The Inside Bar Scanner Forex indicator designed for Metatrader 5 scans currency pairs to identify a particular candlestick pattern known as the inside bar.
The inside bar patterns appear in a dedicated chart window as orange colored bars.
What is an inside bar candlestick pattern?
- The inside bar represents a period of consolidation or indecision in the market.
- It is characterized by a smaller candlestick being completely engulfed within the range of the preceding larger candlestick
- It’s most commonly used to identify buy or sell price breakouts that might occur after the price consolidation.
It’s strongly advised to combine inside bar patterns with other technical indicators and market analysis techniques to confirm the buy or sell trade.
The following indicator inputs and parameters can be modified: colors.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
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The following chart shows how the Inside Bar Scanner indicator looks like when applied to the MT5 chart.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the geo_innerbar.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration