Red Green Breakout Probability

Red Green Breakout Probability

This indicator sets levels above and below the last closed candle and then calculates how many candles in the history managed to reach those levels. This is then displayed on the latest still forming candle as five lines below the previous low and five lines above the previous high with the percentage of candles that have reached this level in the past.

The results are calculated separately depending upon whether the previous candle was a red candle or a green candle.

The spacing of the lines can be altered using the step variable. So you might want to see how many red candles reached 5 pips, 10 pips etc above and below the previous high and low. Alternatively the spacing (and historical calculations) can be based on a percentage of the closing price. If ‘Percentage’ is set to anything other than zero then percentage spaced lines are used otherwise if it is set to zero the spacing is based on the ‘Step’ value.

It is also possible to set the start date for calculating the history. If the date is set to zero then it analyses all of the candles on the chart.

So for example if yesterday was a green candle we might see that history tells us that the high has been hit or passed 75% of the time after a green candle but the low only 33% of the time. We can then also see that the high plus 0.5% has been hit 50% of the time and the low minus 0.5% only 21% of the time and so on.

Hopefully this indicator can help with understanding the probability of a breakout or assist in setting stop loss levels based on where a price is most likely or least likely to go.

I advise downloading the ITF file and importing it to get full functionality.

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?

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

  1. juanj • 08/12/2019 #

    A nice enhancement for this would be if you could calculate the probability of the monthly close graphed on a weekly TF (or Weekly close graphed on a Daily TF) but update the probability after each bar close based on the level of the close respective to the previous Months close (Weekly TF) or Weeks Close (Daily TF). This means that statistically speaking the accuracy of the probability should increase as the Week (Daily TF) or Month (Weekly TF) progresses.

  2. Maxime Baudin • 08/12/2019 #

    Good job! 🙂

  3. Vonasi • 08/12/2019 #

    juanj – yes there are plenty of possibilities and if I can find some time then I will work on them but I’m very busy with other stuff right now!

  4. Vonasi • 08/12/2019 #

    Thanks for the compliments Maxime Baudin.

    • JJ Tec • 08/12/2019 #

      Muy interesante ¡¡¡… gracias X el aporte.

  5. HStrader • 08/12/2019 #

    Thank you for your nice indicator

  6. Bard • 256 days ago #

    Hi Vonasi, thanks for this great idea. Obviously the indicator works for everyone commenting here but when I added it to my library and added it to a €/$ chart it just leaves a blank space? Have PRT changed the import? Normally it searches my Downloads folder but this time I had to drag and drop the itf file? Tried different perameters and left the start date as 0. Also tried 20200101 as well. I have 1000 units on the chart.
    Any ideas? Cheers!

  7. Vonasi • 256 days ago #

    You are applying it to the price chart? As far as I am aware nothing has changed with the import procedure. Dragging and dropping does not sound right to me. I will test.

  8. Vonasi • 256 days ago #

    I just imported and applied the indicator with no issues at all. Must be operator error at your end or something to do with that weird computer you use! 🙂

  9. Bard • 255 days ago #

    Yeah it’s weird, never seen the drag and drop before?

    Applied it to the Price chart and all good now thanks.

    God damn Macbooks! Already, after only two years, had to replace all the USB-C sockets this week…

  10. Vonasi • 255 days ago #

    I can see it on the chart in your image! Zoom in on the last candle.

  11. Bard • 255 days ago #

    This is really a fascinating indicator Vonasi! Particularly when it gives probabilities that are sometimes contrary to how the previous history of candles appears. I was wondering is there an easy way of adding a formula to the code that would show standard deviations as well as steps (ticks, pips) and percentages? Great work.

    How would you automate it with the simplified creation tool if you wanted to go long only if the Red/Green Prob is over 80% and ditto for shorts?

  12. Lotech123 • 234 days ago #

    I am a bit late finding this interesting tool, but have found it useful already.
    Please can anyone tell me how to increase the font size for the displayed data, probably to at least twice its present size as it is quite small on my screens. Thank you

  13. Vonasi • 234 days ago #

    In the all the DRAWTEXT lines of code change the 10 to a larger number.

  14. Lotech123 • 234 days ago #

    Vonasi. Thank you for a very prompt response.

  15. Lotech123 • 234 days ago #

    Following on from your earlier advice, I changed the ‘drawtext’ command to various sizes before settling with 20, instead of 10 (default) and it it now easily read.
    I am running the utility on 3 FTSE charts: Volume (1000), 2H and Daily, so next week should be very interesting after the turmoil of the coronavirus panic.

Register or


avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar

+6 more likes

Related users ' posts
Xtian Bonjour Nicolas, est-il possible de vous contacter en message privé pour une demande d'un dé...
Alai-n ;)
Demon Bonjour, je n'ai pas téléchargé le code mais je l'ai lu et comme je ne comprenais pas la con...
Vivien René Tout a fait demon, cela depend de ce que tu recherches personnellement je ne souhaite enlev...
clody Good morning Rene'. Thanks a lot d=for the 3 screener you made regarding Breack Out (very us...
Oxxoz Re bonjour Vivien, Il me smeble que 3 mois, c'est 60 séances. Cordialement,
Vinks_o_7 thanks ...and It can be used on a monthly and weekly basis by changing just the duration in ...
ncattin76 Bonjour Vivien, peux tu me dire si ton screener est utilisable dans toutes les UT ?
clody Thanks a lot Vivien ....good job is really what I'm searching
Vonasi I guess it might be a nice addition so that you can check back in history and compare whethe...
Marcot18 Scusate, quindi la linea blu é dove andrà il prezzo con le maggiori possibilità di successo?...
Vonasi La linea blu è ciò che fa il mercato in media se si apre uno scambio su ogni barra. È il nos...
Vinks_o_7 Vonasi you're a beast !!! ;-)))
pableitor Amazing indicator , you are pushing PRT to the limit! But looking at the scatter its not c...
Canis Majoris Hi , Helpful indicator ...
luxrun Vonasi, is it possible to have a screenshot of an index chart (eg djia) and below the breako...
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 !
Vonasi Yes that was the issue. I have posted an updated ITF file here:
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 ...
tobytarczy Hi Vonasi, Sounds lovely, I race yachts around europe myself. Most regattas cancelled unfor...
mlouys Hello Vonasi thank for your work ! A question how can we do it for minutes ( or 15 min or x ...
Vonasi I think that would be possible but probably in a whole new indicator as detecting when a new...
thierrybl [URL=][IMG]
Vonasi That should be possible - I'll add it to my list to work on!
thierrybl Thanks a lot
sir_i Bonjour à tous, Je suis nouveau sur le forum et sur la plateforme, pourriez-vous me dire com...
Nicolas Il faut simplement l'appliquer sur le prix.
sir_i Merci pour la réponse, je ne suis pas familier avec l'application de cette procédure simple,...
Vonasi There is another version of this indicator that can plot the same lines but onto an indicato...
Martin35 Hello Vonasi, do you think it is possible with PRT to code with the same principle as on thi...