Forex Two Shadows MT4 Indicator

Forex Two Shadows MT4 Indicator:

About the Forex Two Shadows MT4 Indicator

Simplest indicator for bar shadows. Very useful for Kangaroo Tail strategy.

“Shadows” – this is the distance from high and close of the bull bar and low and close of the bear bar.

The purpose of the shadow is to show you if the bar is strong or not. Whether it is internal to the trend or is external. It even helps determine if a trend is starting. Very easy to recognise the pattern of the kangaroo tail and the reverse bar.

Input arguments:

  • Timeframe
  • How many prevoius bars to calculate
  • Value of the close shadow that should be passed to trigger the alarm and to display the number on the chart
  • Value of the open shadow that should be passed to trigger the alarm and to display the number on the chart
  • How many times to repeat the alarm (Put 0 if you don’t want alarm for shadow)
  • Bear open shadow color
  • Bull open shadow color
  • Bear close shadow color
  • Bull close shadow color
  • Font size
  • Distance from the bar (to display the shadow)
  • Font style

Test results:

Forex Two Shadows MT4 Indicator

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)

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