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Originally Posted by The PIPe PIPer
I agree with Ian that extreme price limits of support / resistance have less volume recorded than the prior 1-3 bars coz thats where majority have entered , and the majority is going to be wrong if the trend ATM (at the moment)is perceived to be a trading range.
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The only problem is the volume (tick volume) in MT4 is unreliable. It does not represent the centralized tick volume, it is rather based on the trading activities of your broker's books. I compared 3-4 platforms and their volume was dangerously different varying in several occasions 4 times between 2 of them. Hard to trust it if you see it this way.
Therefore all volume based indicators that are available in MT4 have to be treated with grain of scepticizm. Only as supporting material not deccison driving. IMHO