AleksanderThor

Outside Day Failure

189 1 17
A Price Action pattern that fails! Should only be used on daily and weekly and as a bias.
Target can be used for intraday trading. Inspiration from Inside Day Failure pattern
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study(title = "OF", overlay = true)
showlabel = input(title="Show label", type=bool, defval=true)

insidebar = (high <= high[1] and low >= low[1])
outsidebar = (high[1] > high[2] and low[1] < low[2]) and not (insidebar)

bearishobbf = (outsidebar and (high > high[1] and close < high[1]))
bullishobbf = (outsidebar and (low < low[1] and close > low[1]))

barcolor(bearishobbf ? white : na, 0, true, "OF")
plotshape(showlabel ? bearishobbf : na, title= "OF", location=location.abovebar, color=white, style=shape.arrowdown, text="OF")

barcolor(bullishobbf ? white : na, 0, true, "OF")
plotshape(showlabel ? bullishobbf : na, title= "OF", location=location.belowbar, color=white, style=shape.arrowup, text="OF")
Note: This has been updated! This is still usable but the new one has a great addition:
Outside Bar Failure Updated!
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