MTF Inside Bar Indicator for MT4

0
1236
MTF Inside Bar Indicator for MT4

Introduction to the MTF Inside Bar Indicator

Seasoned traders know that trading based on multiple timeframe technical analysis provides very high probability trade setups.

The MTF Inside Bar Indicator is a valuable tool which allows traders to view price action coming from multiple timeframes even when viewing price from the lower timeframes.

What is the MTF Inside Bar Indicator?

The MTF Inside Bar Indicator is a price action indicator which allows traders to view how price action is moving on the higher timeframes while having a lower timeframe chart open. For example, users can view the candles forming on the weekly chart which having the 1-hour chart open.

This indicator plots a box around the range between the open and close of the higher timeframe chart. It also plots a vertical line above and below the box to represent the wicks of the higher timeframe bar. The color of the bars also changes depending on the direction of the higher timeframe bar. It plots green bars to indicate a bullish candle and salmon colored bars to indicate a bearish candle.

MTF Inside Bar Indicator for MT4

How the MTF Inside Bar Indicator Works?

The MTF Inside Bar Indicator uses the price feed coming from the broker’s server as a basis for plotting the boxes that would represent the higher timeframe candles. It would then plot the upper and lower borders of the box based on the open and close price levels from the higher timeframe candle. As for the wicks, the indicator would plot the extremes of the vertical lines based on the highs and lows of the higher timeframe candle. The color of the candle would be based on whether the closing price level is higher or lower compared to the opening price level. It would plot a green box if the close price is higher than the open price, and a salmon box if the close price is lower than the open price.

How to use the MTF Inside Bar Indicator for MT4

The MTF Inside Bar Indicator has several options which can be modified within its settings.

What is the MTF Inside Bar Indicator

“TFup” allows users to modify how many timeframes above the indicator would base its higher timeframe candles on.

“bars_back” modifies the number of past higher timeframe bars the indicator would plot.

“UpCandleColor” and “DownCandleColor” modifies the colors used for the higher timeframe candles.

“width” modifies the thickness of the borders.

“filling” toggles the filling color inside the box on or off.

Inside MTF Bar One Timeframe Higher

One option traders can do is to set the indicator to display the higher timeframe candles coming from the timeframe immediately above the current timeframe. This allows users to immediately respond to what the market is doing based on the higher timeframe candlestick formation.

Inside MTF Bar One Timeframe Higher

This example shows an H1 chart with Inside MTF Bars from the H4 timeframe. It shows a bearish engulfing, bearish piercing line, and bearish momentum candle.

Inside MTF Bar Two Timeframes Higher

Traders can also set the indicator to plot candles from the timeframe two notches above the current timeframe. The chart below shows an H1 chart with Inside MTF Bars from the D1 timeframe.

Inside MTF Bar Two Timeframes Higher

Traders who saw the bullish abandoned baby pattern would know that the market might start to reverse upward.

Conclusion

This indicator does not provide exact trade entries. However, it gives traders an insight as to how price action is forming on the higher timeframes. This may provide traders the needed information to confirm their trade direction.

Recommended MT4/MT5 Brokers

XM Broker

  • Free $50 To Start Trading Instantly! (Withdraw-able Profit)
  • Deposit Bonus up to $5,000
  • Unlimited Loyalty Program
  • Award Winning Forex Broker
  • Additional Exclusive Bonuses Throughout The Year

XM broker

>> Sign Up for XM Broker Account here <<

FBS Broker

  • Trade 100 Bonus: Free $100 to kickstart your trading journey!
  • 100% Deposit Bonus: Double your deposit up to $10,000 and trade with enhanced capital.
  • Leverage up to 1:3000: Maximizing potential profits with one of the highest leverage options available.
  • ‘Best Customer Service Broker Asia’ Award: Recognized excellence in customer support and service.
  • Seasonal Promotions: Enjoy a variety of exclusive bonuses and promotional offers all year round.

fbs broker

>> Sign Up for FBS Broker Account here <<

 

Upgrade

(Free MT4 Indicators Download)

Click here below to download:

MTF Inside Bar Indicator for MT4

Get Smarter About Forex Trading Using Indicators

Join 100,000+ subscribers and get our 5 min daily newsletter on what matters in forex.

We do not sell or share your information with anyone.

LEAVE A REPLY

Please enter your comment!
Please enter your name here