About the VQ Bars Indicator
VQ Bars is a free Forex indicator developed for MetaTrader 4 that transforms raw price data into easy-to-read trend-based candlestick signals.
It belongs to the category of buy and sell candlestick indicators and is designed to help traders follow market direction with confidence.
Instead of relying on complex calculations, VQ Bars simplifies trend analysis by changing candle colors based on price behavior.
The indicator analyzes both recent and historical price movements to determine whether bullish or bearish pressure is dominant.
When buying strength increases, the chart prints green bars.
When selling pressure takes control, the bars turn red.
This color change allows traders to react quickly without second-guessing market bias.
It performs well across different currency pairs and adapts smoothly to various trading styles.
Free Download
Download the “VQ_bars.mq4” indicator for MT4
Key Features
- Candlestick-based trend identification.
- Green and red bars for clear buy and sell signals.
- Works on all MT4-supported markets.
- Suitable for scalping, day trading, and swing trading.
- Customizable parameters for fine-tuning sensitivity.
Indicator Chart
The chart below displays the VQ Bars indicator applied to a Forex price chart.
Green bars highlight bullish trend phases, while red bars mark bearish momentum.
Each color change provides actionable buy or sell signals aligned with trend direction.
Guide to Trade with VQ Bars
Buy Rules
- Wait for the first green bar to appear on the main chart.
- Ensure the market is not near strong resistance.
- Enter a buy trade at the close of the green bar.
Sell Rules
- Wait for the first red bar to appear on the main chart.
- Confirm price is not reacting to major support.
- Enter a sell trade at the close of the red bar.
Stop Loss
- Set stop loss using the Average True Range value for flexibility.
- Alternatively, place a stop loss beyond the last consolidation zone.
Take Profit
- Exit when the first opposite-colored bar appears.
- Or trail profit behind recent swing highs or lows.
VQ Bars + RSI with CCI Forex Scalping Strategy for MT4
This scalping strategy for MT4 uses the VQ Bars Indicator (MT4) together with the RSI with CCI Forex Trend Indicator (MT4).
The VQ Bars give you a clear bar-colour change (green for bullish, red for bearish) and reversals when the opposite color appears.
The RSI with CCI indicator gives a histogram showing the trend bias (green histogram = bullish trend, red histogram = bearish trend).
With these two aligned on short time-frames (M1, M5, and M15), you get a rapid-entry scalping method ideal for active sessions.
Because we’re scalping, the focus is on high-liquidity major currency pairs during busy hours (for example, EUR/USD, GBP/USD, USD/JPY).
Time-frames used: primary chart M5 for entry, M1 for fine-tuning, M15 for trend-context.
Buy Entry Rules
- On your M15 chart, check that the RSI with CCI histogram is green (bullish trend bias).
- Switch to your M5 chart and wait for the VQ Bars to show the first green main chart bar (after red bars or after a color change).
- That signals a possible reversal or start of a bullish move.
- Enter a buy trade at the close of that first green bar on the M5 chart.
- Place the stop-loss a few pips below the recent swing-low on that M5 chart (for example, 5-10 pips depending on pair and volatility).
- Set the take-profit target at about 1× to 1.5× the stop-loss size.
- Or exit early if the RSI/CCI histogram turns red (trend bias weakens) or VQ Bars turn red (reverse bar appears).
Sell Entry Rules
- On the M15 chart, check the RSI with CCI histogram is red (bearish trend bias).
- On the M5 chart, wait for the VQ Bars indicator to print the first red bar (after green bars or after a change).
- That signals a potential short move.
- Enter a sell trade at the close of that first red bar on the M5 chart.
- Place the stop-loss a few pips above the recent swing-high on M5 (for example, 5-10 pips depending on pair/volatility).
- Take-profit should be approximately 1× to 1.5× stop-loss size.
- Or exit if the RSI/CCI histogram flips green or the VQ Bars show the first green bar (reverse signal).
Advantages
- Clear visual entry signals: the first colour-change green/red bar from VQ Bars simplifies timing.
- Trend bias from RSI with CCI helps filter noise and align entries with the underlying direction.
- Short time-frames (M1, M5, M15) allow multiple scalps daily using major pairs.
- Risk is limited due to short stop-losses and defined targets.
Drawbacks
- Scalping demands fast reaction and attention; missing the first bar or delay reduces edge.
- In low-volatility or sideways markets, the first bar may trigger, but the price doesn’t move significantly.
- The strategy works best during active sessions; during quiet hours, results may suffer.
- Requires discipline to cut losses and not chase multiple trades.
Example Case Study 1 – USD/CHF (M5)
During the London session, USD/CHF showed the RSI/CCI histogram on M15 turning green, signalling bullish bias.
On M5, the VQ Bars changed from red to green at 0.8890, and the first green bar appeared.
A buy trade was placed at 0.8892, stop-loss set at 0.8882 (10 pips), take-profit at 0.8907 (15 pips ≈1.5×).
The price moved quickly to 0.8908 within 30 minutes, trade closed for +16 pips.
Example Case Study 2 – EUR/JPY (M5)
During the New York session, EUR/JPY had an RSI/CCI histogram on M15 red (bearish trend).
On M5, the VQ Bars printed its first red bar at 140.85 after a brief pullback, signalling a short.
A sell trade was entered at 140.84, stop-loss at 140.94 (10 pips), target at 140.69 (15 pips ≈1.5×).
Within 40 minutes price fell to 140.68, trade closed for +16 pips.
Strategy Tips
- Use major pairs with low spread and high liquidity (e.g., EUR/USD, GBP/USD, USD/CHF, USD/JPY) to ensure smooth moves.
- Only enter when both indicators align (trend histogram + first bar colour change) — if trend bias and bar colour conflict, skip the trade.
- Keep record of your trades and monitor win-rate and average pips — adjust stop-loss/target ratio if necessary over time.
Download Now
Download the “VQ_bars.mq4” indicator for Metatrader 4
FAQ
Can VQ Bars be used for scalping?
Yes, the indicator works on lower timeframes.
For scalping, tighter risk management and confirmation from volatility conditions are recommended.
Which settings work best for trending markets?
Default settings perform well in most conditions.
Increasing the smoothing parameter can help reduce noise during strong trends.
Does VQ Bars generate too many signals in ranging markets?
In sideways conditions, frequent color changes may occur.
Using a higher timeframe trend filter can improve signal quality.
Summary
VQ Bars is a practical and easy-to-use MT4 indicator that converts price movement into trend-following candlestick signals.
Its green and red bars make market direction instantly readable, reducing hesitation during trade execution.
This simplicity makes it ideal for traders who prefer visual decision-making.
The indicator performs well as a standalone trend tool or as part of a broader trading system.
With improved market filters or alert functionality, its effectiveness could be further enhanced.
For traders seeking reliable trend confirmation without complexity, VQ Bars is a solid choice.
