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:
2. Logic:
3. Visualization:
4. Usage:
5. Note:
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:
high < high[1] and low > low[1]
- 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.
Release Notes:
- Added precision up to 5 as it is required in forex symbols.
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