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?

PRC is also 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 • 08/12/2019 #

    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 • 08/12/2019 #

    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 • 08/12/2019 #

    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 • 08/12/2019 #

    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 • 08/12/2019 #

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

  11. Bard • 08/12/2019 #

    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 • 08/12/2019 #

    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 • 08/12/2019 #

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

  14. Lotech123 • 08/12/2019 #

    Vonasi. Thank you for a very prompt response.

  15. Lotech123 • 08/12/2019 #

    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.

  16. Maxime Csls • 08/12/2019 #

    Hello Vonasi, thank you for your work. Is it possible to draw this lines on past candles other than the [1] ? I would like to analyse each time this appears :
    c1 = open > high[1] and close[1] > open [1]
    Thank you for your help

    • Vonasi • 08/12/2019 #

      If you are on v11 then you can change the DRAWSEGMENT instructions to DRAWRAY. You will need to modify the second BARINDEX value to BARINDEX+n where n is how far into the future you want to draw the lines.

  17. sycomore • 08/12/2019 #

    Ça ne fonctionne sur aucune valeur, je dois être trop con…

    • Nicolas • 08/12/2019 #

      il faut appliquer l’indicateur sur le prix.

  18. AntoGH • 08/12/2019 #

    Je crains de ne pas comprendre… Cela indique la probabilité de la prochaine bougie ou donne la probabilité de la bougie actuelle ? (je n’ai pas les cours en direct sur prorealtime est ce que cela marche différemment ?)
    Did it show the probability of the next candle or the probability of the current (last fully formed)candle ?

Register or


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

+13 more likes

Related users ' posts
Roland57800 Bonjour Noobywan, si je comprends bien l'utilisation de ce code que je trouve particulièr...
Noobywan Bonjour, quand la question a été posée dans le forum à celui qui avait fait la requête en am...
Manu L. Bonjour Nicolas, j'ai créé un screener avec l'aide à la prog en TF weekly mais je voudrai...
wtangsiri C'est exactement le même signal que donne le croisement et le décroisement de deux EMA (7 et...
PHAN100 bonjour, j'ai un bug sur le programme recopié prorealtime me dit qu'il y a un problème à ...
PHAN100 bonjour, bravo à l'auteur pour cet indicateur visuel sur le graphique, il nous reste à va...
yeoreum Thank you very much for the screener, it reminds me on Minervini VCP. How to change th...
reecet any codes like this but in minutes and hours rather than days?
PHAN100 bonjour, je viens de tester ce screener, je constate une ne renvoie pas l'e...
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 ...
Randy33 Very very nice! How can i change the price in the code? Like to screen only smal caps (Price...
nicko Many Thanks Viv. It looks good
Nokis Bonjour Vivien, Comment je peux faire pour adapter ton code afin: De cibler les sociétés q...
Bard Hi @Vonasi, this is an excellent tool! I noticed you times by 180 and was wondering why? W...
Bard I have no idea what is wrong with the posting on this website. I have problems editing posts...
Bard And now my first post displays okay? It literally had copies of my orig post all added toget...
Bard Hi @Vonassi, just wondering if you'd had a chance to take another look at developing this gr...
Vonasi Sorry - I'm not coding anything at the moment.
IG_CFD_Trader Hi Vonassi, Your coding skills in PRT are amazing. Keep up the great contributions. I have...
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...
Nicolas Please open a new topic in the ProScreener section, someone will code this request quickly.
carpentier Joffrey Bonjour à tous, Avant tout merci pour ce travail, cependant je suis bloqué quand je l'insta...
carpentier Joffrey Re, C'est ok, j'ai trouvé mon erreur... Cependant sur quel base peut on calculer son CALC...
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...
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...
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...
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...