MT4 Inside & Outside Bar Indicator searches for recurring price patterns – Inside and Outside bars (Engulfing bar).
The Inside bar is a bar whose range completely overlaps the range of the previous bar, while an Outside bar, on the contrary, is a bar whose range completely overlaps the range of the previous bar.
Inside & Outside patterns bars are often formed after a strong market movement, after which the market enters a state of consolidation or price movement uncertainty. Based on the analysis of patterns, the indicator can determine the likely further direction of the trend reversal / continuation.
For the convenience of monitoring trading signals, the indicator has a dashboard that allows you to comprehensively assess the current market situation and respond to its changes in a timely manner.
The indicator allows you to set up assets and select patterns for tracking (both together and separately). For everyone from patterns, setting alerts are provided.
In the indicator parameters, you can also select any standard timeframe to search for trading signals. This makes it possible to use MT4 Inside & Outside Bar Indicator in various trading styles from scalping to day trading.
The peculiarity of using the patterns Inside and Outside bar is that they are used, as a rule, on timeframes from M30 and higher. This is due to the fact that there is a lot of price noise on the lower timeframes and these patterns are not effective enough in such conditions.
The indicator generates signals when it detects Inside & Outside bars, which are reversal / continuation patterns of the current trend.
Depending on the type of the signal bar, the probable further direction of price movement is determined. If the bar on which the pattern was formed was bullish, this is a BUY signal. If a bar was bearish, this is a SELL signal.
Signal arrows have different degrees of thickness. Thin arrows show the signal of the Outside bar pattern, and large arrows show the signal of the Inside bar.
For each of the found trading signals, there is an additional indication in the form of a vertical signature of the pattern abbreviation and a dotted rectangle highlighting the pattern found by the indicator (IBU – Inside bar Up, IBD – Inside bar Down, OBU – Outside bar Up, OBD – Outside bar down).
The dashboard shows information about the current status of detecting signals.
The dashboard displays information about which pattern was found Inside/ Outside, the recommended direction of trading Up / Down and the serial number of the bar (number of bars ago) on which the signal was detected.
The color of the cell indicates the direction of the trade (BUY – green, SELL – red) and changes the saturation of the main color depending on how much the distance of the bars from the last bar on which the signal was detected increases.
The dashboard allows traders to easily and fastly choose the assets they want to work with by clicking on a particular cell in the dashboard.
The indicator has the following parameters:
assets – selection of assets to search for signals.
enable_M1 – enable_MN – include / exclude timeframes (from a minute to a month) to search for signals via them.
max_bars – the maximum number of bars back, by which the scanner will search for signals. The parameter limits the number of calculations to speed up the indicator.
enable_alert – the option enables / disables alerts.
enable_email – allows you to send email alerts.
enable_mobile – allows you to send alerts to your mobile device.
enable_inside_bar – on / off detection of Inside bars.
enable_outside_bar – on / off detection of Outside bars.
enable_inside_bar_alert – on / off alerts about detection of Inside bars.
enable_outside_bar_alert – on / off alerts about Outside bar detection.
We can also turn the indicator into an Expert Advisor (trading robot) with an extended set of custom functions (stop loss, take profit, trailing stop, risk management parameters, trading time limit, and others).
Request a free consultation from our team of professional programmers and find out the cost and timing of your project development.
Nordman Algorithms is not liable for any risk that you face using the software. Please, use the software on your own responsibility. The software is coded in accordance with a common known concept and Nordman Algorithms does not guarantee accuracy or trading performance of the software signals.
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