The Linear Price Bar Forex indicator for Metatrader 4 shows bull/bear price action as colored bars in a separate chart window.
The bars could be colored red, blue or a mix of red and blue colors.
Generally speaking, the bars display the bull/bear balance for every candlestick and might help you to identify better trade entries.
- The bulls are totally in control when the bars are colored blue.
- The bears are totally in control when the bars are colored red.
- Mixed colored bars show that both bull and bears are somewhat in balance.
It’s advised to use the indicator in agreement with trend indicators to identify the overall trend first.
Indicator Chart Example
The picture below shows the Linear Price Bar Forex indicator attached to the Euro / U.S. Dollar M5 chart.
How to use this Forex indicator?
This technical indicator can be used in multiple ways, find an example below:
- Open a buy transaction when the overall trend is upward and the first fully blue colored bar appears on the chart.
- Place your stop loss below short-term support.
- Exit the buy trade for a fixed take profit target or near key resistance.
- Open a sell transaction when the overall trend is downward and the first fully red colored bar appears on the chart.
- Place your stop loss above short-term resistance.
- Exit the sell trade for a fixed take profit target or near key support.
How to install the Linear Price Bar indicator to the Metatrader 4 platform?
- Download the linear-price-bar.mq4 indicator file here and save it to your computer
- Open your Metatrader 4 platform
- Click on “File” (top menu) and then select “Open Data Folder” from the drop down menu
- Click on “MQL4” and open the “Indicators” folder
- Paste the indicator file in this folder
- Restart Metatrader 4 and you’re ready to start using the indicator
How to edit the indicator?
- Attach the indicator to any trading chart of your preference
- Right click in the chart and select “Indicators List” from the drop down menu
- Select the indicator from the list and click on “Edit”
- Now you can start editing the indicator (Inputs, Colors and Visualization)
- Final step, click on the “OK” button to save the new configuration