Inside Bar Breakout Failure indicator

Hi traders. I thought we were missing an inside bar breakout failure indicator.

Add it to the price chart.

Inside bar is a famous trading pattern in which the bar carry higher low and lower high compared with the previous bar, also known as mother bar. It’s compatible with any time frame like the 1 hour chart or the daily one. Inside bar pattern will sometimes appears to be similar to a triangle pattern. An inside bar pattern detection is a possible breakout signal by its nature, If you are looking to buy, you need to place a buy-stop entry on the upper part of the inside bar and if you are looking to sell, you may place your sell-stop entry at low of the inside bar.

//Inside Bar Breakout Failure indicator

atr = averagetruerange[10](close)*0.5

bullcandle=open<close
bearcandle=open>close

insidebarbear= bearcandle and high[0]<high[1] and low[0]>low[1]
if insidebarbear then
 DRAWTEXT("Inside Bar", barindex, high[1]+atr*0.5, Dialog, Standard, 12) COLOURED(0,0,0)
 //DRAWARROWDOWN(barindex,high[1]) COLOURED(0,0,0)
 DRAWCANDLE(open,high,low,close) COLOURED(0,0,0) BORDERCOLOR(255,0,0)
endif
insidebarbull= bullcandle and high[0]<high[1] and low[0]>low[1]
if insidebarbull then
 DRAWTEXT("Inside Bar", barindex, high[1]+atr*0.5, Dialog, Standard, 12) COLOURED(0,0,0)
 //DRAWARROWDOWN(barindex,high[1]) COLOURED(0,0,0)
 DRAWCANDLE(open,high,low,close) COLOURED(0,0,0) BORDERCOLOR(0,255,0)
endif

insidebarFailureBull=bullcandle and (low[1]<Low[0] or high[1]>high[0]) and(insidebarbull[1] and close[0]<close[1] and close[0]>open[1]) or insidebarbear[1] and close[0]<open[1] and close[0]>close[1] //

if insidebarFailureBull and not (insidebarbear or insidebarbull) then
 DRAWTEXT("Breakout failure", barindex, high[1]+atr*-2.5, Dialog, Standard, 12) COLOURED(0,0,0)
 DRAWCANDLE(open,high,low,close) COLOURED(255,255,255) BORDERCOLOR(0,255,0)
//DRAWARROWUP(barindex,low[0]) COLOURED(0,255,0)
endif
//================

insidebarFailureBear=bearcandle and (low[1]<Low[0] or high[1]>high[0]) and(insidebarbear[1] and close[0]>close[1] and close[0]<open[1]) or insidebarbull[1] and close[0]>open[1] and close[0]<close[1]

if insidebarFailureBear and not (insidebarbear or insidebarbull) then
 DRAWTEXT("Breakout failure", barindex, high[1]+atr*-2.5, Dialog, Standard, 12) COLOURED(0,0,0)
 DRAWCANDLE(open,high,low,close) COLOURED(255,255,255) BORDERCOLOR(255,0,0)
 //DRAWARROWUP(barindex,low[0]) COLOURED(255,0,0)
endif

RETURN