Candlestick Probability

v10.3
Candlestick Probability

This indicator analyses candles in the past and then displays in a text format what has historically happened based on how the current candle is drawn.

It analyses every candle back to whatever start date you set and the win rate is calculated based on buying or selling at the open of the next candle and then selling at the close.

It analyses colour, highs and lows and every combination of them.

It returns short and long win rate results for:

  • Candle colour – a green or red body.
  • A higher high (HH) or lower high (LH) or higher low (HL) or lower low (LL) compared to the previous candle.
  • Candles with a HH, LH, HL or LL with either green or red body.
  • Candles with HH+HL, LH+LL, HH+LL or LH+HL.
  • Candles with HH+HL, LH+LL, HH+LL or LH+HL with either a green or red body.

It checks the current candle and then displays below it the following data based on which of the above candle conditions are met:

  • Market – the all time win rate if you bought at the open of every candle and sold at the close. It is shown as green if longs have been more successful and red if shorts have been more successful. This is our baseline probability to try to beat.
  • The long win rate and short win rate for each of the possible combinations that fit the candle drawn above.
  • The average long win rate and the average short win rate for all the results for the candle drawn above.
  • The difference between the average win rates. The higher number is the highest probable direction of the next candle based on what has happened historically.
  • The difference between the all time market win rate and the highest of the two long/short average win rates. A minus/red number indicates that the probability is not greater than the market norm and a higher/green number indicates that probability is greater than the market norm.

Obviously zoom in to see the indicator more clearly.

This indicator could be useful for checking on weekly and daily charts to get a feel for what might happen next but remember that what happened in the past may not necessarily repeat itself in the future! Also on indices where the trend is normally up the probability for short trades will always be low compared to long trades.

Share this

Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

ProRealTime ITF files and other attachments : How to import ITF files into ProRealTime platform?

PRC is also on YouTube, subscribe to our channel for exclusive content and tutorials

  1. pableitor • 12/11/2018 #

    Very interesting indicator, it could be the basis of an AI system…no kidding.

  2. Juanjo • 12/11/2018 #

    Eres Grande¡¡¡…muchas Gracias.

  3. Juanjo • 12/11/2018 #

    Hola
    Me parece muy interesante lo que has hecho, yo estoy queria hacer una estadistica similar, pero tengo problemas con el código. ¿podrias ayudarme?

  4. Vonasi • 12/11/2018 #

    I can’t help in Spanish! Maybe it is better to start a topic in the forums with your questions.

  5. RGKP • 12/11/2018 #

    Hi Vonasi, great work! But what I do not understand is that the statistics change according to the number of bars you load. Would you have any explanation ? Thank you

  6. mr_delta • 12/11/2018 #

    Hi https://www.prorealcode.com/user/vonasi/ I am interested in in scanning for a similar setup where I want to find the HH & HL being formed for swing trading (not for individual candles). Similar for LH & LL for a down trend. Is there a readymade example I can have a look at? Thanks in advance – I am just learning so not sure if I am asking the right question 🙂

  7. Vonasi • 12/11/2018 #

    Minor Bug Fix Please download an updated version with a minor bug fix from here: https://www.prorealcode.com/topic/candlestick-probability-indicator-minor-bug-fix/

avatar
Register or

Likes

avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar
Related users ' posts
Vinks_o_7 Hi Bruno Could you tell me where I can find more info about Laguerre candlesick please ?
Vinks_o_7 oops sorry did not see that one had to untick the standard Price to see your candle...
juanj Strange that the ITF file did not import the parameters. You can either add the parameter yo...
Finning Hi JuanJ, just a question about the tollerance*pointsize. I know what it is/what it does (in...
JOKAMAURICE Hi I am looking to number bars in a chart to ease analysis. Any idea if a program has been d...
samsampop This is very useful, look forward to testing it out. Thank you very much
Copperwave Hi Juan - awesome implementation of Robins price action analysis. Any chance this can be mod...
Daniel da Costa Well done Juan!
idunnomuch IS this working in the latest version of prorealtime? I get the indicator, but not over my c...
afanitro424 its not plotting on chart but instead as it's own histogram directly below chart? How to fix...
Nicolas by adding the indicator on the chart :)
bibifricotin Je pense avoir compris dans la première colonne exemple 92 le 9 indique la période et le 2 ...
Leo_da_Pisa It seems to work very well. Good for confirmation. Thanks for sharing Vivien.
jimkn0pf Christopher, wie saehe denn die Formel ohne Kontrollkerze (3. Kerze) aus?
bobanteo Hi Cristofer, thanks for sharing. Would it be possible to delete the confirmation candle af...
Vonasi I can't add any images here now that the library post has been listed. Perhaps you could sta...
Vinks_o_7 Thanks again Vonasi !
Bard Thank you, this is a great tool @Vonasi, especially for those that used to like shorting Ind...
sycomore Ça ne fonctionne sur aucune valeur, je dois être trop con...
Nicolas il faut appliquer l'indicateur sur le prix.
AntoGH Je crains de ne pas comprendre... Cela indique la probabilité de la prochaine bougie ou donn...
Suzu Yuk Kindly explain what does "BearSash" mean, please?
Ciccio Have a look here https://issuu.com/yesakhtar/docs/quick_reference_candlestick
Wolf I don't know why the indicator does not work for me. It gives me an error about RETURN... ...
Vonasi Yes that was the issue. I have posted an updated ITF file here: https://www.prorealcode.com/...
crolakstrading @vonasi Thank you for fixing the issue! This is a great indicator.
gregoire good evening vonasi , I had made the request to create this indicator a few years ago and I ...
Vonasi That should be possible - I'll add it to my list to work on!
thierrybl Thanks a lot
B-ling1 Hi Vonasi, I love this indicator - good job! Just one question: If I want the monthly OHLC L...
Pablo Carmona del Moral hola juanjo, muchas gracias por este screener que nos has compartido. creo que lo voy a util...
Pablo Carmona del Moral para el volumen he cambiado: // Volumen significativo VS=volume>2*(average[10](volume[1...
Juanjo Muchas Gracias Pablo, ...Tengo varios screener, uno lo tengo adaptado para operar intradía, ...
Jesper Great share!
capgros Bonjour @Nicolas, Thanks a lot for this tool, it is very useful for me. I would like to s...
Hans63 Would you add the possibility to color also the Heikin Ashi and bar chart?
Nicolas That's possible, please open a new topic in the indicator forum explaining what you need exa...
rollem Thank you!
Michael1973 Great! This is exactly what I was looging for. However, it does not work. I get an error mes...
pableitor The timeframeminutes variable is an external variable to define the higher TF bars . If yo...
ckat55 Thank you Nicolas, is there any way that an alert can be set for when the dot appears?
Nicolas yes, change the last line with: RETURN wrb,qh and set an alarm with the alert tool for ea...
ckat55 Thank you Nicolas, I will try it.
JohnScher After a small error crept in, a correct itf.file has been uploaded.
dougie80 Great Indicator, Is there a way to use this as an alert ?
JohnScher I created the screener with some help here from PRT. It is surely somewhere in one of the fo...

Top