IB BREAKOUT FAILURE With custom Wick size — Indicator by AleksanderThor

Great update -> choose the size of the wick that fails the ID range.
This will improve the stats of this failed PA play.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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Want to use this script on a chart?

study(title = "IF v1", overlay = true)
showlabel = input(title="Show label", type=bool, defval=true)

pctP = input(50, minval=1, maxval=99, title="Percentage Input For PBars, What % The Wick Of Candle Has To Be")
pblb = input(1, minval=1, maxval=100, title="PBars Look Back Period To Define The Trend of Highs and Lows")

//PBar Percentages
pctCp = pctP * .01
pctCPO = 1 - pctCp

range = high - low

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

bearishibbf=((insidebar and (high > high[1] and close < high[1]) and open < high - (range *  pctCp) and close < high-(range * pctCp) and high >= highest(pblb) ? 1 : 0))
bullishibbf=((insidebar and (low < low[1] and close > low[1]) and open > high - (range * pctCPO) and close > high - (range * pctCPO) and low <= lowest(pblb) ? 1 : 0))

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

barcolor(bullishibbf ? white : na, 0, true, "IF")
plotshape(showlabel ? bullishibbf : na, title= "IF", location=location.belowbar, color=white, style=shape.arrowup, text="IF")