The Detrended Synthetic Price Bars MT4 indicator scans for bullish and bearish price bars in the main metatrader 4 window.
The green bars you will see mean the price is trending up. The red bars suggest the price is trending down.
The blank space between the green and red bars means a range-bound trading zone.
This indicator does well for scalping, day trading, swing trading and position trading.
In order for this indicator to display the chart correctly, it is important you switch the chart to bars and not candlesticks (see the chart below).
Put all bar colors to black for best view.
The EUR/USD M1 chart below shows the Detrended Synthetic Price Bars forex indicator in action.
Basic Trading Signals
Buy Signal: Go long at the first green bar.
Sell Signal: Go short at the first red bar.
Exit buy trade: Close buy trades at the first red bar (bearish reversal signal)
Exit sell trade: Close sell trades at the first green bar (bullish reversal signal)
Tip: You can always use your own preferred method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (DSP period, DSP price, Signal period, Change color on levels cross) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Signals indicator
Copy and paste the Detrended_Synthetic_Price_dbarsf.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)