This indicator was sent to us by Deep Lohan. You can either download this forex indicator individually as Deep Bar Indicator.ex4 or as a compressed file called Deep Bar Indicator.rar. This forex indicator is very robust and, at the same time, very easy to use. It is one of these forex indicators which will guarantee the forex trader 100% good profit in return.
Just as the name suggests, the simple Deep Bar forex Indicator is responsible for displaying deep-colored bars in a chart below the main mt4 trading chart. The bars are either purple color or blue. The indicator shows nothing else other than these deeply colored chart bars. Therefore the main mt4 chart is left plain and clear for the trader to do with it as they will. The trader may opt to add another forex indicator or trade with this indicator alone.
Contrary to many other indicators, the Deep Bar forex indicators bars are all equal in length. Therefore the chart bars don’t vary in size as the market price trend varies. The bars will retain their color, and length and abruptly change their color only when the trend changes. This aspect makes this indicator a bit hectic to use since the forex trader has no way of telling what the forex market is anticipating to do. The trader deals with what the indicator is showing or telling you each time. This means that the forex trader has to be very alert and, if possible, use another indicator, preferably an oscillatory indicator, to indicate what the market is doing.
Fig.1. The Deep Bar Indicator is loaded on the MT4 platform.
Depending on the length that the forex trader sets in the input at the customizing field of the custom indicator pop-up menu (this is obtained by double-clicking the indicators chart), the rate at which the bars change color. If you set the length at one, the bar formed in the indicators chart will change its color depending on each candle included in the main trading mt4 chart. When the length is up, the rate at which the indicator bars change slows down since the bar color now changes depending on the market trend but not each candle. The length is set at 20. The trader should try to use a longer distance. However, if you are a scalper, you may opt to use a lesser length.
How to place forex trades using the Deep Bar Indicator
Placing a sell: the traders are to place a sell when the color of the indicator bars is purple. Then depending on the length, you are using, you should close the trade when the color of the indicator bars changes to blue.
Placing a buy: the traders are to place a buy order when the color of the indicator bars is blue. Then depending on the length, you are using, you should close the trade when the color of the indicator bars changes to blue.
Example of opened trades using this indicator.
Deep Bar Forex Indicator Free Download