Red Green Breakout Probability

v10.3
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.

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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?

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  1. juanj • 119 days ago #

    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 • 119 days ago #

    Good job! 🙂

  3. Vonasi • 119 days ago #

    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 • 119 days ago #

    Thanks for the compliments Maxime Baudin.

    • JJ Tec • 118 days ago #

      Muy interesante ¡¡¡… gracias X el aporte.

  5. HStrader • 117 days ago #

    Thank you for your nice indicator

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