email below and the download link arrives in your inbox.
Download this indicator free
Enter your email and the file is yours. You also get the full MT4 and MT5 library.
FAQ
Why does the Threshold line jump higher right after a big orange bar?
The gold line is InpMult times a simple average that includes the latest bars. A spike bar enters that average and stays in it for InpAvgPeriod bars. The threshold steps up at once and eases back only when the spike drops out of the window.
What does the big trades indicator count as volume on a forex chart?
It reads tick volume, the number of price changes inside each bar. That is the only volume series a MetaTrader forex feed provides. Tick counts differ from broker to broker and from real traded size. Compare columns within one chart only.
Does the Big Trade column show whether the spike was buying or selling?
It cannot. The histogram and the Threshold line measure how busy a bar was, not which side drove it. Read the candle that carries the orange column, its close within its range, and the bars that follow.
When does the status panel say BIG TRADE instead of normal?
The panel looks at bar index one, the last closed bar. If that bar’s tick volume is above InpMult times its InpAvgPeriod average, the Status line switches to BIG TRADE. The text turns orange, and so does the Vol/Avg figure. Otherwise it reads normal in lime.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Big Trades Indicator as one input. Always backtest before trading live.
External references
- Learn more about the underlying method in Big boy letter on Wikipedia.
- For wider market background, see Positiontrader at Investopedia.
About the author
Written by Dominic Walsh, a Forex trader and MT4/MT5 indicator, Expert Advisor and script developer. Every tool on forexmt4systems.com is tested on live charts before release and ships with ready-to-use compiled MT4 (.ex4) and MT5 (.ex5) files. Learn more about the trader and developer behind this site.
How we build, test and correct every tool: Editorial & Testing Policy. Trading carries risk; see the disclaimer.