Hi raadiyah,
Please don't call me "sir". I am still very much in the learning stage and have a long way to go.
First here is an updated version of the indicator which lets you choose the minimum number of inside bars (as defined by equis):
insidebars:= Input("Minimum Number of Inside bars" ,1 , 100, 3) ;
bar:=Inside()
AND Ref(Inside(),-1)=Inside()=false ;
el:=Cross(C,ValueWhen(1,bar,Ref(H,-1)));
el
AND BarsSince(bar)>=insidebars
AND Ref(BarsSince(Inside()=false)>BarsSince(bar),-1)
In Metastock create a new expert named "Inside Day (Equis)". In the Highlights section put: inside(). In Symbols create a symbol with the above formula. Now you will be able to see that the formula plots a buy signal when the price closes above the high of the range bar. A range bar is a wide range bar followed by one or more inside bars.
I have observed that this signal is more effective 1) at the end of a downtrend and 2) if the inside bars are more or less on a level.
The initial stoploss should be placed lower than the low of the range bar.
Good luck trading.
Debraj