Outside Bar

This indicator provides a statistical report on the Outside Bar candlestick pattern. Based on the chart's bars, it can improve your edge on any markets and timeframes.

Knowing there are many definitions about the Outside Bar pattern, here we're strictly referring to one bar's extremes beyond one other.

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

• Option for filtering patterns that close outside previous bar;
  
• 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.

Versionsinformation:

• New next bar state section which shows probabilities of following candles to be up or down
  
  
• Extends distance statistics in continuation and breakout sections with probabilities of price to travel less than half of the outside bar length
  
  
• Improvements on the report and settings
  

Versionsinformation:

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:

• Filtering of reversal only patterns (two different modes);
  
• Reporting of the pattern’s frequency over 100 bars;
  
• Expressing the distance optionally in Average True Range;
  
• Reporting the chances of price breaking only one side of the pattern the next bar;
  
• Displaying the historical share of bullish and bearish patterns;