ElephantBar.pine

//@version=5
indicator("Elephant Bar", overlay=true)

rangeType = input.string("Open to Close", "Range Type", options = ['Open to Close', 'High to Low'], group="Displacement")
devPeriod = input.int(100, minval = 1, title = "Deviation Period", group="Displacement")
devMultiplier = input.int(2, minval = 0, title = "Deviation Multiplier", group="Displacement")

priceRange = rangeType == "Open to Close" ? math.abs(open - close) : high - low
rangeDeviation = ta.stdev(priceRange, devPeriod) * devMultiplier

priceGap = close[1] > open[1] ? high[2] < low[0] : low[2] > high[0]
isDisplaced = priceRange[1] > rangeDeviation[1] and priceGap

barcolor(isDisplaced ? color.maroon : na, offset = -1, title="Displacement Highlight Color")
alertcondition(isClosed and isDisplaced, title="Inside Bar", message="New Inside Bar detected!")