Fakey Detector

📌Fakey Detector — False Breakout (Fakey) Indicator

Fakey Detector is an indicator that automatically detects the classic Fakey pattern (false breakout of an inside bar) from Price Action and displays it on the chart using an arrow and breakout level.

🧠 How it works:

The Fakey pattern consists of three candles:

• Mother Bar — the largest by range

• Inside Bar — fully contained within the Mother Bar's range

• Fakey Candle — breaks out (up or down), but then closes back inside the range

The indicator scans for such formations and, when conditions are met (including optional body direction filter), it shows:

• 🔻 Down arrow — Fakey Sell signal

• 🔺 Up arrow — Fakey Buy signal

• ▬ Breakout line — shows the key level that was broken

⚙️ Settings:

• LookBackBars — number of bars to analyze

• MinBreakoutPips — minimum depth of false breakout (in pips)

• UseBodyDirectionFilter — enables filtering based on the direction of Fakey and Inside bar bodies

• UseMotherBarBreakout — if true , breakout is checked from the Mother Bar; if false — from the Inside Bar

✅ Features:

• Non-repainting

• Works on any timeframe and instrument

• Suitable for manual trading and Fakey strategy testing

• Most effective on higher timeframes — H4 and D1