This indicator allows to detect narrow range bars, inside bars, wide range bars, outside bars and triangles. The bar types follow the terminology presented by Toby Crabel in his book "Day Trading With Short Term Price Patterns and Opening Range Breakout". The triangle is a pattern made popular by Linda Bradford Raschke, also see here: https://nexusfi.com/ninjatrader/27847-linda-bradford-raschke-three-bar-triangle.html
These are the patterns that can be identified with the indicator with default settings:
Narrow range bar (NR7): a bar with a smaller range than the prior 6 bars
Narrow range inside bar (IB4): an inside bar with a smaller range than the prior 3 bars
Narrow range inside bar (IB7): an inside bar with a smaller range than the prior 6 bars
Double inside bar (DI4): an inside bar that is preceded by an inside bar and which has a smaller range than the prededing 4 bars
Wide range bar (WR7): a bar with a larger range than the prior 6 bars
Wide range outside bar (OB4): an outside bar with a larger range than the prior 3 bars
Wide range outside bar (OB7): an outside bar with a larger range than the prior 6 bars
Three bar triangle (LBR): a bar which lies inside the combined range of the prior two bars
Each of the patterns above can be selected an unseleceted. It is not recommended to display all the patterns at the same time on an intraday chart. The different patterns can be shown as text, diamonds or paintbars.
Simple inside bars: When the parameter "lookback inside bars" is set to 2, the indicator will detect all inside and double inside bars without taking into account their range size relative to preceding bars.
Simple outside bars: When the parameter "Lookback outside bars" is set to 2, the indicator will detect all outside bars.
The indicator comes with sound files which are part of the zipped file. The sound files can be extracted and copied to the directory C:\program files (x86)\NinjaTrader 7\sounds. The sounds will work with COBC=true and COBC= false. With COBC= false, wide range and outside bars are detected intra-bar, while narrow range, inside bars and triangles are detected after the bar has closed.
Category NinjaTrader 7 Indicators
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