The indicator determines the inside bar and marks its High/Low. It is plotted based on the closed candles (does not redraw). The identified inside bar can be displayed on smaller periods. You may set a higher period (to search for the inside bar) and analyze on a smaller one.
This is a great beginners' example of the function OnChartEvent() & creating objects on the chart to access them for some tasks.Awesome Oscillator - 4 colors, customizable
Awesome Oscillator, customizable, 4 colors (as seen on some AIMS YouTube videos), and some more parameters.