FxLowe

Inside Bar Breakout Failure

Update with toggle for text label.
Remove from Favorite Scripts Add to Favorite Scripts
//@version=2
//FxLowe - Inside bar breakout failure.

study(title = "Inside Bar Breakout Failure", overlay = true)
showlabel = input(title="Show label", type=bool, defval=true)

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]))
barcolor( bearishibbf ? white : na, 0, true, "Bearish Inside Bar Breakout Failure")
plotshape(showlabel ? bearishibbf : na, title= "Bearish Inside Bar Breakout Failure", location=location.abovebar, color=white, style=shape.arrowdown, text="Inside Bar\nBreakout Failure")

bullishibbf=(insidebar and (low < low[1] and close > low[1]))
barcolor( bullishibbf ? white : na, 0, true, "Bullish Inside Bar Breakout Failure")
plotshape(showlabel ? bullishibbf : na, title= "Bullish Inside Bar Breakout Failure", location=location.belowbar, color=white, style=shape.arrowup, text="Inside Bar\nBreakout Failure")
Turns out label toggle is redundant. Deleting.
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