This indicator was submitted by Deep Lohan who is an Indian. You can either download the indicator individually as Deep Bar Indicator.ex4 or as a compresses file referred to as Deep Bar Indicator.rar. The indicator is very robust and at the same time very simple to use. It is one of the indicators which will guarantee the trader 100% profit in return.
Just as the name suggests, the Deep Bar Indicator is responsible for the display of deep colored bars in a chart below the main trading chart. The bars are either purple or blue. The indicator displays nothing else other than these deeply colored bars. Therefore the main chart is left plain and clear for the trader to do with it as he or she wills. The trader may opt to add another indicator or just trade with this indicator alone.
Contrary to many of the other indicators, the Deep Bar Indicator’s bars are all equal in length. Therefore the bars don’t vary in size as the market prices trend varies. The bars will retain their color and length and then abruptly change their color only when the trend changes. This aspect makes this indicator to be a little bit hectic to use since the trader has no way of telling what the market is anticipating to do. The trader actually just deals with what the indicator is showing or telling you at each time. This means that the trader have to be very alert and if possible use another indicator and preferably an oscillatory indicator so as to indicate what the market is doing.
Fig.1. The Deep Bar Indicator loaded on the MT4 platform.
Depending on the length that the 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 changes color changes. If you set the length at 1 the bar formed in the indicators chart will change its color depending on each candle that forms on the main trading chart. When the length is increased, the rate at which the color of the indictor bars change slows down since the color now changes depending on the trend but not each candle. By default, the length is set at 20. It is advisable that the trader tries to use a longer length. However if you are a scalper, then you may opt to use a lesser length.
How to place trades using the Deep Bar Indicator.
Placing a sell: the traders are to place a sell wen the color of the indicator bars are purple. Then depending on the length that you are using you should close the trade when the color of the indicator bars change to blue.
Placing a buy: the traders are to place a buy order wen the color of the indicator bars are blue. Then depending on the length that you are using you should close the trade when the color of the indicator bars change to blue.
Example of opened trades using this indicator.
Download Free Forex Deep Bar Indicator