Candlestick analysis The Indicator "Bar Status" will display the current open candle state and the last three close candles state based on the logic below.
Abbreviations. OC = Open Candle (if in no state listed below) FB = False Break BO = Break Out IN = Inside Bar FBR = False Break Reversal
Logic: OC = This is the current open candle yet to close. Its status will change as it progresses through time until close.
Green False Break Revers (FBR) = bar Close is higher than previous bar Close AND bar High is higher than previous bar High AND bar Low is lower than previous bar Low. Green False Break (FB) = bar Close is lower than previous bar High AND bar High is higher than previous bar High. Green Breakout (BO) = bar Close is higher than previous bar Close AND bar High is higher than previous bar High. Green Inside Bar (IN) = bar High is lower than previous bar High AND bar Low is higher than previous bar Low.
Red False Break Revers (FBR) = bar Close is lower than previous bar Close AND bar Low is lower than previous bar Low AND bar High is Higher than previous bar High. Red False Break (FB) = bar Close is higher than previous bar Low AND bar Low is lower than previous bar Low. Red Breakout (BO) = bar Close is lower than previous bar Close AND bar Low is lower than previous bar Low. Red Inside Bar (IN) = bar High is lower than previous bar High AND bar Low is higher than previous bar Low.
The end column is the current open candle/bar. The second from the end column is the last closed candle/bar. The third from the end column is the second closed candle/bar. The forth from the end column is the third closed candle/bar. ============================================================= Also Includes candle countdown timer, of various candles. i.e. 4 hour, 1 hour, 15min, 5 min.
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