This inside bar indicator MT4 is suitable if you are doing inside bar trading.
So what this MT4 inside bar indicator does is identifies inside bars for you as they form on your charts.
You may be interested in the inside bar trading strategy as well as the double inside bar trading strategy. You can use this inside bar indicator to trade those inside bar forex trading strategies as well.
Inside Bar download link is further down below towards the end of this post.
How To Setup the Inside Bar Indicator on Your Chart
Once you download the indicator, you have to place it in the “indicators” folder in where your MT4 progam files are kept in C Drive in your computer.
The next thing you do is open up your mt4 chart and upload the mt4 inside bar indicator to your charts and you will have this pop up window:
Don’t change anything here, just click ok.
Then you will be taken to a chart as this with inside bars already identified:
Now Look Closely at the chart above and you’ll see some problems with this MT4 inside bar indicator…
Even though this is a really good indicator for detecting inside bars, I’ve spotted some problems with it:
#1: sometimes, it identifies bars (candlesticks) that are NOT inside bars.
#2: sometimes, it misses to identify inside bars
#3: the default color of a bearish inside bar is RED and is hardly noticeable if the color of you bars (candlesticks) are also RED. Better to change the default color of a bearish inside bar to WHITE so you it can be easily seen.
How To Change To Color of The Bearish Inside Bar To White
You simply edit the inside bar indicator by changing the color to white instead of read as shown below:
And this is what you get:
As you can see, the white stands out a lot more compared to the read inside color of inside bars.
Here the inside bar indicator download link: InsideBar.
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as a matter of fact, this is not really a good inside bar indicator as you can see on the charts that sometimes it does highlight bars that are not inside bars at all and I’ve stated that problem in the article. Never found a really good inside bar indicator yet.
If you think you can code a good one and be able to share it with the rest of the traders who may be interested, that would be really appreciated.
Incorrect inside bar indicator.
Your article says an inside bar is a bar whose shadow is entirely contained within the shadow of the previous bar.
This indicator highlights bars whose body is entirely contained within the body of the previous bar, or whose body size is smaller than those of the previous 4 bars.
I could recode it for you in ~5mins if you like.