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2015.01.23 10:42
Indicators

Tail_Bar - indicator for MetaTrader 5

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tail_bar.mq5 (4.81 KB)view

Real author:

Inkov Evgeni

As we know, stars give evidence of the beginning of price reversal. But a candle with asymmetric "tails" can appear instead of a star, which is also an evidence of a fight between "bulls" and "bears".

This indicator shows this difference. If the low tail is bigger the high one, a bar on the histogram will be above the zero line. If the low tail is longer the bar will be at the bottom. Bar amplitude is a difference between tails. The bigger the difference is, the bigger the sign of a reversal and end of a trend. The more vivid sign is appearance of several bars having one direction and large amplitude at a time!

This indicator was first implemented in MQL4 and published in CodeBase on March 31, 2014.

Fig.1. Tail_Bar Indicator

Fig.1. Tail_Bar Indicator

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/11248

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