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Inside Bar
This study will color bars that have an Inside Bar pattern. An Inside Bar is a bar that has a lower High and a higher Low than those of the previous bar.
Let \(H\) and \(L\) be random variables denoting the High and Low prices, respectively, and let \(H_t\) and \(L_t\) be their respective values at Index \(t\). Then we denote the Inside Bar at Index \(t\) as \(IB_t\), and we compute it for \(t \geq 0\) as follows.
\(\displaystyle{IB_t = \left\{\begin{matrix} H_t & H_t < H_{t - 1} \space and \space L_t > L_{t - 1} \\ 0 & H_t \geq H_{t - 1} \space or \space L_t \leq L_{t - 1} \end{matrix}\right .}\)The Inside Bars are the bars for which \(IB_t\) is nonzero.
Inputs
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Spreadsheet
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*Last modified Monday, 26th September, 2022.