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geo_innerbar.mq5 (4.63 KB) view

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Original author:

Geokom FX Lab

The internal bar indicator shows locations of temporary price consolidation.

Internal bar is a bar whose High is below the maximum of the previous bar and Low is above the minimum of the previous bar.

When the next candle doesn't break through previous turning points it is logical to predict the price consolidation period.

It is possible to make a strategy based on the exit from this range.

Originally this indicator has been written in MQL4 and was first published in the Code Base on 2.03.2012.

Fig. 1. The Geo_InnerBar indicator

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/12524

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Geo_InnerBar - indicator for MetaTrader 5