OuterBar [DTMM]

OuterBar Indicator [DTMM] – Technical Overview

The OuterBar [DTMM] Indicator is a technical analysis tool for TradingView that detects and visualizes "Outer Bars" based on price action.

Core Concept:
An Outer Bar is identified when a candle's closing price exceeds the high or low of the previously confirmed Outer Bar. Positive Outer Bars (close above high) and negative Outer Bars (close below low) are automatically detected.

Features:

• Automatic detection of Outer Bars and optional marking of Inner Bars
  
• Visual price range analysis with customizable lines and midpoints
  
• Colored zone visualization for better structural recognition
  
• Extensive customization options for colors, transparency, and number of Outer Bars retained
  

Applications:

• Identifying potential trend reversals or continuation points
  
• Recognizing key support and resistance zones
  
• Analyzing price impulses across different timeframes
  

Unique Strengths:

• Clear visual representation through color-coded candles and zones
  
• Historical analysis support to detect long-term patterns
  
• Flexible adaptation to various trading strategies and markets
  

The OuterBar [DTMM] Indicator provides a structured view of market price action by focusing on significant breakouts from prior trading ranges, helping traders recognize shifts in momentum and trend direction.