Bar Numbers Indicator
MT4Also Available for MT5Bar Numbers Indicator For MT4 plots the bar numbers from the current forex price chart and also plots the numbers of all candles or bars in the price chart
Description
The bar numbers indicator for MT4 plots the number of bars from the current bar and also the number of bars present on the entire price chart. This indicator does not provide forex trading signals but acts effectively in trade management and pattern analysis. In addition, this indicator is very helpful for traders using Demark trading tools and Elliot wave analysis to identity the length of wave.
The indicator is simple to use and works well for new and advanced traders. Moreover, it works well in all intraday chart time frames as well as the daily, weekly and monthly price charts.
Bar Numbers Indicator For MT4
The indicator plots the candle numbers from the recent candle on top of the candle as blue. Similarly, the grey numbers below the candle or bars begin from the first candle populated on the current chart.
The indicator keeps the traders mindful of their positions, so traders can understand the duration past after placing the trade. In simple terms, the market dynamics may change after long time and it may not be ideal to stay in the position.
Elliot wave traders or forex traders using any type of wave analysis that requires counting can use this indicator. The main objective is to identify the current wave phase. It helps traders to identify the length of the wave, the bullish or bearish phase.
Forex pattern traders can use this indicator to identify length of a pattern to understand the initiation of the pattern and its completion.
Conclusion
In summary, the bar number indicator for MT4 is a simple indicator helpful for forex traders in certain use cases.
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