OuterBar [DTMM]

26 apr

OuterBar Indicator [DTMM] – Technical Overview

The OuterBar [DTMM] Indicator is a technical analysis tool for TradingView that detects and visualizes "Outer Bars" based on price action.

Core Concept:
An Outer Bar is identified when a candle's closing price exceeds the high or low of the previously confirmed Outer Bar. Positive Outer Bars (close above high) and negative Outer Bars (close below low) are automatically detected.

Features:

• Automatic detection of Outer Bars and optional marking of Inner Bars
  
• Visual price range analysis with customizable lines and midpoints
  
• Colored zone visualization for better structural recognition
  
• Extensive customization options for colors, transparency, and number of Outer Bars retained
  

Applications:

• Identifying potential trend reversals or continuation points
  
• Recognizing key support and resistance zones
  
• Analyzing price impulses across different timeframes
  

Unique Strengths:

• Clear visual representation through color-coded candles and zones
  
• Historical analysis support to detect long-term patterns
  
• Flexible adaptation to various trading strategies and markets
  

The OuterBar [DTMM] Indicator provides a structured view of market price action by focusing on significant breakouts from prior trading ranges, helping traders recognize shifts in momentum and trend direction.

22 mag

Note di rilascio

New Features

1. Highlight Strong OuterBars
   You can now highlight "strong" OuterBars—those that have both a higher high and a lower low than the previous candle. These bars will be colored differently (default: yellow) to make significant breakout structures stand out.
   
2. Show Only Direction Change OuterBars
   Added a toggle option to display only those OuterBars that represent a direction change (from bullish to bearish or vice versa). This allows you to reduce noise and focus only on meaningful reversals.
   
3. Improved Arrow Placement
   Arrows marking the direction change can now be offset from the candle high or low by a user-defined amount. This prevents clutter and improves visual clarity, especially in tight price ranges.
   

Settings Panel Additions

• Strong OuterBar Highlight: Enable and customize the color of strong breakout bars.
  
• Only Draw Direction Change: Toggle to filter OuterBars based on trend shifts.
  

These enhancements are particularly useful for:

• Traders looking for precise breakout confirmation
  
• Cleaner charting for presentations or educational content
  
• Strategy building where trend reversal is key
  

23 mag

Note di rilascio

+ bug fixes