The KVO Indicator is a useful and popular free Forex indicator for MT4. The indicator works by plotting a line on the chart that shows the market’s volatility over a certain period of time. The line is made up of two components: a red line, which represents the current market volatility; and a blue line, which represents the average market volatility over the same period of time. The KVO Indicator is a great way for traders to gauge market volatility and make more informed trading decisions.