Qualified Outside Bar Breakout is a VertexFX client side VTL and is the Pro version of the Outside Bar VTL Indicator. It has an inbuilt algorithm that analyze each outside bar and the picks the best outside bar patterns that can be used for breakout trading.

The indicator marks the outside bar patterns with arrows placed above and below the outside bar and also draws the breakout level on chart. The chart attached will demonstrate the outside bar filtering by the Qualified Outside Bar Breakout Indicator. The chart on the right side is with Qualified Outside Bar Breakout Indicator and that on the left side is with the normal Outside Bar Indicator.

There were many pin bars in the left chart and many of them resulted in false breakouts. But the char on the right side with Qualified Outside Bar Breakout Indicator picked best outside bar patterns for breakout trade and these patterns generated profitable breakout trading opportunities.

Outside bar is bar that has a higher high and lower low than the preceding bar. It is a short-term expansion in price range or volatility. Outside bars form at the end of a trend and on breakout moves from consolidation in a trending period. Trader must use a discretionary approach in picking the outside bar setups for trading. In a trading range outside bars breakouts may be false signals.

The method to trade outside bars is to open position in the direction of outside bar’s high or low breakout. It is better to open trades when breakout happens in the direction of the outside bar. On bullish outside bar, look for upward breakout, and for a bearish outside bar, look for downward breakout of the outside bar. Trader must use discretion in picking outside bar trading setups. This indicator filters best Outside bar patterns for breakout trading but a discretionary approach will yield excellent trading results. Outside bars formed at key support/resistance level are good setups. Breakout from consolidation with an outside bar setup is another good trading setup.

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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