by 
This overlay indicator marks Linda Raschke short-term bar setups on the price chart. It flags Turtle Soup and Turtle Soup plus one false breakouts of a prior extreme, 80-20 bars, inside bars, failed inside-bar breakouts, outside up and down bars, NR4 and NR7 c
Indicator · Pine Script v5 · On the chart
MegaBarAlgo
A Pine v5 script that detects unusually large candles on the price chart.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code88
Settings9inputs
LicenceNone stated
Last update8 months ago16 Feb 2026
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
A mega bar is one whose high-to-low range exceeds a multiple of its recent average range, optionally with volume above a multiple of average volume. Bullish bars get a green triangle and bearish ones a red triangle, with a background tint and alerts. A toggle also enables trade entries with ATR-based stop loss and take profit. It is declared as an indicator but contains strategy order calls.
- Large range bar detection against an average
- Optional volume confirmation
- Bullish and bearish markers with background tint
- ATR stop loss and take profit toggle
- Alert conditions
Details
Published by
Tradehook-org on GitHub
Type
Indicator, Pine Script v5
Draws
On the price chart
Category
Volatility & bands, Breakout
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Range Lookback Period | int | 14 | lookback |
| Mega Bar Multiplier (X * Avg Range) | float | 2.0 | threshold |
| Use Volume Confirmation | bool | false | use_volume |
| Volume Lookback Period | int | 20 | vol_lookback |
| Volume Multiplier (X * Avg Volume) | float | 1.5 | vol_threshold |
| Enable Trading Strategy | bool | true | use_strategy |
| ATR Period for SL/TP | int | 14 | atr_period |
| Stop Loss ATR Multiplier | float | 1.5 | sl_multiplier |
| Take Profit ATR Multiplier | float | 3.0 | tp_multiplier |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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