| PART | Part | Description | ||
|---|---|---|---|---|
| 1 | INTRODUCTION | Product introduction, what the product helps you with | ||
| 2 | INSTALLATION & SETUP | System necessities, step-by-step set up information | ||
| Information to Putting in Free Indicators and EAs Included with the Mirage Buying and selling System Buy | ||||
| 3 | INTERFACE DISPLAY | Clarification of the elements displayed on the chart | ||
| Person Information: Buying and selling Strains & Sign Monitoring System | The system routinely attracts Entry, Cease Loss, and Take Revenue strains (TP 1–4) on the chart, tracks value motion for hits, data Win/Loss outcomes, and shows real-time efficiency statistics. | |||
| Person Information : Visualization, Zone Fill, Sign Dashboard & Cancelled Alerts | While you connect an indicator to a chart, the system renders the next visible elements for every detected sign | |||
| Person Information: MTF SCAN & Dashboard Person Information | MTF SCAN routinely scans all Market Watch symbols throughout 8 timeframes (M1 to W1) and shows outcomes on a Dashboard grid instantly in your chart. | |||
| Person Information : Chart Theme Person Information | Chart Theme is a function that adjustments all the chart coloration scheme in MetaTrader 5 — together with the background, candles, grid, textual content, and Bid/Ask strains — with a single click on. | |||
| 4 | CORE CONCEPTS | Elementary ideas that the system is constructed upon | ||
| Person Information: Market Construction Performance within the Buying and selling System | Identifies development course (Uptrend, Downtrend, Ranging) by analyzing swing highs/lows, and detects key occasions: BOS (development continuation) and CHoCH (potential development reversal). | |||
| Person Information : Sign Varieties, States, and Lifecycle | A sign is the system’s notification when it detects a qualifying candlestick sample on the chart. Every sign tells you the anticipated value course and offers instructed entry, cease loss, and take revenue ranges. | |||
| 5 | SIGNAL FILTERS | Filters that refine and validate buying and selling indicators | ||
| Person Information: Commerce Path (Path Filter) within the Buying and selling System | Defines the allowed buying and selling course (Purchase solely, Promote solely, each, or neither) as the primary filter earlier than looking for entry indicators, based mostly on present market development. | |||
| Person Information: Sign Zone Filter within the Buying and selling System | Eliminates indicators not close to vital value zones, retaining solely these linked to market buildings (swing excessive/low, BOS, CHoCH) to cut back noise. | |||
| Person Information: StoplossHunt Filter Person Information — Filtering “SL Sweep” Alerts | Identifies higher-probability indicators by checking whether or not value “swept stoploss” earlier than forming a sample. | |||
| Person Information : Excessive Zone Filter |
Excessive Zone Filter is a sign filtering function that helps keep away from getting into trades when value is on the high or backside of a Donchian value channel. | |||
| Person Information: Reverse Sign Filter | The Reverse Sign Filter is an computerized function that stops new indicators from showing when you have already got an lively commerce working in the other way.The precept may be very easy: Do not buy if you’re promoting. Do not promote if you’re shopping for. | |||
| Person Information : High quality Filter Person Information | High quality Filter is a function that helps you obtain solely the most effective indicators — value patterns fashioned clearly, with balanced proportions and excessive reliability — and reject weak indicators, boring patterns, and people under normal. | |||
| 6 | TRADE MANAGEMENT | |||
| Person Information : Threat/Reward & SL Technique Person Information | Threat/Reward (R:R) is the ratio between the amount of cash you settle for dropping (Threat) and the amount of cash you count on to realize (Reward) in a single commerce. | |||
| Person Information: Trailing Cease Loss (TSL) Person Information | Common Cease Loss (SL) stays fastened in a single place. You set SL at 1990.00, and it stays there endlessly — even when value has risen to 2030.00.Trailing Cease Loss (TSL) is completely different. It routinely strikes in your favor when value advances. As value strikes up, TSL strikes up with it. When value stalls or reverses, TSL holds the most effective place it reached. | |||
| 7 | CONFIGURATION PARAMETERS GUIDE | Detailed information to every configuration parameter | ||
| SIGNAL SCANNING CONFIGURATION GUIDE – MIRAGE TRADING SYSTEM EA | Information to mastering sign scanning settings inside the Inputs tab, optimizing commerce discovery on a single chart or throughout all the market. | |||
| 8 | ALERTS & NOTIFICATIONS | |||
| Person Information: Alerts & Notifications Person Information | Configure push notifications, and on-screen popups when new indicators are detected. | |||
| 9 | SYSTEM RISKS & LIMITATIONS | Notes on system dangers and limitations |
1. INTRODUCTION
OutsideBarTradingSystem 1.00
2-Bar Continuation Sample with Vary-Engulfment Evaluation
Creator: Ich Khiem Nguyen | MQL5: https://www.mql5.com/en/customers/khiemni/vendor
OutsideBarTradingSystem detects Exterior Bar candlestick patterns in your MetaTrader 5 charts routinely. The indicator evaluates every accomplished bar pair in opposition to 4 structural gates, scores surviving patterns throughout six weighted high quality elements, and locations pending purchase cease or promote cease orders on the breakout stage when a legitimate Exterior Bar is confirmed. Entry value, cease loss, and take revenue ranges are drawn instantly on the chart so you possibly can assess the commerce alternative reasonably than carry out the calculations manually.
What Is an Exterior Bar Sample?
An Exterior Bar is a two-candle continuation formation the place the second candle’s vary fully encompasses the primary candle’s vary. The second candle’s excessive exceeds the primary candle’s excessive, and the second candle’s low falls under the primary candle’s low. This vary growth indicators renewed volatility and directional dedication within the course of the sample’s context (uptrend for bullish Exterior Bar, downtrend for bearish Exterior Bar).
The Exterior Bar represents value vary growth after consolidation. Fairly than instantly closing inside the first candle’s vary (which might point out indecision like an Inside Bar), the second candle’s vary growth establishes that patrons or sellers have seized management and pushed value to new extremes. This construction usually precedes continued motion within the established development course.
Bulkowski’s analysis ranks the Exterior Bar at place 2 amongst continuation patterns, with a 58% win price in bull markets when the breakout is upward. The Exterior Bar is a reversal of the Inside Bar sample — the place Inside Bar represents consolidation, Exterior Bar represents growth and momentum dedication.
Bullish Exterior Bar
Seems throughout an uptrend or after a consolidation breakout above a resistance stage. Bar 1 is any candle (giant or small). Bar 2 engulfs bar 1’s total vary: HIGH_2 > HIGH_1 AND LOW_2 < LOW_1. Each bars usually shut increased (bullish physique coloration), confirming that patrons keep management. Entry is a pending purchase cease order positioned barely above bar 2’s excessive (HIGH_2 + 0.05×ATR), triggering if value breaks above the engulfing candle.
Bearish Exterior Bar
Seems throughout a downtrend or after a consolidation breakdown under a assist stage. Bar 2 engulfs bar 1’s total vary. Each bars usually shut decrease (bearish physique coloration), confirming that sellers keep management. Entry is a pending promote cease order positioned barely under bar 2’s low (LOW_2 – 0.05×ATR), triggering if value breaks under the engulfing candle.
Uptrend Context Detection
The indicator checks the development previous to the sample formation. If the prior bars present increased lows and better highs, the sample is classed as a bullish Exterior Bar continuation. The context detection examines the three bars earlier than bar 1 to find out development course alignment.
How the Indicator Finds Patterns
The indicator evaluates every potential two-bar sample in opposition to 4 sequential gates. All 4 should go for a sign to be generated.
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Vary Engulfment gate: Bar 2’s excessive should exceed bar 1’s excessive, and bar 2’s low should fall under bar 1’s low (HIGH_2 > HIGH_1 AND LOW_2 < LOW_1). This confirms the vary growth that defines the Exterior Bar construction.
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Bar 2 Vary Measurement gate: Bar 2’s whole vary should signify no less than the minimal required vary/ATR a number of (Customary: 0.50×ATR, Strict: 0.60×ATR). This confirms that bar 2 is a big range-expanding candle, not a small engulfing spike.
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Bar 2 Physique Measurement gate: Bar 2’s physique should signify no less than the minimal required physique/ATR a number of (Customary: 0.20×ATR, Strict: 0.25×ATR). This ensures the candle has significant construction past simply wicks, lowering whipsaw threat on pure spike patterns.
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High quality gates: Bar 2’s relative vary (bar 2 vary / bar 1 vary) should exceed the minimal threshold (Customary: 1.20×, Strict: 1.30×), and physique ratio should be ample (Customary: 0.40, Strict: 0.45). These gates affirm that the engulfment is significant and the candle is not only marginally bigger.
Solely candles passing all 4 gates proceed to high quality scoring and sign registration.
High quality Rating — Evaluating Sample Power
Each sample that clears detection receives a top quality rating between 0.00 and 1.00. Six elements contribute to this rating, every weighted by its contribution to the Exterior Bar’s continuation reliability.
High quality Components
| Issue | Weight | What It Measures | Path |
|---|---|---|---|
| QF-1: Vary/ATR | 0.20 | Bar 2’s vary dimension relative to current volatility — bigger is healthier | Superb (0.50, 2.00) |
| QF-2: Relative Vary | 0.20 | Bar 2’s vary in comparison with bar 1’s vary — higher growth is healthier | Superb (1.20, 2.50) |
| QF-3: CLV (Shut Location Worth) | 0.20 | For bullish, shut close to the excessive; for bearish, shut close to the low | Superb (0.75, 1.00) |
| QF-4: Physique Ratio | 0.15 | Proportion of bar 2’s vary occupied by its physique | Superb (0.40, 1.00) |
| QF-5: Development Alignment | 0.15 | Affirmation that bar 2’s course matches the prior development | Superb (0.80, 1.00) |
| QF-6: Physique Colour | 0.10 | Purity of bar 2’s coloration — bullish bar 2 or bearish bar 2 | (0.90, 1.00) |
QF-1 and QF-2 carry equal weight (0.20 every) as a result of each contribute to the core structural requirement: vary growth. Vary/ATR measures absolute volatility growth; Relative Vary measures growth relative to the instantly previous candle.
Rating Grades
- Grade A (0.80 – 1.00) — Glorious: Massive vary growth with stable physique construction and robust development alignment
- Grade B (0.60 – 0.79) — Good: Dependable Exterior Bar with clear vary engulfment and reasonable physique high quality
- Grade C (0.40 – 0.59) — Common: Legitimate construction however vary growth is modest; use with extra affirmation
- Grade D (0.20 – 0.39) — Beneath Common: Marginal setup; increased false breakout threat
- Grade F (0.00 – 0.19) — Poor: Keep away from buying and selling these indicators
High quality Threshold
The default minimal high quality is 0.30. Adjusting this threshold adjustments which patterns seem on the chart:
- 0.50 – 0.65: Exhibits solely probably the most clearly expanded Exterior Bars with robust vary/ATR and stable physique metrics — fewer indicators with increased per-signal high quality
- 0.20 – 0.30: Exhibits extra indicators together with weaker growth examples — helpful for analysis or learning the sample throughout completely different market situations
- Tip: Begin with the default 0.30 in your chosen image and timeframe and observe a number of dozen indicators earlier than adjusting
Entry Mode: Pending
Exterior Bar patterns use pending purchase cease or promote cease orders positioned on the breakout stage reasonably than rapid entry at bar shut. When a legitimate Exterior Bar is confirmed, the system creates a pending order at HIGH_2 + 0.05×ATR (bullish) or LOW_2 – 0.05×ATR (bearish). The order prompts provided that value breaks above (bullish) or under (bearish) that stage, capturing the breakout transfer.
This displays the character of the sample: bar 2’s vary engulfment establishes growth potential, however the precise directional dedication happens at breakout. Ready for the breakout ensures entry aligns with market consensus reasonably than getting into speculatively at bar shut.
Buying and selling Ranges
Bullish Exterior Bar:
- Entry = Pending Purchase Cease at HIGH_2 + 0.05×ATR
- Cease Loss = sample low − 0.25×ATR
Bearish Exterior Bar:
- Entry = Pending Promote Cease at LOW_2 – 0.05×ATR
- Cease Loss = sample excessive + 0.25×ATR
The sample low/excessive is the minimal/most of bar 1 and bar 2. The cease loss buffer of 0.25×ATR is positioned past this excessive. A break past the sample excessive invalidates the continuation premise.
Take revenue ranges are calculated from entry utilizing configurable risk-reward multiples (default: 1R, 2R, 3R, 4R from entry to cease distance).
What You See on the Chart
When an Exterior Bar sample passes all detection gates and high quality filters, the indicator attracts the next:
Sign Markers
- Arrow icons: Upward inexperienced arrows mark bullish Exterior Bar patterns; downward pink arrows mark bearish patterns. Grey arrows point out indicators blocked by an lively filter.
- High quality labels: A numeric rating (e.g., “0.65”) seems close to every sign, exhibiting how the sample ranked throughout all six high quality elements.
Buying and selling Strains
- Entry line: An orange horizontal line on the pending order stage — HIGH_2 + 0.05×ATR (bullish) or LOW_2 – 0.05×ATR (bearish)
- Cease Loss line: A pink horizontal line labeled “SL” — positioned past the sample excessive with an ATR buffer
- Take Revenue strains: As much as 4 inexperienced horizontal strains labeled TP1 by means of TP4, spaced at configurable R:R multiples from the entry stage
Visible Zones
- Sample spotlight: A shaded rectangle spans each bars of the Exterior Bar, making it simple to determine which pair triggered the sign. The chance zone between entry and SL is shaded in pink; reward zones between entry and every TP stage are shaded progressively lighter.
- Monitoring dots: Small coloured dots replace because the sign state adjustments — white for pending (order positioned, awaiting breakout), yellow for lively (breakout triggered, commerce stay), inexperienced for goal hit, pink for cease hit.
Sign Lifecycle
- Pending: Pending purchase cease or promote cease order is positioned at breakout stage — ready for value to interrupt above/under
- Energetic: Breakout triggered, commerce entry occurred, commerce is stay
- Goal Hit: Worth reached a take revenue stage
- Cease Hit: Worth reached the cease loss
Settings You Can Alter
Detection Parameters
| Setting | What It Does | Default | When to Change |
|---|---|---|---|
| ATR Interval for volatility | Bars used to calculate ATR, normalizing all range-based thresholds to present volatility | 14 | Enhance to twenty+ for smoother ATR on noisy markets |
| Max Bars to Scan (historical past depth) | Historic bars scanned on first load to show previous patterns | 3000 | Enhance for extra historical past on increased timeframes |
| Min Bars Between Patterns | Minimal hole between two consecutive indicators | 3 | Enhance to five+ if indicators cluster; lower to 2 for extra |
| Detection Preset | Switches between Customary, Strict, and Customized modes | PRESET_STANDARD | Use Strict for higher-conviction setups |
| High quality Rating Filter | Permits the standard filter | true | Hold enabled for stay buying and selling |
| Min High quality (0.0-1.0) | Minimal high quality rating a sample should obtain to show | 0.30 | Increase to 0.50+ for fewer however stronger indicators |
Detection Preset Values
| Parameter | STANDARD | STRICT |
|---|---|---|
| Min Vary/ATR (Bar 2) | 0.50 | 0.60 |
| Min Physique/ATR (Bar 2) | 0.20 | 0.25 |
| Min Relative Vary | 1.20 | 1.30 |
| Min Physique Ratio | 0.40 | 0.45 |
Customized Threshold Parameters
| Setting | What It Does | Default | When to Change |
|---|---|---|---|
| (Customized) Min Vary/ATR (Bar 2) | Minimal bar 2 vary dimension as a a number of of ATR | 0.50 | Enhance to 0.65+ to require bigger vary growth |
| (Customized) Min Physique/ATR (Bar 2) | Minimal bar 2 physique dimension as a a number of of ATR | 0.20 | Enhance to 0.30+ to require extra substantial physique construction |
| (Customized) Min Relative Vary | Minimal bar 2 vary as a a number of of bar 1 vary | 1.20 | Enhance to 1.50 for extra dramatic vary growth |
| (Customized) Min Physique Ratio | Minimal bar 2 physique as a fraction of whole vary | 0.40 | Enhance to 0.50 for cleaner candle construction |
| SL Buffer (xATR past sample excessive) | Offset positioned past the sample excessive/low | 0.25 | Enhance to 0.35 on unstable devices |
| Development SMA Interval | Interval for trend-related calculations if used | 20 | Enhance to 30 for longer-term development context |
Settings Ideas
- Start with the Customary preset and default high quality threshold in your chosen image; observe no less than two to 3 weeks of indicators earlier than adjusting
- If Customary produces too many indicators, elevate Min High quality to 0.50 reasonably than switching to Strict — this preserves detection sensitivity whereas filtering out weaker examples
- The vary growth gate (0.50× ATR Customary) permits reasonable growth; on unstable devices, improve to 0.60 for extra pronounced vary dominance
- Keep away from reducing the SL buffer under 0.20×ATR — the sample excessive is the logical invalidation level, and a few retesting is regular earlier than the transfer develops
Finest Timeframes and Markets
Really useful Timeframes
- H1 — High quality: Excessive | Frequency: Medium | Finest for: Day merchants in search of clear range-expansion setups at intraday assist and resistance; really useful place to begin
- H4 — High quality: Excessive | Frequency: Decrease | Finest for: Swing merchants who need well-formed Exterior Bar patterns with robust follow-through potential
- M15 — High quality: Medium | Frequency: Excessive | Finest for: Scalpers wanting frequent indicators throughout lively session hours
- D1 — High quality: Highest | Frequency: Low | Finest for: Place merchants in search of textbook Exterior Bar formations at main day by day construction ranges
Finest Markets
- XAUUSD (Gold): Exterior Bar patterns on H1 and H4 often mark momentum continuation factors, notably throughout London and New York session crossovers
- Main foreign exchange pairs (EURUSD, GBPUSD, USDJPY): Exterior Bar formations are widespread after vary breaks, particularly close to spherical numbers and session open costs
- Indices (US30, NAS100): Exterior Bar patterns close to prior highs can mark continuation entry factors after breakouts
- Oil (USOIL): Sturdy Exterior Bar formations seem after sharp upward or downward strikes on H1 and H4
The indicator works on any image and timeframe. H1 with the Customary preset on XAUUSD is the really useful beginning configuration.
Getting Began — Fast Setup
- Open MetaTrader 5 and cargo a chart (XAUUSD on H1 is an efficient place to begin)
- Within the Navigator panel (Ctrl+N), broaden Indicators → Customized and find OutsideBarTradingSystem
- Drag the indicator onto the chart
- Within the settings dialog, choose Detection Preset (Customary really useful for first use) and click on OK — the indicator will scan historical past and show detected patterns instantly
- Observe the indicators: inexperienced upward arrows point out bullish Exterior Bar patterns; pink downward arrows point out bearish patterns
- Examine the standard rating on every sign — give attention to patterns scoring 0.50 or increased when beginning out
- Optionally available: Allow alerts within the ALERTS part to obtain notifications when new patterns kind in real-time
All Options at a Look
- Computerized bullish and bearish Exterior Bar two-candle detection on any image and timeframe
- 4-gate structural detection: vary engulfment, bar 2 vary/ATR, bar 2 physique/ATR, relative vary and physique ratio high quality gates
- 6-factor weighted high quality scoring (vary/ATR 0.20, relative vary 0.20, CLV 0.20, physique ratio 0.15, development alignment 0.15, physique coloration 0.10)
- Development context detection utilizing 3-bar prior value motion and directional evaluation
- 3 detection presets: Customary, Strict, Customized (user-defined thresholds)
- Pending purchase cease or promote cease entry at breakout stage (not rapid)
- Sign states and lifecycle monitoring
- High quality filter to suppress weak patterns under threshold
- Excessive zone filter (overbought/oversold rejection)
- Stoploss hunt filter (liquidity sweep validation)
- Reverse sign filter (stop conflicting indicators)
- Threat/Reward with 3 cease loss strategies (Donchian Channel, ATR, Sample)
- As much as 4 take revenue ranges (TP1-TP4) at configurable R:R ratios
- Donchian Channel trailing cease loss
- MTF Scanner (as much as 150 symbols × 8 timeframes)
- Market construction evaluation (BOS / CHOCH)
- 4-channel alert system (popup, sound, push, electronic mail)
- Sign statistics dashboard
- Skilled chart themes (Darkish, Gentle, Customized)
- EA sign buffers for automated buying and selling
For detailed guides on every function, see the MANUAL included with the indicator.
Frequent Questions
Q: What’s the distinction between Exterior Bar and Inside Bar?
Inside Bar represents consolidation and indecision: bar 2’s vary is totally contained inside bar 1’s vary (HIGH_2 <= HIGH_1 and LOW_2 >= LOW_1). Exterior Bar represents growth and dedication: bar 2’s vary fully comprises bar 1’s vary (HIGH_2 > HIGH_1 and LOW_2 < LOW_1). Inside Bar usually precedes a breakout; Exterior Bar usually confirms a breakout has begun.
Q: Why does the indicator use pending orders as a substitute of rapid entry?
The Exterior Bar’s defining function is that bar 2’s vary expands past bar 1’s extremes — the growth sign happens at bar shut, however the precise directional dedication and affirmation of continuation happens when value breaks above (bullish) or under (bearish) that vary. Ready for the breakout ensures entry aligns with market consensus that the growth is significant reasonably than getting into speculatively at bar shut.
Q: How do I distinguish bullish from bearish Exterior Bars?
Bullish Exterior Bars usually happen throughout uptrends with each bars closing increased (bullish physique coloration) and are entered with purchase cease orders above the excessive. Bearish Exterior Bars usually happen throughout downtrends with each bars closing decrease (bearish physique coloration) and are entered with promote cease orders under the low. The indicator’s course filter and development evaluation detect this context routinely.
Q: What does “development alignment” imply for Exterior Bar?
The indicator checks the three bars earlier than bar 1 of the potential sample to determine whether or not an uptrend or downtrend is in place. If bars are making increased highs and better lows, an uptrend is established; if making decrease highs and decrease lows, a downtrend is established. Bullish Exterior Bars rating increased when forming throughout confirmed uptrends; bearish Exterior Bars rating increased throughout downtrends. This context detection aligns indicators with the continuation premise.
Q: Why does the indicator place breakout orders above the excessive as a substitute of precisely on the excessive?
Purchase cease orders are usually positioned barely above (usually HIGH_2 + 0.05×ATR) to make sure the order triggers cleanly on true breakout momentum reasonably than on minor wicks or bid/ask unfold noise on the precise excessive. This buffer improves entry high quality by requiring barely extra conviction earlier than triggering.
Q: What if a number of patterns kind shut collectively?
If a number of Exterior Bar patterns kind on close by bars, the spacing filter prevents them from all showing as indicators. The Min Bars Between Patterns setting (default: 3 bars) ensures that solely the highest-quality sign is proven when patterns cluster. Alter this setting in case you favor to see all patterns no matter spacing.
What’s New — Model 1.00
That is the preliminary launch of OutsideBarTradingSystem. Key options embrace:
- Exterior Bar bullish and bearish two-candle detection utilizing 4-gate structural validation
- 6-factor weighted high quality scoring with balanced give attention to vary growth (0.40 weight mixed) and construction high quality
- Development context detection from 3-bar prior value motion to tell apart bullish from bearish Exterior Bars
- Customary and Strict presets, plus absolutely customizable Customized threshold mode
- Pending purchase cease or promote cease entry at breakout stage above/under the engulfing candle
- 7-layer filter chain (High quality, Excessive Zone, Path, Stoploss Hunt, Sign Zone, Market Construction, Reverse Sign)
- Multi-timeframe scanner overlaying as much as 150 symbols and eight timeframes concurrently
- Automated Entry/SL/TP ranges with Donchian Channel trailing cease
- 4-channel alert system (popup, sound, push notification, electronic mail)
- EA sign buffers enabling automated buying and selling methods to eat Exterior Bar indicators through iCustom()
- Skilled chart themes (Darkish, Gentle, Customized) for prolonged buying and selling periods
Getting Assist
When you have questions or want assist:
Able to Begin?
OutsideBarTradingSystem identifies the structural second when value vary expands past the prior bar’s extremes, signaling renewed volatility and directional dedication. Connect the indicator to your chart, begin with the Customary preset on XAUUSD H1, and observe how the vary growth aligns with the momentum strikes you’d determine manually.
Pleased buying and selling!
Ich Khiem Nguyen
OutsideBarTradingSystem 1.00 — Created 2026-02-24