After converting this indicator MT5 and observing it on a chart, I noticed the following:

• Entries look most reliable at previous bar close (completed bar).
• Stoplosses look most reliable at a later bar close (completed bar).
• Takeprofits look most reliable at current price (bid/ask).
• A 1:1 risk:reward looks good. It's statistically 50/50 but these inside bars seem to indicate a directional edge.

I should note that this all anecdotal--I haven't forward tested the indicator or run stats on it. Also, the risk is technically slightly higher than the reward due to the different prices used for entries versus exits in the above strategy.

The opposite inside bar entry line must be used as stoploss levels in order to maintain the risk:reward ratio. All Red line sections are takeprofits--the upper one for longs, and the lower one for shorts.

Anyway, version 5 (attached) automatically shows those takeprofit levels.

Just a quick revision of Post #1 (above)...

• Forget waiting for the bar close on entries. This puppy trades better when using current price for entries.
• Ignore overlapping current brackets. The current bracket in overlaps is, by definition of outside bar, an inferior bar that is unreliable--and often unusable due to spread and broker-dealer's minimum stop level.
• Only trade during your instrument's high volume hours. Trading during low volume hours with this puppy is a sea of stop-outs.
• In case you're not familiar with the general outside bar strategy, only take a trade in the direction of the outside bar that formed the bracket.