Qualified Inside Bar Breakout is a Client Side VTL Indicator to pick the best inside bar breakout setups. It plots an up arrow below the inside bar and a down arrow above the inside bar. It also marks the inside bar breakout levels with yellow lines. Inside Bar is a bar that is completely contained within the range of the preceding bar, also known as the “mother bar”. Normally there were many inside bars in a chart. Trader has to use his discretion in picking the best setups for trading. Qualified Inside Bar Breakout indicator picks the best Inside bar setups for you. Usually trader open trade when price breakout from the mother bar’s high or low. However, with Qualified Inside Bar breakout, you can trade the breakout of the inside bar with the opposite end of the mother bar as stop loss. The image shows the Qualified inside bars picked by the indicator over normal inside bars. Inside Bars are shown by the free indicator “Inside Bars” available in vStore. Qualified Inside Bar breakout indicator picked the highlighted Inside Bars in the chart only.(Qualified Inside Bars are marked by the yellow lines depicting the inside bars high and low points.) Note that the Qualified Inside Bars offer excellent breakout trading opportunities.

An inside bar indicates a time of indecision or consolidation. Inside bars typically occur as a market consolidates after making a large directional move, they can also occur at turning points in a market and at key decision points like major support/resistance levels. Thus inside bars represent breakout trading opportunities. There are basically two ways to trade an inside bar setup: As a continuation signal or as a reversal signal. When an inside bar is formed in an uptrend, it is a temporary pause of the uptrend. So upward breakout of the mother bar is likely to present a good trading opportunity. In a down trend, downward breakout of the mother bar presents a good sell opportunity. At key support/Resistance levels, the Inside Bar setup will act as a trend reversal setup.

Discretionary trading with proper understanding of the inside bars will generate excellent trading results. The qualified inside bar breakout indicator shows you the best inside bar setups to trade. You can use them as trend continuation trades, if they are formed in a trend. When an inside bar setup is picked by the indicator at a key support/resistance, you can look for a trend reversal trade on breakout of the inside bar.

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:ProgramDataVertexFX Client Terminals”Company name”VTL10Local VTL Scripts
• Restart your Client Terminal or Right Click on “Local VTL Scripts” Tree Node to find the script.

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