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Outside Bar Indicator MT5

49 USD

Demo downloaded: 3

Published: 5 August 2024

Current version: 3.2

Outside Bar Indicator MT5

Indicators
Christian Galsterer
Version: 3.2
Updated: 23 August 2024
Activations: 5

Outside bars (Außenstäbe) are important in professional price action trading and were made popular by Michael Voigt. Highs and lows of outside bars (Aussenstäbe) can be utilized as entry and exit for trades following different strategies. With combining different timeframes you can more easily detect the overall trend of the market, see potential resistance and support levels and also detect change in trend and framing of the market. Examples for strategies with inside bars (Innenstäbe) and outside bars are

Reversal
Trend continuation
Breakout
Ranges

This indicator allows to displays outside bars on the current and configurable higher timeframes. E.g. you can display the M5 outside bars on a M1 timeframe to see the bigger picture without the need to switch between different charts.

Key features:

Smart timeframe overlays:

If the configured timeframe is smaller than the chart timeframe, then automatically the chart timeframe is used.
If the chart time frame is changed back then automatically the configured timeframe is used again

Configurable timeframes
Configurable colors
Tolerance for the open/close price of inside bar (Innenstab)
Display of fibonacci extensions (150% and 161,8%) for the last outside bar (Aussenstab).

Configuration:

The following configuration options exists:

Timeframe for the outside bar
Colors for bullish/bearish outside bars
Option to display the open line of the outside bar as market often returns to the open line and can be used as entry or exit point into a trade
Option to display fibonacci extensions for the last outside bar
Tolerance in points the open/close price of an inside bar can be higher/lower than the outside bar (Außenstab).

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Version 3.2 2024.08.23

- fixed a small fix after reconnecting
- small performance improvement

Version 3.0 2024.08.12

- added support to disable the indicator
- last outside bar is now extended to the right end of the chart window

Version 2.0 2024.08.09

- added support to display fibonacci extensions for the last outside bar