The LBR Paint Bars Metatrader 5 custom forex indicator draws colored candles on the price chart in relation to the trend direction.
The location of the two volatility lines defines the trend direction, while the colored cloud histogram gets shown along these two lines
If the “Color Candles” inputs variable gets enabled (i.e. Value = Yes), the following color schemes becomes present:
- If a bullish candle closes above the cloud, a green candle is put on display.
- If a bearish candle exits above the cloud, a dark sea green candle is put on display.
- Bearish candles that closes below the cloud, displays a red candle.
- Bullish candles that closes below the cloud, displays a peach puff candle.
Free Download
Download the “LBR_Paint_Bars.ex5” MT5 indicator
Example Chart
The USD/JPY H1 chart below displays the LBR Paint Bars Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the LBR Paint Bars Metatrader 5 forex indicator paints candles that are somewhat positioned above the indicator cloud green or dark sea green.
Sell Signal: Go short when the LBR Paint Bars Metatrader 5 forex indicator paints candles that are aligned slightly below the indicator cloud red or peach puff.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the LBR Paint Bars indicator displays a red or peach puff candle.
Exit sell trade: Close all sell orders if while a bearish trend is running, the LBR Paint Bars indicator displays a green or dark sea green candle.
Tips: Intraday price movements are known to unfold in a series of buying and selling waves, and the LBR Paint Bars indicator can conveniently capture such activities and translate them into gains for users.
Deploy the indicator for scalping, day trading and swing trading.
Download
Download the “LBR_Paint_Bars.ex5” Metatrader 5 indicator
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Factor, ATR period, HL period, Color Candles), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend
Installation
Copy and paste the LBR_Paint_Bars.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)