Fakey pattern (Inside Bar False Breakout)

Inside Bar + False-Breakout = Fakey pattern

A Fakey pattern can have a pin bar as the false-break bar or not. Fakey’s are a very important and potent price action trading strategy because they can help us identify stop-hunting and provide us with a very good clue as to what price might do next.

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

//author: Khramov Vladislav

study("Fakey [KV]", overlay=true)

fakey = high[1] <= high[2] and low[1] >= low[2] and high > high[2] and close >= low[1] and close < high[2] ? red : na
fakey1 = high[1] <= high[2] and low[1] >= low[2] and low < low[2] and close > low[2] and close <= high[1] ? lime : na

bgcolor(fakey, transp=70)
bgcolor(fakey1, transp=70)