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
MT5 Indicator – Download Instructions
Tail Bar is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
Tail Bar 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 Tail Bar.mq5?
- Download Tail Bar.mq5
- Copy Tail Bar.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 Tail Bar.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator Tail Bar.mq5 is available on your Chart
How to remove Tail Bar.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: