The purpose of the indicator is to facilitate the quick assessment of the impact of the spread to the possible cost-effectiveness of strategies that predict the behavior of the market by one bar forward when trading various instruments / on different timeframes.
It is especially useful when you have your own tester implemented in the form of an indicator or script (Expert Advisor). The signal of the indicator in this case may be interpreted as the market position of a unit volume. Thus you can set meaningful targets when developing/optimizing your strategy, if you first evaluate the requirements to the accuracy of its predictions.
There is only one parameter in the settings – Precision – the probability of an accurate forecast in percentage. If you know the approximate accuracy of the prediction of your strategy, use this parameter to model it.
- The indicator calculates the color of the next bar based on the difference of the closing prices of the current bar and the next one, so (in case o a gap) it may differ from the bar color on the quote. This method of calculation has been chosen taking into account the purpose for which the indicator was created.
- The last bar in the oscillator histogram is never displayed (== 0), since there is no historical data for its formation.
MT5 Indicator – Download Instructions
NextBarColor is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
NextBarColor provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install NextBarColor.mq5?
- Download NextBarColor.mq5
- Copy NextBarColor.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on NextBarColor.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator NextBarColor.mq5 is available on your Chart
How to remove NextBarColor.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator: