Bar Strength Indicator
BarStrength Indicator is an exclusive indicator to trade Forex and Binary Options.
BarStrength Indicator shows the strength of each candle.
The indicator shows in a separate windows candles relatively to 2 price levels representing resistance and support in the market.
Once candle is near resistance it is highly probable that price movement will change direction and will go down in the next candles.
Once candle is near support it is highly probable that price movement will change direction and will go up in the next candles.
The indicator can also be used to easily spot divergences between real price movement (main chart) and BarStrength indicator movement (indicator window).
Input of the indicator is :
- MaxBars: number of candles to be drawn with the indicator
BarStrength indicator can be combined with other oscillator like Stochastic or RSI for confirmation purpose.
The indicator can work with any class of assets: Forex, Equities, Commodities, Futures.
The indicator can be used with any timeframe.