The indicator looks for the Price Action “Inside Bar” pattern on the chart. It is recommended to use it on timeframes not lower than H4. At its core, the internal bar is something like a microflet on a specific time period, that is, traders have not yet decided on the direction or there is a pause in the price movement. Thus, a true breakdown of the boundaries of the internal bar indicates that the price movement has continued. As statistics show, when making transactions, it is necessary to take into account the direction of the prevailing trend, since it is most likely that the trend will continue. For a more complete understanding of how to use this pattern, it is recommended to read the works of Neil Fuller.
The indicator is a multi-time frame indicator. The Time interval parameter specifies the required time interval at which the indicator will search for internal bars. For example: you can set two or more of these indicators on the M15 chart and set a different value for each Time interval parameter. Thus, on the M15 chart, you can observe the internal bars formed on the time intervals of the highest order H1, H4, D1, and so on. The VAInsideBarsTrader Expert Advisor is based on the indicator.
- Operation mode indicator-sets the operation mode of the indicator. When selecting the ‘HighLow’ mode‘the breakout criterion of the defining bar is the maximum or minimum of the inner bar. When selecting the ‘Close’ mode‘the breakout criterion of the defining bar is the closing price of the internal bar. The ‘Close‘ mode is best suited for finding false breakouts of the defining bar (Neil Fuller’s ‘fackey’ trading strategy).
- Search depth – search depth (number of bars);
- the minimum number of bars in the bar defining – limit on the minimum number of bars inside the defining bar;
- the maximum number of bars in the bar defining – limit on the maximum number of bars inside the defining bar;
- Indent in points-indent in points from the high / low of the defining bar;
- Time interval – the timeframe on which the search will be performed;
- IB Color – the color of the rectangle marking the detected inner bar;
- the minimum size of “defining the bar” in points-limit on the minimum size of the defining bar in points;
- the maximum size of “defining the bar” in points-limit on the maximum size of the defining bar in points;
- Email notification-enable / disable sending informational messages by email.
- Push notification-enable / disable sending information messages to the mobile terminal.
- Play Sound – enable / disable audio file playback.
- Name of the sound file – the name of the sound file.
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For those who want to use the indicator in the Expert Advisor, the indicator buffer number is: 0 – the maximum of the internal bar; 1 – the minimum of the internal bar.