Simple Bars V2 Metatrader 5 Forex Indicator

The Simple Bars V2 Metatrader 5 Forex indicator was originally written in MQL4 and was first published in 2012.

The indicator paints the default bars on the MT5 in a manner that focuses on the lows and highs of the previous bars.

The SimpleBars_V2 Metatrader 5 forex indicator shows some candlesticks painted yellow, which depicts such price bars as being against the trend.

Interestingly, the SimpleBars_V2 MT5 forex indicator works magically for sharp movements within the activity chart.

There are essentially two important inputs parameters that are found on the SimpleBars_V2:

  • Period – defines the period of calculation;
  • UseClose – defines whether you want to use close or not (yes/no)

Free Download

Download the “simplebars_v2.ex5” MT5 indicator

Example Chart

The GBP/USD H1 chart below displays the simple bars v2 Metatrader 5 forex indicator in action

Basic Trading Signals

Buy Signal: Go long on the next price bar when the preceding candlestick of the forex pair closes green.

Sell Signal: Go short on the next price bar when the preceding candlestick of the forex pair closes red.

Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the candlestick gets painted red by the simplebars_v2 MT5 indicator.

Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the candlestick gets painted green by the simplebars_v2 MT5 indicator.

Tips: During a bullish or bearish trend, do not interrupt your orders when any candlestick gets painted yellow.

Download

Download the “simplebars_v2.ex5” Metatrader 5 indicator

MT5 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 5

Type: chart pattern indicator

Customization options: Variable (period, useclose), Colors, width & Style.

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

Type: trend

Installation

Copy and paste the simplebars_v2.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.

You can access this folder from the top menu as follows:

File > Open Data Folder > MQL5 > Indicators (paste here)

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