The Bar Numbers MT4 indicator displays the number of each candlestick from the beginning of the activity chart.
The indicator can be applied to any pair and for any timeframe of your choice.
It works for candlestick charts, bar charts and line charts.
Free Download
Download the “Barnumbers.mq4” MT4 indicator
Indicator Chart (EUR/USD D1)
The EUR/USD daily chart below shows the Bar Numbers forex indicator in action.
Basic Trading Signals
No trading signals from this indicator.
Bar Numbers and Retracement Finder Indicator Forex Strategy for MT4
This MT4 strategy combines time-based price analysis with momentum signals using the Bar Numbers MT4 Forex Indicator and the Retracement Finder MT4 Forex Indicator.
The Bar Numbers indicator counts each candlestick from the start of the chart activity, helping traders identify key time intervals for entries.
The Retracement Finder shows blue bars for potential buy trades and red bars for potential sell trades.
By combining both indicators, traders can time entries around retracements that occur at strategic candle numbers, making it effective across M1, M5, M15, and H1 charts.
Buy Entry Rules
- Identify bullish momentum with blue bars on the Retracement Finder.
- Check the Bar Numbers indicator to ensure the entry aligns with key candlestick intervals (e.g., 0–5 recent bars for short-term scalps, 10–20 bars for slightly longer moves).
- Enter a buy trade at the close of the candle where the blue bar appears.
- Place stop 2-5 pips below the recent swing low.
- Take profit at the next resistance level or when the Retracement Finder shows a red bar.
Sell Entry Rules
- Identify bearish momentum with red bars on the Retracement Finder.
- Check the Bar Numbers indicator to ensure the entry aligns with key candlestick intervals (e.g., 0–5 recent bars for fast scalps, 10–20 bars for longer intraday moves).
- Enter a sell trade at the close of the candle where the red bar appears.
- Place stop 2-5 pips above the recent swing high.
- Take profit at the next support level or when the Retracement Finder shows a blue bar.
Advantages
- Combines timing with retracement signals for more precise entries.
- Bar Numbers help identify optimal points for entering trades based on candle sequences.
- Works across multiple timeframes, including M1, M5, M15, and H1 charts.
- Retracement Finder visually highlights buy and sell opportunities for quick decision-making.
- Helps avoid trading at random points and increases trade discipline.
- Flexible for both scalping and slightly longer intraday trading.
- Supports dynamic exits when market momentum shifts.
- Simple to implement and understand for traders of all experience levels.
- Allows monitoring multiple charts for simultaneous trading opportunities.
Drawbacks
- Bar Numbers alone do not indicate trend direction; they must be combined with the Retracement Finder for accuracy.
- Requires attention to multiple timeframes to align entries properly.
- Low volatility periods may produce fewer reliable trade setups.
Example Case Study 1
On EURUSD M5, a blue bar appeared on the Retracement Finder while the Bar Numbers indicator showed the most recent candlestick as 0.
A buy trade was entered at candle close with a stop 4 pips below the recent swing support low.
Price rallied steadily and the trade was closed at the next resistance, yielding a 14 pip profit.
Timing the entry with the recent candle count improved scalp precision.
Example Case Study 2
On GBPJPY H1, a red bar appeared on the Retracement Finder while the Bar Numbers indicator highlighted candlestick 12 in the sequence.
A sell trade was entered at candle close with a stop 5 pips above the recent swing high.
Price moved downward and the trade was closed at the next support level, capturing a 40 pip gain.
Using Bar Numbers to time retracement entries helped capture the main intraday trend.
Strategy Tips
- Focus on retracement bars that occur near significant candle counts to increase trade probability.
- Use higher timeframe confirmation to validate the trend before taking trades on shorter charts.
- Maintain disciplined stop loss placement 2-5 pips beyond recent swing points.
- Scale out partial positions near intermediate support or resistance levels to protect profits.
- Monitor active market hours for more reliable retracement setups.
- Use alerts or notifications for Retracement Finder bars to ensure timely entries.
- Focus on major currency pairs with higher liquidity for smoother execution.
- Combine with other indicators like moving averages for trend alignment.
- Be patient and skip trades if the candle sequence or bar signal does not fully align.
Download Now
Download the “Barnumbers.mq4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Addon
