The indicator searches Price Action "Inside Bar" pattern on a chart. It is recommended to use it on H4 and higher periods. The inside bar is a sort of a micro flat on a certain time period meaning that traders have not yet decided on the direction, or there is a pause in price movement. A true breakdown of an inside bar borders means that the price movement has resumed. According to statistics, a dominating trend should always be considered, since it will most probably continue. It is recommended to read Nial Fuller's writings for thorough understanding of this pattern employment.
This is a multi timeframe indicator. The 'Time interval' parameter specifies a necessary time interval used when searching for inside bars. For example, you can launch two or more VAInsideBar indicators on М15 chart setting the 'Time interval' parameter for each of them separately. As a result, you can use the М15 chart to track inside bars formed at higher time intervals (Н1, Н4, D1, etc.). The VAInsideBarsTrader Expert Advisor based on the indicator has been developed.
- Operation mode indicator - sets the indicator operation mode. If set to 'High\Low', the criterion for a breakout of the mother bar is the High or Low of the inside bar. If set to 'Close', the criterion for a breakout of the mother bar is the Close of the inside bar. The 'Close' mode is best suited to search for the false breakouts of the mother bar (the 'fackey' search by Nial Fuller).
- Search depth - search depth (amount of bars);
- the minimum number of bars in the bar defining - limitation of the minimum number of bars inside a defining one;
- the maximum number of bars in the bar defining - limitation of the maximum number of bars inside a defining one;
- Indent in points - indent from the defining bar's low and high in points;
- Time interval - timeframe at which the search will be performed;
- IB Color - color of a rectangle marking a detected inside bar;
- the minimum size of "defining the bar" in points - limitation of the defining bar's minimum size in points;
- the maximum size of "defining the bar" in points - limitation of the defining bar's maximum size in points;
- Email notification - enable/disable sending messages via email.
- Push notification - enable/disable sending messages to the mobile terminal.
- Play Sound - enable/disable playing an audio file.
- Name of the sound file - audio file name.
For those who want to implement the indicator in an Expert Advisor, the number of the indicator buffer: 0 - inside bar maximum; 1 - inside bar minimum.
Added the ability to send messages via email (the 'e-mail notification' parameter), notifications to the mobile terminal (the 'Push notification' parameter) and to play a sound (the 'Play Sound' parameter). The name of the sound file to be played is specified in the parameter "Name of the sound file".
Changed the indicator display on a chart. Now, "inside bars" are marked by a rectangle having the color defined by the 'IB Color' parameter. All the indicator buffers (for using the indicator within an EA) are left intact.