Outside Bar

The Outside Bar indicator is designed to help traders identify outside bar patterns in financial markets. It is a custom-made indicator for the NinjaTrader 8 platform and has three adjustable parameters that allow traders to customize its functionality.

An outside bar is a price bar that has a higher high and a lower low than the previous bar, indicating a potential trend reversal. The indicator can be useful for traders looking for a potential change in trend direction, and can be used in combination with other technical analysis tools for confirmation.

The outside bar indicator plots a signal on the chart when an outside bar is identified and meets the conditions set by the Max Close and Plot Offset parameters. This allows traders to quickly and easily identify outside bar patterns and potential trade opportunities. The indicator is designed to be user-friendly and easy to interpret, making it suitable for traders of all levels of experience.

• Max Close (double): The Max Close parameter represents the maximum allowed distance between the close of an outside bar and the high or low of the bar, measured as a ratio of the bar range. For example, if Max Close is set to 0.3, it means that the close of the outside bar must be in the upper 30% of the bar range in order to be considered a valid signal for an outside bar going long.
• Exclude Tight Body: When enabled, the indicator will not consider outside bars and the prior bar with a tight body. The tight body is defined as a bar whose body is less than 50% of the bar range.
• Plot Offset (Ticks): The Plot Offset (Ticks) parameter represents the distance at which the indicator will plot the signal relative to the high or low of the bar. This value is measured in ticks.

• IndicatorSignalUp (double): When a bar meets the conditions set by the indicator parameters, the IndicatorSignalUp plot will have a value that is equal to the low of the bar minus the Plot Offset number of ticks.
• IndicatorSignalDown (double): When a bar meets the conditions set by the indicator parameters, the IndicatorSignalDown plot will have a value that is equal to the high of the bar plus the Plot Offset number of ticks.
• SignalUp (bool): same as IndicatorSignalUp, but instead of having a double type, we have a bool type. Its value is true when the conditions are met and false when they are not.
• SignalDown (bool): same as IndicatorSignalDown, but instead of having a double type, we have a bool type. Its value is true when the conditions are met and false when they are not.