The internal bar strength or (IBS) is an oscillating indicator which measures the relative position of the close price with respect to the low to high range for the same period.
//@version=2
strategy("IBS", initial_capital=10000, overlay=false, pyramiding=5)
strategy.risk.allow_entry_in(strategy.direction.long)
src = close
ibs = (close - low) / (high - low) * 100
longCondition = ibs < 17
if (longCondition)
strategy.entry("My Long Entry Id", strategy.long)
shortCondition = close > high[1]
if (shortCondition)
strategy.entry("My Short Entry Id", strategy.short)