Notice

Overview

An outside bar is another classic candlestick pattern, based on an opposite logic to an inside bar. Its range must overshadow the previous bar with a higher high and a lower low. In other words, an outside bar completely engulfs the bar before it. The 2 most important types of outside bars are the very famous and super powerful bullish engulfing and bearish engulfing candlesticks, which give very reliable signals of trend reversals. An outside bar usually indicates high volatility and can lead to strong and lasting price action changes. The Strict mode of Outside Bar Pro lets you choose how outside bars are defined:

• Strict mode disabled (traditional definition): Outside bars are identified by simply comparing the high & low of the current bar to the high & low of the previous bar.
• Strict mode enabled (more strict definition): Outside bars are also identified by the condition said above, plus that the close of the current bar must be outside the high-low range of the previous bar.

The indicator also allows filtering outside bars based on their sizes. For example, you can define that outside bars must be at least 0.5 ninZaATR or 10 ticks. You can also filter an outside bar based on its direction in comparison to the bar before it:

• Inverse direction: An outside bar and the previous bar have opposite directions (i.e. bullish engulfing or bearish engulfing).
• Same direction: An outside bar and the previous bar go up or go down together.
• Both: The direction is not taken into account.

Key features:

• Identify outside bars based on the Strict mode you select
• Allow specifying the minimum size of outside bars based on ninZaATR or tick unit
• Paint background to highlight outside bar.
• Paint the region between high & low of previous bar to indicate the area of outside bar
• Paint outside bars in 3 different colors based on their states: bullish, bearish, undetermined
• Trigger alerts on outside bar detected
• Print markers on outside bar detected
• Be NinjaScript ready for advanced usage, only restricted by your imagination
• Expose dedicated NinjaScript signals

Dedicated NinjaScript signals:

• Signal_State: 0 = normal, 1 = outside bar
• Signal_Bias: 1 = bullish outside bar, -1 = bearish outside bar, 0 = undetermined outside bar

Bonus

Upon purchasing this indicator, you will receive 2 FREE sounds that read “outside bar” in male and female voices for alerts. FYI, these sounds are created with our Alert Sound Maker.