Linear Price Bar is a free MT4 (Metatrader 4) indicator that displays blue and red candlesticks in the bottom window of the trading platform.
It gives you a great overview of the overall trend and works across all time frames and MT4 symbols.
- Blue colored candlesticks are bullish.
- Red colored candlesticks are bearish.
The Linear Price Bar indicator can be used for trade entries and exits or as a candlestick-based price action filter.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “Linear_Price_Bar.mq4” indicator for MT4
Indicator Chart (EUR/USD H1)
The example chart below displays the Linear Price Bar mt4 indicator in action on the trading chart.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Linear Price Bar 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: Candlestick
Does the indicator repaint? No.
MT4 Scalping Strategy Using Linear Price Bar and XTC Forex Trend Indicators
This MT4 scalping strategy combines the price-action signals from the Linear Price Bar Forex Indicator with the trend confirmation of the XTC Forex Trend Indicator.
It is designed for traders seeking quick scalping opportunities on short timeframes.
The strategy works best on 1-minute to 5-minute charts.
The Linear Price Bar indicator shows a blue candlestick as a buy signal and a red candlestick as a sell signal.
The XTC Forex Trend indicator uses a blue histogram for bullish trends and a red histogram for bearish trends.
Take profit targets are set between 3–7 pips to capture small but consistent movements.
Buy Entry Rules
- Wait for a blue candlestick on the Linear Price Bar indicator, signaling a buy opportunity.
- Confirm the trade with a blue histogram on the XTC Forex Trend Indicator, indicating a bullish trend.
- Enter a buy trade at the market price once both conditions are met.
- Set a stop loss just below the recent swing low.
- Set a take profit for 3–7 pips depending on market volatility.
Sell Entry Rules
- Wait for a red candlestick on the Linear Price Bar indicator, signaling a sell opportunity.
- Confirm the trade with a red histogram on the XTC Forex Trend Indicator, indicating a bearish trend.
- Enter a sell trade at the market price once both conditions are met.
- Set a stop loss just above the recent swing high.
- Set a take profit for 3–7 pips depending on market volatility.
Advantages
- Combines price-action signals with trend confirmation for higher accuracy.
- Works well on short timeframes, allowing multiple trades per session.
- Simple visual signals make it easy to interpret.
- Suitable for various currency pairs, including AUD/USD, USD/JPY, and EUR/JPY.
Drawbacks
- Scalping requires constant attention and quick execution.
- Small pip targets may be affected by spreads or broker execution delays.
- Frequent trades increase transaction costs.
- False signals can occur during low liquidity or news events.
Case Study 1: AUD/JPY on 1-Minute Chart
On the AUD/JPY 1-minute chart, a blue candlestick appeared on the Linear Price Bar indicator, signaling a buy entry.
The XTC Forex Trend Indicator showed a blue histogram, confirming the bullish trend.
The trade was entered at 89.50, with a stop loss at 89.47 and a take profit of 3–7 pips.
The trade closed successfully with a 5-pip gain within 4 minutes.
Case Study 2: NZD/USD on 5-Minute Chart
On the NZD/USD 5-minute chart, a red candlestick appeared on the Linear Price Bar indicator, signaling a sell entry.
The XTC Forex Trend Indicator displayed a red histogram, confirming the bearish trend.
The trade was entered at 0.6500, with a stop loss at 0.6503 and a take profit of 3–7 pips.
The trade reached the take profit target, netting 6 pips in 8 minutes.
Strategy Tips
- Always wait for confirmation from both indicators to avoid false signals.
- Use recent swing highs and lows to set precise stop loss levels.
- Set take profit between 3–7 pips to match typical scalping volatility.
Download Now
Download the “Linear_Price_Bar.mq4” indicator for Metatrader 4
