This indicator provides a statistical report on the Double Inside Bar pattern. Based on the chart's bars, it can improve your edge on any markets and timeframes.
A Double Inside Bar refers to a contraction where price is consolidating while making consecutive lower highs and a higher lows.
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.
Note di rilascio
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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 double inside bars breakouts to run their mother bars 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;
Displaying the historical share of bullish and bearish patterns;
Showing the statistics of next bar closing up or down;