Inside Bar Failure

10 dic 2020

This indicator provides a statistical report on the Inside Bar Failure candlestick pattern popularized by Trader Dante. Based on the chart's bars, it can improve your edge on any markets and timeframes.

The Inside Bar Failure pattern refers to an Inside Bar breakout that failed to sustain momemtum and closed back within it.



The report is broken down into the different following sections: retracement, invalidation, continuation and breakout.

Each of them provides hindsights about the pattern price behavior and brings answers to questions such as: How often does price retrace? Does the pattern often invalidate? If it doesn't then does it break in the pattern's direction? How far does price go? What are the odds of a false breakout?

While there are many ways to make use of the metrics, my favorite use case is for developing directional and daily/weekly biases while refining my stop/entry/target positioning.

Miscellaneous

• Highlights patterns on the chart;
  
• Supports bar to bar analysis and replay functionalities;
  
• Provides counts on the `Data Window` panel for debugging or computing your own metrics;
  

Settings

• Show/hide for toggling different sections;
  
• Report coloring and offset on the x axis;
  

Gaining Access

This is a private indicator and is available only for my Patrons. You can reach my Patreon page below from the link in my signature.

16 dic 2021

Note di rilascio

MAJOR UPDATE

This release brings a new look to the indicator and many improvements under the hood brought by the latest features from Pinescript.

That is not all, it comes along new features:

• Reporting of the pattern’s frequency over 100 bars;
  
• Adding the probability of an inside bar failure to run its prior inside bar and mother bar liquidity;
  
• Expressing the distance optionally in Average True Range;
  
• Extending the distance data with price traveling less than half of its length / ATR;
  
• Reporting the chances of price breaking only one side of the pattern the next bar;
  
• Extending directional breakout data with the initial mother bar as reference;
  
• Displaying the historical share of bullish and bearish patterns;
  
• Showing the statistics of next bar closing up or down;
  

Logic change:
* Improved retracement back to open into back to open or close. E.g. on bullish inside bar failure whether the pattern closed with an up or down bar, it captures the retracement towards the lowest price between open or close.