SimpleBars Candlestick Coloring by Prior-Bar Extremes

Summary

SimpleBars_V2 is a chart indicator that colors candlesticks according to the highs and lows of earlier bars. Its stated visual convention marks candles judged to move against the prevailing trend in yellow, offering a quick way to distinguish countertrend bars from the rest of the chart.

The document describes the indicator’s purpose and notes that it originated as an MQL4 tool, first published in 2012. It gives no formula for identifying the trend, defining the prior-bar comparison, or classifying a candle as countertrend, and it provides no performance evidence. Treat the description as a basic indicator overview rather than a complete trading rule; traders would need the implementation details to reproduce its signals or evaluate them.

Key ideas

• The indicator colors candlesticks based on prior bars’ highs and lows.
• Candles considered countertrend are highlighted in yellow.
• The description omits precise trend and candle-classification rules.
• No trading results or validation evidence are provided.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.