The Inside Bar Breakout indicator for Metatrader 4 provides simple to use price breakout levels based on inside bars.
The indicator works on pure price action and does not repaint whatsoever.
The indicator pops up in the main MT4 chart window in the form of 2 colored horizontal lines above and below the actual inside bar.
The green horizontal line acts as resistance and the red line acts as support.
Long & short trade idea:
- Open a buy order if the candlestick closes above the green inside bar line and the overall trend is upwards.
- Open a sell order if the candlestick closes below the red inside bar line and the overall trend is downwards.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download:
Download the “Inside bar.mq4” indicator for MT4
Indicator Example Chart (USD/CAD M30)
The example chart below displays the Inside Bar Breakout mt4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Inside Bar Breakout 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: Price action
Does the indicator repaint? No.
Download Now:
Download the “Inside bar.mq4” indicator for Metatrader 4
How to install this indicator on Metatrader 4?
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the Inside bar.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.
