Introduction to the MTF Inside Bar Indicator
Table of Contents
- 1 Introduction to the MTF Inside Bar Indicator
- 2 What is the MTF Inside Bar Indicator?
- 3 How the MTF Inside Bar Indicator Works?
- 4 How to use the MTF Inside Bar Indicator for MT4
- 5 Inside MTF Bar One Timeframe Higher
- 6 Inside MTF Bar Two Timeframes Higher
- 7 Conclusion
Seasoned traders know that trading based on multiple timeframe technical analysis provides very high probability trade setups.
The MTF Inside Bar Indicator is a valuable tool which allows traders to view price action coming from multiple timeframes even when viewing price from the lower timeframes.
What is the MTF Inside Bar Indicator?
The MTF Inside Bar Indicator is a price action indicator which allows traders to view how price action is moving on the higher timeframes while having a lower timeframe chart open. For example, users can view the candles forming on the weekly chart which having the 1-hour chart open.
This indicator plots a box around the range between the open and close of the higher timeframe chart. It also plots a vertical line above and below the box to represent the wicks of the higher timeframe bar. The color of the bars also changes depending on the direction of the higher timeframe bar. It plots green bars to indicate a bullish candle and salmon colored bars to indicate a bearish candle.
How the MTF Inside Bar Indicator Works?
The MTF Inside Bar Indicator uses the price feed coming from the broker’s server as a basis for plotting the boxes that would represent the higher timeframe candles. It would then plot the upper and lower borders of the box based on the open and close price levels from the higher timeframe candle. As for the wicks, the indicator would plot the extremes of the vertical lines based on the highs and lows of the higher timeframe candle. The color of the candle would be based on whether the closing price level is higher or lower compared to the opening price level. It would plot a green box if the close price is higher than the open price, and a salmon box if the close price is lower than the open price.
How to use the MTF Inside Bar Indicator for MT4
The MTF Inside Bar Indicator has several options which can be modified within its settings.
“TFup” allows users to modify how many timeframes above the indicator would base its higher timeframe candles on.
“bars_back” modifies the number of past higher timeframe bars the indicator would plot.
“UpCandleColor” and “DownCandleColor” modifies the colors used for the higher timeframe candles.
“width” modifies the thickness of the borders.
“filling” toggles the filling color inside the box on or off.
Inside MTF Bar One Timeframe Higher
One option traders can do is to set the indicator to display the higher timeframe candles coming from the timeframe immediately above the current timeframe. This allows users to immediately respond to what the market is doing based on the higher timeframe candlestick formation.
This example shows an H1 chart with Inside MTF Bars from the H4 timeframe. It shows a bearish engulfing, bearish piercing line, and bearish momentum candle.
Inside MTF Bar Two Timeframes Higher
Traders can also set the indicator to plot candles from the timeframe two notches above the current timeframe. The chart below shows an H1 chart with Inside MTF Bars from the D1 timeframe.
Traders who saw the bullish abandoned baby pattern would know that the market might start to reverse upward.
This indicator does not provide exact trade entries. However, it gives traders an insight as to how price action is forming on the higher timeframes. This may provide traders the needed information to confirm their trade direction.
MT4 Indicators – Download Instructions
MTF Inside Bar Indicator for MT4 is a Metatrader 4 (MT4) indicator and the essence of this technical indicator is to transform the accumulated history data.
MTF Inside Bar Indicator for MT4 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. Click here for MT4 Strategies
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How to install MTF Inside Bar Indicator for MT4.mq4?
- Download MTF Inside Bar Indicator for MT4.mq4
- Copy MTF Inside Bar Indicator for MT4.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 4 Client
- Select Chart and Timeframe where you want to test your MT4 indicators
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 4 Client
- Right click on MTF Inside Bar Indicator for MT4.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator MTF Inside Bar Indicator for MT4.mq4 is available on your Chart
How to remove MTF Inside Bar Indicator for MT4.mq4 from your Metatrader Chart?
- Select the Chart where is the Indicator running in your Metatrader 4 Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
MTF Inside Bar Indicator for MT4 (Free Download)
Click here below to download: