The Multi-Level Candle Bias Tracker is an indicator that calculates the probability of the price reaching a new high or low in the next candle. It analyzes past price behavior to determine these probabilities and displays them as horizontal levels on the chart, each accompanied by a percentage indicating the likelihood of the price reaching that level. Users can define the percentage threshold for these levels (e.g., 1%).
The indicator includes a statistics panel that shows how many times the price has successfully reached these levels versus how many times it has not, along with an effectiveness percentage reflecting the reliability of these levels based on historical data.
This tool is designed to help traders understand the likely direction of price movement in the next candle and manage risk by avoiding levels with low probabilities. Users apply it by observing the drawn levels, checking their associated probabilities, and reviewing the statistics panel to assess the historical performance of these signals.
Supported markets include commodities, cryptocurrencies (e.g., BTCUSD), and other symbols. The indicator integrates probability-based analysis into price action trading to assist in decision-making regarding potential breakout or trend continuation scenarios.