Tail Bar
This is a powerful addition to your MetaTrader 5 toolkit designed to optimize market analysis and performance. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Tail Bar
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
Description & Settings
Inkov Evgeni
As we know, stars give evidence of the beginning of price reversal. But a candle with asymmetric "tails" can appear instead of a star, which is also an evidence of a fight between "bulls" and "bears".
This indicator shows this difference. If the low tail is bigger the high one, a bar on the histogram will be above the zero line. If the low tail is longer the bar will be at the bottom. Bar amplitude is a difference between tails. The bigger the difference is, the bigger the sign of a reversal and end of a trend. The more vivid sign is appearance of several bars having one direction and large amplitude at a time!
This indicator was first implemented in MQL4 and published in on March 31, 2014.
Fig.1. Tail_Bar Indicator
