The Tail Bar indicator for Metatrader 5 displays bullish and bearish tail bars in a dedicated chart window.
It’s a price pattern that can help traders to enter and exit trades with better precision.
A positive tail bar is colored sea-green while a negative tail bar colored magenta.
This indicator provides customization options to suit individual preferences: tail bar up color, tail bar down color.
To maximize its effectiveness, the Tail bar indicator is best used in conjunction with other price action techniques and strategies.
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The following picture displays how the Tail Bar indicator looks like when applied to the MT5 chart.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the tail_bar.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration