Delta Tail Bar Indicator
Info
The Delta Tail Bar Indicator is a Script for MetaTrader 4 that as is known, stars signal the beginning of a price reversal. However, instead of a star, a candle with very asymmetrical "tails" may form, which also indicates a struggle between "bulls" and "bears".
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Scripts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Delta Tail Bar Indicator
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
As is known, stars signal the beginning of a price reversal.
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Script works on MetaTrader 4. Place the file in the MQL4/Scripts folder and restart the terminal.
Description & Settings
Related: account and symbol details at a glance - another powerful script for MetaTrader 4 traders.
As is known, stars signal the beginning of a price reversal. However, instead of a star, a candle with very asymmetrical "tails" may form, which also indicates a struggle between "bulls" and "bears".Also recommended: history analysis on presence of holes and gaps - similar script with strong performance on MetaTrader 4.
This indicator precisely shows this difference. If the upper tail is larger than the lower one, the histogram will display a bar above zero. If the lower tail is longer, then
accordingly
the bar will be below. The amplitude of the bars is the difference between the tails, and the greater this difference, the stronger the sign of a reversal or trend termination. The appearance of several consecutive bars in the same direction with a large amplitude is an even stronger sign!
You may also like: spread and pip cost checker - excellent alternative for script users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "This code is provided AS IS and intended for educational purposes only. Professional trading EAs and indicators - robotfx www.robotfx.org"
#property strict
#property indicator_separate_window
#property indicator_buffers 2
#property indicator_color1 clrgreen
#property indicator_color2 clrred
#property indicator_width1 2
#property indicator_width2 2.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.