VQ Bars is a free Forex indicator developed for Metatrader 4, and it can be classified as a buy/sell candlestick trend indicator.
In essence, VQ Bars analyzes past and recent price data and transforms it into a reliable candlestick-based signals indicator.
VQ Bars is easy to trade and beginner-friendly.
Buy & Sell Trade Example
- A buy signal is given when the first green bar appears on the main chart window.
- A sell signal is given when the first red bar appears on the main chart window.
- Reverse the position when the first opposite bar appears on the chart.
Feel free to play with the indicator’s default settings and different parameters.
The indicator works for all currency pairs and time frames equally.
Free Download
Download the “VQ_bars.mq4” indicator for MT4
Indicator Chart (EUR/USD M15)
The example chart below shows the VQ Bars indicator in action.
Trading Tips:
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Trading Instruments: Any
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (length, method, smoothing, filter, steady), color settings & style
Indicator type: Candlestick signals
Does the indicator repaint? No.
VQ Bars + RSI with CCI Forex Scalping Strategy for MT4
This scalping strategy for MT4 uses the VQ Bars Indicator (MT4) together with the RSI with CCI Forex Trend Indicator (MT4).
The VQ Bars give you a clear bar-colour change (green for bullish, red for bearish) and reversals when the opposite color appears.
The RSI with CCI indicator gives a histogram showing the trend bias (green histogram = bullish trend, red histogram = bearish trend).
With these two aligned on short time-frames (M1, M5, and M15), you get a rapid-entry scalping method ideal for active sessions.
Because we’re scalping, the focus is on high-liquidity major currency pairs during busy hours (for example, EUR/USD, GBP/USD, USD/JPY).
Time-frames used: primary chart M5 for entry, M1 for fine-tuning, M15 for trend-context.
Buy Entry Rules
- On your M15 chart, check that the RSI with CCI histogram is green (bullish trend bias).
- Switch to your M5 chart and wait for the VQ Bars to show the first green main chart bar (after red bars or after a color change).
- That signals a possible reversal or start of a bullish move.
- Enter a buy trade at the close of that first green bar on the M5 chart.
- Place the stop-loss a few pips below the recent swing-low on that M5 chart (for example, 5-10 pips depending on pair and volatility).
- Set the take-profit target at about 1× to 1.5× the stop-loss size.
- Or exit early if the RSI/CCI histogram turns red (trend bias weakens) or VQ Bars turn red (reverse bar appears).
Sell Entry Rules
- On the M15 chart, check the RSI with CCI histogram is red (bearish trend bias).
- On the M5 chart, wait for the VQ Bars indicator to print the first red bar (after green bars or after a change).
- That signals a potential short move.
- Enter a sell trade at the close of that first red bar on the M5 chart.
- Place the stop-loss a few pips above the recent swing-high on M5 (for example, 5-10 pips depending on pair/volatility).
- Take-profit should be approximately 1× to 1.5× stop-loss size.
- Or exit if the RSI/CCI histogram flips green or the VQ Bars show the first green bar (reverse signal).
Advantages
- Clear visual entry signals: the first colour-change green/red bar from VQ Bars simplifies timing.
- Trend bias from RSI with CCI helps filter noise and align entries with the underlying direction.
- Short time-frames (M1, M5, M15) allow multiple scalps daily using major pairs.
- Risk is limited due to short stop-losses and defined targets.
Drawbacks
- Scalping demands fast reaction and attention; missing the first bar or delay reduces edge.
- In low-volatility or sideways markets, the first bar may trigger, but the price doesn’t move significantly.
- The strategy works best during active sessions; during quiet hours, results may suffer.
- Requires discipline to cut losses and not chase multiple trades.
Example Case Study 1 – USD/CHF (M5)
During the London session, USD/CHF showed the RSI/CCI histogram on M15 turning green, signalling bullish bias.
On M5, the VQ Bars changed from red to green at 0.8890, and the first green bar appeared.
A buy trade was placed at 0.8892, stop-loss set at 0.8882 (10 pips), take-profit at 0.8907 (15 pips ≈1.5×).
The price moved quickly to 0.8908 within 30 minutes, trade closed for +16 pips.
Example Case Study 2 – EUR/JPY (M5)
During the New York session, EUR/JPY had an RSI/CCI histogram on M15 red (bearish trend).
On M5, the VQ Bars printed its first red bar at 140.85 after a brief pullback, signalling a short.
A sell trade was entered at 140.84, stop-loss at 140.94 (10 pips), target at 140.69 (15 pips ≈1.5×).
Within 40 minutes price fell to 140.68, trade closed for +16 pips.
Strategy Tips
- Use major pairs with low spread and high liquidity (e.g., EUR/USD, GBP/USD, USD/CHF, USD/JPY) to ensure smooth moves.
- Only enter when both indicators align (trend histogram + first bar colour change) — if trend bias and bar colour conflict, skip the trade.
- Keep record of your trades and monitor win-rate and average pips — adjust stop-loss/target ratio if necessary over time.
This scalping strategy gives you a focused way to trade short-term reversals aligned with trend bias.
