Outside Bar Indicator MT5

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.