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vStore VTL Plugins Free Double Inside Bar

Double Inside Bar

Double Inside Bar is a Client Side VTL indicator. The Double inside bar is a price action candles stick pattern where two inside bars form successively.

An inside bar is a bar whose high is less than the high of the previous bar and low is greater than the low of previous bar.

Pattern detection rules are

1 Price Bar 1 is an inside Bar.
2 Price Bar 2 is an inside Bar with price bars 3 and 4 combined. (Bar 2 is inside the High low range of Bar 3 and Bar 4.) See below chart with bar numbers.

Note that second inside bar of the double inside bar pattern (bar number 2) is an inside bar with its preceding two bar high/low (bars 3 and 4).

The Double Inside bar pattern is marked in chart by the yellow up arrow. This pattern indicates consolidation and lack of volatility. Trading action is confined to a range during the formation of the last two bars in the pattern. The trading range is marked by the High and Low of Bar 2. After consolidation, breakout from this trading range will eventually occur.

Double inside bar pattern trading strategy uses this market behavior to open trades in the direction of breakout. The pattern does not show any indication of breakout direction.

Trading Double Inside Bar Pattern

The double inside bar pattern breakout offers good trading opportunities. Place a buy stop order few pips above the high of bar number 2 and place stop sell order few pips below the low of bar number 2. Use a fixed stop loss or use opposite end of bar number 2 as stop loss.
Trailing stop loss can be used to lock in profits when price moves in the breakout direction. The double inside bar pattern gives better results on higher time-frame charts like 4 hour or daily.

Usage

  • Download the attachment from vStore or directly from the vStore tab in your terminal by performing a right click on it and selecting Download & Install
  • Copy it to your company VertexFX Local VTL Files folder i.e. C:\ProgramData\VertexFX Client Terminals\"Company name"\VTL10\Local VTL Scripts
  • Restart your Client Terminal or Right Click on "Local VTL Scripts" Tree Node to find the script.

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19 October 2016
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