Double Inside Bar Finder

Highlights in blue when an inside bar follows an inside bar. Double inside bars (when used on the daily timeframe) are a way of easily finding equilibrium patterns (i.e. pennant shaped price action) on lower time frames. There is usually a strong move in whatever direction these patterns break, so good to have alerts set up for your favourite markets.

Release Notes

Fixed a code issue thanks to feedback from Indicator-Lover. Also added an option to change the relevant candle colours instead of having the vertical backgrounds as highlights.

In my experience OBV (or a similar volume-based indicator) is often a good technique to see which way an inside bar is going to break. If it's trending up over the past few bars go long, and vice versa for short

Release Notes

Fixed an offsetting issue

Release Notes

Fixed screenshot

Release Notes

Added an option to change highlight colour based on the second inside candle. If it's red then the highlight will be red and vice versa for green.

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

scarf

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Open-source script

scarf