The Bar Trader Buy Sell Signals indicator for Metatrader 4 is a popular trend following indicator used in many forex strategies and trading systems.
The Bar Trader draws bullish and bearish bars in a sub MT4 window below the activity chart.
A blue colored bar indicates a bullish trend while a red colored bar indicates a bearish trend.
Trading the bar system is utterly simple:
Look for long trades when a blue bar is drawn on the chart; look for sell trades when a red bar is draws on the chart.
A blank space between the colored bars means the trend is flat or range-bound.
The Bar Trader is good for scalping, day trading and short-term swing trading.
The default indicator input settings (P, n1, n2) can be fully modified directly from the indicator’s inputs tab.
Feel free to experiment with its settings to suit your needs.
The AUD/USD H1 chart below displays the Bar Trader Buy Sell Signals forex indicator in action.
Basic Trading Signals
Signals from the Bar Trader Buy Sell Signals MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Initiate a buy trade when the first blue bar appears in the trading window (uptrend).
Sell Signal: Initiate a sell trade when the first red bar appears in the trading window (downtrend).
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (P, n1, n2, CountBars) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the wpr-slow.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)