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Spike Bar....
Hi Arshad,
Thanks for your reply. I am new to MT4 so please excuse me for my knowledge about this platform. I am not sure what does Bar Index mean. I currently do not have this indicator and therefore I have to manually search such Spike Bars on the chart where the Range has been extremely high on single bar as I have shown on the previously attached image with marked numbers. I am looking for a very simple indicator where if the Range (High - Low) of the bar crosses above user defined input (Minimum Range), the bar must be colored once closed accordingly - Blue if Close > Open and Red if Close < Open. If bar has closed at open price and still the Range of that bar is greater than user defined limit for the Minimum Range then the color of the bar maybe set to White by default. So this indicator will look for only 2 things.
1: Range of the current bar and compare it with Minimum Range defined. If Range of current bar is smaller than Minimun Range then this indicator will not do anything.
2: If the Range of current bar is greater than Minimum Range then it will wait for the bar to close to check if Close > Open (Simply paint the bar Blue), or Close < Open (Simply paint the bar Red) or Close = Open (Simply paint the bar White).
I hope to have explained the logic of this indicator as required. Of course it is not going to repaint as the Range of a bar once closed will never change but it will identify such high range bars with Blue and Red colors from other normal bars that may be of any other color (Green in my chart in the previous post). Once these Spike Bars are identified, areas of potential S/R can be identified as these bars represents Breakouts. I just hope that you get the logic. Since I do not have this indicator, I cannot give you more visuals. I can only explain on a bar chart as what a Spike Bar indicator would do, exactly the same thing I tried in my previous post. Once this indicator is loaded on any chart, it must give a visual display of Spike Bars or High Range Bars as per user defined input. I have something similar called as BreakOut bar. I am attaching the screenshot of it. But it simply paints the bar after a breakout had happened. for example if I set the period as 20 and if High formed on the current bar is greater than the high's of previous 20 bars, it paints the bar as per user defined colors. It may not be interesting but just to give you an idea because breakout does not necessarily mean that the range on the Breakout bar is higher, it may be just a 15 range bar not meeing the criteria of Spike Bar but still a Breakout Bar. Hence I am not convinced with this indicator, but just to give you an idea what Spike Bar would do on the chart. Kindly ignore the horizontal lines on the chart. I have put these on the chart to identify reasonable S/R areas that I can trade once market opens on Monday. Did you see those Magenta and Lime colored bars, these are Breakout Bars, not exactly Spike Bars but giving you an idea of how Spike Bars would look like once loaded.
Thanks for your time Arshad and I hope you get the concept.
Best regards,
Let me know if in doubt.
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