Inside Bars/Candles [CodeCraftedTrading]

Dec 25, 2023

This Pine Script indicator is designed to identify and visually represent inside bars or candles. Here's a breakdown of its features and functionality:

1. Inputs:

• insideCandlesColor: Color of the inside bars or candles.
  
• highColor: Color of the horizontal line representing the high of the inside bar.
  
• lowColor: Color of the horizontal line representing the low of the inside bar.
  
• showHighLowLabel: Option to display labels for the high and low prices.
  

2. Logic:

• The script checks for the conditions of an inside bar:
  
• Pine Script®
• If an inside bar is detected and is not already in the range:
  * Stores the high and low prices of the previous bar.
  * Records the parent bar index and sets the broken flag to false.
  
• If the current bar's high exceeds the stored high or the low falls below the stored low, the broken flag is set to true.
  
• If the current bar is within the stored high and low range, it is considered in-range.
  
• The script then dynamically plots horizontal lines at the high and low prices of the parent bar until the inside bar is broken.
  

3. Visualization:

• The inside bars are colored based on the insideCandlesColor.
  
• Horizontal lines are drawn at the high and low prices of the parent bar within the inside bar.
  
• Optional labels display the rounded values of the high and low prices.
  

4. Usage:

• Apply the script to your chart.
  
• Adjust the input parameters according to your preferences.
  
• The indicator will highlight inside bars with colored bars and draw lines representing the high and low prices. Labels are optional.
  

5. Note:

• Inside bars are bars where the entire price range is within the high and low of the previous bar.
  
• The script uses historical bar information and visualizes the inside bars dynamically on the chart.
  

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Dec 26, 2023

Release Notes

• Added precision up to 5 as it is required in forex symbols.