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Technical Studies Reference

Inside or Equals Bar

This study will color bars that have an Inside or Equals Bar pattern. An Inside or Equals Bar is a bar that has a High that is no greater than that of the previous bar, and a Low that is no smaller than that 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 or Equals Bar at Index \(t\) as \(IEB_t\), and we compute it for \(t \geq 0\) as follows.

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

The Inside or Equals Bars are the bars for which \(IEB_t = 1\).


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*Last modified Monday, 26th September, 2022.