MT5 - inside bars with 1:1 risk:reward stops
Posted: Wed Apr 10, 2024 9:31 am
After converting this indicator MT5 and observing it on a chart, I noticed the following:
The opposite inside bar entry line must be used as stoploss levels in order to maintain the risk:reward ratio. All Red line sections are takeprofits--the upper one for longs, and the lower one for shorts.
Anyway, version 5 (attached) automatically shows those takeprofit levels.
- Entries look most reliable at previous bar close (completed bar).
- Stoplosses look most reliable at a later bar close (completed bar).
- Takeprofits look most reliable at current price (bid/ask).
- A 1:1 risk:reward looks good. It's statistically 50/50 but these inside bars seem to indicate a directional edge.
The opposite inside bar entry line must be used as stoploss levels in order to maintain the risk:reward ratio. All Red line sections are takeprofits--the upper one for longs, and the lower one for shorts.
Anyway, version 5 (attached) automatically shows those takeprofit levels.