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2054
Botts
This study is very simple. An IO member asked me to create it for their own strategy. It is useful for visualizing acceptance/failure in price exploration. I find it most useful in 30 min and 15 min time frames. The candles will automatically color based on the close of a candle and will tell you more about price action than your order flow candles.
Order flow has a lot of information/details, but I like the way these candles visualize automatically and I don't know c## so can't create this on ninja.
Leg Up means close is above previous High
Inside means close is inside previous candle, but price explored outside previous candle
Leg Down means close is below previous Low
Base means entire current candle is inside previous candle price action
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.
Attached is a paintbar indi for TradeStation to show Inside
and Outside bars - or rather TS' Engulfing and Harami bars.
The attached picture has inside bars light green & bright red,
outside bars dark green & red. It is just an example - not all
reversals are signaled as well as that !
As in the code, to specify a color, one then prepends
color.
to the color's name :
InDnColor(color.Red)
for instance.
If you're happy with TradeStation's range of colors, you can
remove every instance of
color.
The (amateur) code :
{ Candlestick PaintBar }
inputs: Length( 14) ,
InUpColor(color.Chartreuse) , InDnColor(color.Red) ,
OutUpColor(color.DarkGreen) , OutDnColor(color.FireBrick) ,
NmlUpColor(color.LightSeaGreen), NmlDnColor(color.LightSalmon) ,
variables: oBullishEngulfing( 0 ) , oBearishEngulfing( 0 ) , oBullishHarami(0) , oBearishHarami(0), barColor(blue) ;
Value1 = C_BullEng_BearEng( Length, oBullishEngulfing, oBearishEngulfing ) ;
Value2 = C_BullHar_BearHar( Length, oBullishHarami, oBearishHarami ) ;
if oBullishEngulfing = 1 then barColor = OutUpColor
else if oBullishHarami = 1 then barColor = InUpColor
else if oBearishEngulfing = 1 then barColor = OutDnColor
else if oBearishHarami = 1 then barColor = InDnColor
else if Close > Open then barColor = NmlUpColor
else if Close < Open then barColor = NmlDnColor ;
PlotPaintBar( High, Low, "InsOuts", barColor ) ;