# Technical Studies Reference

### Outside Bar

This study will color bars that have an Outside Bar pattern. An Outside Bar is a bar that has a higher High and a lower 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 Outside Bar at Index $$t$$ as $$OB_t$$, and we compute it for $$t \geq 0$$. The method of computation varies slightly depending on the setting of the Include Equal High Low Input.

If Include Equal High Low is set to No, then we compute $$OB_t$$ as follows.

$$\displaystyle{OB_t = \left\{\begin{matrix} H_t & H_t > H_{t - 1} \space and \space L_t < L_{t - 1} \\ 0 & H_t \leq H_{t - 1} \space or \space L_t \geq L_{t - 1} \end{matrix}\right .}$$

If Include Equal High Low is set to Yes, then we compute $$OB_t$$ as follows.

$$\displaystyle{OB_t = \left\{\begin{matrix} H_t & H_t \geq H_{t - 1} \space and \space L_t \leq L_{t - 1} \\ 0 & H_t < H_{t - 1} \space or \space L_t > L_{t - 1} \end{matrix}\right .}$$

In either case the Outside Bars are the bars for which $$OB_t = H_t$$.

#### Inputs

• Include Equal High Low: This Input determines which inequalities are used in the computation of $$OB_t$$.