indicator · on price · open source
Outside Bar
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About
Outside bar — colours every bar whose range engulfs the previous bar's range. These are momentum / engulfing candles by definition and often mark a swing high or low.
- Two consecutive outside bars in the same direction = momentum expansion.
- Use the bar colour (purple) together with direction to read intent.
Source code
//@version=5
indicator("Outside Bar", overlay=true)
outside = high > high[1] and low < low[1]
alertcondition(outside and close > open, "Bullish outside", "Bullish outside bar printed")
alertcondition(outside and close < open, "Bearish outside", "Bearish outside bar printed")
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