BEOVB/BUOVB Bar Pattern Tool
James16 price-action outside-bar pattern recognition · Free · MT4
About BEOVB/BUOVB Bar Pattern Tool
The beovb_buovb_bar tool, distributed as MQ4 source on forex-station.com, implements two specific price-action candlestick patterns: BEOVB (Bearish Outside Vertical Bar) and BUOVB (Bullish Outside Vertical Bar). These patterns are part of the well-known "James16" price-action pattern family, which displays bearish and bullish formations directly on the MT4 chart.
As "outside bar" patterns, a BEOVB/BUOVB forms when a candle's range fully engulfs the range of the prior candle in the corresponding bearish or bullish direction — a classic price-action signal of a potential momentum shift, popular among traders who avoid lagging indicators in favour of pure price structure.
- Platform: MetaTrader 4
- Type: Price-action outside-bar pattern recognition tool (James16 pattern family)
- Patterns: BEOVB (bearish), BUOVB (bullish)
- Distribution: MQ4 source (compile via MetaEditor)
- Price: Free
- Source: mql5.com forum · Price Action — Automating the Engulfing Pattern Trading Strategy
Key Features
✓ Based on genuine price-action structure rather than lagging indicators
✓ Part of the well-documented, widely-used James16 pattern family
⚠ Distributed as MQ4 source requiring compilation in MetaEditor — not a plug-and-play .ex4 file