The Double Inside Bars Indicator for MetaTrader 5 detects a specific candlestick formation where two consecutive candles are fully contained within the range of a larger “mother bar.”
This pattern signals market consolidation and potential breakout opportunities.
How It Works
- Mother Bar: A wide-range candle with a higher high and lower low.
- Inside Bars: One or more candles with highs and lows entirely within the mother bar’s range.
What It Indicates
- Market indecision or consolidation phase.
- Potential breakout direction (up/down) suggests trend continuation or reversal.
- Bullish Breakout: Inside bar breaks upward after a downtrend.
- Bearish Breakout: Inside bar breaks downward after an uptrend.
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Double Inside Bars.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Inside Bar Scanner indicator looks like when applied to the MT5 chart.
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Double Inside Bars.mq5 Indicator (MT5)
