Forex Two bar Top and Bot MT4 Indicator:
About the Forex Two bar Top and Bot MT4 Indicator
Indicator that shows two bars cluster bots and tops. It will show you the forming top/bot based on the close prices.
Rules that have to be met for Bot:
- Two bear bars, where second bar closes below the low of the first bar.
- Two bull bars after the bears. The second bull bar has to close above the high of the first bull bar.
- To have bot, potential top should be forming.
Rules for Top:
- Two bull bars, where second bar closes above the high of the first bar.
- Two bear bars after the bulls. The second bear bar has to close below the low of the first bull bar.
- To have top, potential bot should be forming.
The indicator accepts three arguments:
- Start bar – from which bar to start calculating
- Size of the dot on the chart (in font size)
- Distance from the top/bot
Note: the indicator works on the time frame you are currently on
This indicator is very simple, does not distract you and will help you define better the trends and the channels.
Copy and paste the file into the MQL4 Indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)