Outside Bar Indicator MT5
- Indicators
- Hristian Galsterer
- Version: 1.0
- 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. Examples for strategies with inside/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 timeframes:
- 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 bars
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
- Tolerance in points the open/close price of an inside bar can be higher/lower than the outside bar.
