The Long Bars candlestick identifier indicator for Metatrader 5 scans for one-candle patterns that might give you powerful future market direction.
The candlestick pattern is characterized by a long bar, either up or down.
The trade logic goes as follows:
- A green long candle bar is extremely bullish.
- A red long candle bar is extremely bearish.
The indicator sends out alerts once it identifies such strong trending bars.
The indicator contains the following inputs and parameters: indicator mode, ATR period, ATR multiplier, use long side, use short side, use alerts, send email, and send push notifications.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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Thrust_Bar.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Long Bars Identifier Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Long Bars Identifier Indicator?
Find a simple trading example below:
Buy Signal
- A green long bar is a strong bullish signal.
- Open a buy trade and set your stop loss 3 pips below the low of the green long bar.
- Close the buy trade for a reward-to-risk ratio of 1.5 or better.
Sell Signal
- A red long bar is a strong bearish signal.
- Open a sell trade and set your stop loss 3 pips above the high of the red long bar.
- Close the sell trade for a reward-to-risk ratio of 1.5 or better.
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Thrust_Bar.mq5 Indicator (MT5)
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 Thrust_Bar.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