Introduction to The Awesome Bar Counter Indicator

Because of its versatility, the Awesome Oscillator is one of most widely used oscillators. It not only indicates trend strength, but also the strengthening or weakness of the trend. This is often associated with market swings which are sometimes short pulses but could also be indicative of the beginning of a new trend. This component of the Awesome Oscillator is used by the Awesome Bar Counter Indicator to assist traders in identifying market swings as well as potential momentum breakouts or reversals.

What's the Awesome Bar Counter Indicator ()?

The Awesome Bar Counter indicator is a momentum indicator that helps traders identify potential trend reversals. It works by analyzing price action momentum shifts. It counts the bars of a trend that is based on the Awesome Oscillator, and measures the volatility within each bar.

This indicator plots lines that form triangle-like structures in a separate indicator windows. Each triangle represents a market trend or market thrust. Only the market thrust or trend ends will the triangle end. A new triangle would form if the current triangle is broken.

How does the Awesome Bar Counter Indicator Work?

To identify market trends or pulses, the Awesome Bar Counter Indicator uses an underpinning Awesome Oscillator. The Awesome Oscillator bars change color and the triangle is re-created. It continues to form the triangle by following the line until the bars of its underlying Awesome Oscillator change color.

How to Use the Awesome Bar Counter Indicator For MT4

The indicator comes with one variable that traders can change to increase or decrease the indicator's sensitivity.

You can modify the period used to calculate the Awesome Oscillator using the "aBarsPeriod” variable. This modifies the sensitivity and Awesome Oscillator's Awesome Bar Counter.

This indicator can be used for identifying strong market swings, tight-ranging markets, and slow moving trends.

A small triangle that forms consecutively to one another can indicate a choppy or tight market. It also indicates a slow-moving trend with short pulses.

A large triangle indicates a sustained price swing, or a momentum breakout that is forming a new trend.

Trade Setup

How to Enter?

Place a buy order at the confluence of a strong triangle breaking out from a series tight triangle formations, and a bullish momentum candle. Place the stop loss below the entry candle.

When do you want to exit?

When the triangle is closed, close the trade.

Setup for Trades

How to Enter?

On the confluence a triangle that is breaking out strongly from a series triangle formations and a bearish momentum candles, place a sell order. Place the stop loss at the resistance higher than the entry candle.

When do you want to exit?

When the triangle is closed, close the trade.

Conclusion

The indicator does not indicate a trend reversal direction or a momentum breakout direction. It does however help traders spot instances of strong momentum breakouts. This indicator is a great tool for trend reversal and momentum traders, especially when used in conjunction with price action signals.

Indicators MT4 - Download Instructions

Awesome Bar Counter Indicator MT4 is a Metatrader4 (MT4) indicator. The essence of this indicator is to transform the accumulated historical data.

The Awesome Bar Counter Indicator for MT4 allows you to spot patterns and peculiarities in price dynamics that are not visible to the naked eye.

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How do I install Awesome Bar Counter Indicator on MT4.mq4

• Download the Awesome Bar Counter Indicator for MetaTrader4.mq4
• Copy the Awesome Bar Counter Indicator for Metatrader 4.mq4 to your Metatrader Directory/experts/indicators /
• Metatrader 4 Client can be restarted or started
• Choose Chart and Timeframe to test your MT4 indicator
• You can search "Custom Indicators" using your Navigator, mostly left in your Metatrader4 Client
• Right click on Awesome Counter Indicator for MetaTrader4.mq4
• Attach a chart
• Change settings or click ok
• Your Chart has the Indicator Awesome Counter Indicator for Mt4.mq4

How do I remove Awesome Bar Counter Indiator for Metatrader Chart MT4.mq4?

• Select the Chart in which the Indicator is running in your Metatrader4 Client
• Right-click to open the Chart
• "Indicators list"
• Select the indicator and click delete

Awesome Bar Counter Indiator for MT4 (Free download)

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