OuterBar [DTMM]
The OuterBar [DTMM] Indicator is a technical analysis tool for TradingView that detects and visualizes "Outer Bars" based on price action.
Core Concept:
An Outer Bar is identified when a candle's closing price exceeds the high or low of the previously confirmed Outer Bar. Positive Outer Bars (close above high) and negative Outer Bars (close below low) are automatically detected.
Features:
- Automatic detection of Outer Bars and optional marking of Inner Bars
- Visual price range analysis with customizable lines and midpoints
- Colored zone visualization for better structural recognition
- Extensive customization options for colors, transparency, and number of Outer Bars retained
Applications:
- Identifying potential trend reversals or continuation points
- Recognizing key support and resistance zones
- Analyzing price impulses across different timeframes
Unique Strengths:
- Clear visual representation through color-coded candles and zones
- Historical analysis support to detect long-term patterns
- Flexible adaptation to various trading strategies and markets
The OuterBar [DTMM] Indicator provides a structured view of market price action by focusing on significant breakouts from prior trading ranges, helping traders recognize shifts in momentum and trend direction.
- Highlight Strong OuterBars
You can now highlight "strong" OuterBars—those that have both a higher high and a lower low than the previous candle. These bars will be colored differently (default: yellow) to make significant breakout structures stand out. - Show Only Direction Change OuterBars
Added a toggle option to display only those OuterBars that represent a direction change (from bullish to bearish or vice versa). This allows you to reduce noise and focus only on meaningful reversals. - Improved Arrow Placement
Arrows marking the direction change can now be offset from the candle high or low by a user-defined amount. This prevents clutter and improves visual clarity, especially in tight price ranges.
Settings Panel Additions
- Strong OuterBar Highlight: Enable and customize the color of strong breakout bars.
- Only Draw Direction Change: Toggle to filter OuterBars based on trend shifts.
These enhancements are particularly useful for:
- Traders looking for precise breakout confirmation
- Cleaner charting for presentations or educational content
- Strategy building where trend reversal is key
Invite-only script
Only users approved by the author can access this script. You'll need to request and get permission to use it. This is typically granted after payment. For more details, follow the author's instructions below or contact daytrader-masterminds directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.
Author's instructions
Disclaimer
Invite-only script
Only users approved by the author can access this script. You'll need to request and get permission to use it. This is typically granted after payment. For more details, follow the author's instructions below or contact daytrader-masterminds directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.