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This inside bar indicator MT4 is suitable if you are doing inside bar trading. So what this MT4 inside bar indicator does is identifies inside bars for you as they form on your charts. Inside bar is a famous trading pattern in which the bar carry higher low and lower high compared with the previous bar, also known as mother bar. With, a lesser time frame like the 1 hour chart, daily inside bar chart will sometimes appears to be similar to a triangle pattern. Inputs AlertOn - enable alerts
The indicator defines the Bullish and Bearish Engulfing Bar. The pattern has greater reliability when the open price of the engulfing candle is well above the close of the first candle, and when the close of the engulfing candle is well below the open of the first candle. For an engulfing bar to be valid it must fully engulf at least one previous bar or candle - includes all the body and the wick. The engulfing bar can engulf more than one bar as long as it completely engulfs the previous bar
myfxbook.com/strategies/lucky-break-2011-2016/100225
