Breakout Paint Bars (IBS + Micro Channels)

Breakout Paint Bars (IBS + Micro Channels)

This indicator highlights breakout candles using the Internal Bar Strength (IBS) and adds advanced filtering with suppression logic and optional micro channel detection.

📌 Features

IBS Breakout Detection

Bullish bars are painted when IBS ≥ user-defined threshold (default 69%) and the candle breaks above the previous candle’s high and close.

Bearish bars are painted when IBS ≤ user-defined threshold (default 31%) and the candle breaks below the previous candle’s low and close.

Suppression Logic

After a strong bullish bar, bearish IBS signals are suppressed until price closes below the bullish bar’s low.

After a strong bearish bar, bullish IBS signals are suppressed until price closes above the bearish bar’s high.

This reduces false signals and avoids premature coloring inside consolidation.

Micro Channel Detection (Optional)

A bull micro channel is 3+ consecutive bullish bars without a pullback (each low ≥ prior low). These are shaded in a darker cyan.

A bear micro channel is 3+ consecutive bearish bars without a pullback (each high ≤ prior high). These are shaded in a darker red.

You can enable/disable this with a checkbox in settings.

Customizable Colors & Thresholds

Adjust bullish/bearish IBS thresholds.

Change bullish/bearish colors for personalization.

🎯 Usage

Helps identify valid breakout bars while filtering out noise.

Suppression ensures breakout signals are only shown after key levels are taken out.

Micro channel coloring highlights strong trending phases without pullbacks.

⚠️ Notes

Works on all markets (stocks, forex, crypto, futures).

Designed for discretionary traders who want to spot momentum-driven breakouts and trend strength.