The Inbar Signals Forex indicator for Metatrader 4 (MT4) provides pretty accurate trend reversal signals based on Inbars.
The indicator gets displayed in the main MT4 chart window as blue and red colored arrows.
Buy & Sell Trade Example
- Open a buy trade as soon as the blue colored arrow appears on the chart.
- Open a sell trade as soon as the red colored arrow appears on the chart.
- Reverse the open position whenever an opposite signal is displayed on the chart.
The Inbar Signals Forex indicator can be used for both trade entry and exit, or as an additional trend confirmation filter for other strategies and systems.
For scalping and day trading purposes, the indicator tends to generate the most profit during the London and U.S. trading sessions.
The indicator works equally well on all currency pairs (majors, minors, and exotic) and shows promising results if used correctly.
Free Download
Download the “InBar.mq4” indicator for MT4
Indicator Chart (EUR/USD M15)
The picture below shows the Inbar Signals Forex MT4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method when trading with the Inbar Signals Forex indicator.
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)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Trend reversal
Does the indicator repaint? No.
InBar Signals + Supertrend NRP MT4 Intraday Scalping Strategy
This scalping strategy integrates the InBar Signals Forex Indicator MT4 and the Supertrend NRP Forex Indicator MT4.
The InBar Signals indicator provides clear buy (blue arrow) and sell (red arrow) signals.
The Supertrend NRP indicator shows trend direction with green lines for uptrends and orange lines for downtrends.
By combining these indicators, traders can align entries with the prevailing market trend.
This increases the probability of successful trades and helps avoid counter-trend setups.
This strategy is designed for scalping on M1, M5, and H1 charts.
It works well for active traders looking to capture short-term price movements in major pairs such as EURUSD, GBPUSD, and USDJPY.
Buy Entry Rules
- Ensure the Supertrend NRP indicator line is green, indicating an uptrend.
- Wait for a blue buy arrow from the InBar Signals indicator.
- Enter a buy position at the open of the next candle after the blue arrow appears.
- Set a stop loss below the most recent swing low or a fixed pip distance, depending on the timeframe.
- Set a take profit target at 1.5 times the stop loss distance or exit when the Supertrend NRP line turns orange.
Sell Entry Rules
- Ensure the Supertrend NRP indicator line is orange, indicating a downtrend.
- Wait for a red sell arrow from the InBar Signals indicator.
- Enter a sell position at the open of the next candle after the red arrow appears.
- Set a stop loss above the most recent swing high or a fixed pip distance, depending on the timeframe.
- Set a take profit target at 1.5 times the stop loss distance or exit when the Supertrend NRP line turns green.
Advantages
- Combines trend direction with precise entry signals for higher probability trades.
- Suitable for multiple timeframes, offering flexibility for different trading styles.
- Clear visual indicators reduce ambiguity in trade decisions.
- Non-repainting indicators ensure consistency in signals.
- Effective for scalping in major currency pairs with high liquidity.
Drawbacks
- Requires active monitoring, which may not suit all traders.
- Short timeframes can be noisy; false signals may occur during consolidation phases.
- May require adjustment of stop loss and take profit levels based on market volatility.
- Success depends on timely execution and discipline.
Case Study Examples
Case Study 1: EURUSD M1
On the EURUSD M1 chart, the Supertrend NRP indicator turned green, signaling an uptrend.
Shortly after, a blue buy arrow appeared from the InBar Signals indicator.
A buy position was entered at 1.1050, with a stop loss at 1.1045 and a take profit at 1.1065.
The price moved in favor, reaching the take profit within 10 minutes, yielding a 15-pip gain.
Case Study 2: GBPUSD M5
On the GBPUSD M5 chart, the Supertrend NRP indicator showed an orange line, indicating a downtrend.
A red sell arrow from the InBar Signals indicator confirmed the bearish signal.
A sell position was entered at 1.3000, with a stop loss at 1.3020 and a take profit at 1.2970.
The price declined steadily, hitting the take profit target within 25 minutes, resulting in a 30-pip profit.
Case Study 3: USDJPY H1
On the USDJPY H1 chart, the Supertrend NRP indicator was green, indicating an uptrend.
A blue buy arrow from the InBar Signals indicator appeared.
A buy position was initiated at 110.50, with a stop loss at 110.30 and a take profit at 111.00.
The price ascended, reaching the take profit level within 1 hour, securing a 50-pip gain.
Strategy Tips
- Always wait for the Supertrend NRP indicator to confirm the trend before entering a trade.
- Use a pip-based stop loss and take profit for consistency across different timeframes.
- Monitor economic news releases that may impact currency volatility.
- Consider using a trailing stop once the price moves in your favor to lock in profits.
- Regularly review and adjust indicator settings to align with current market conditions.
- Maintain a trading journal to track performance and refine strategy over time.
